October 24, 2018 / 7:36 PM / 21 days ago

Russia's Siluanov says public-private projects to be worth 46 trillion rubles

Russian Finance Minister Anton Siluanov attends a discussion with Moscow Mayor Sergei Sobyanin as part of of the Moscow Financial Forum in Moscow, Russia September 7, 2018. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russian finance minister Anton Siluanov said on Wednesday that the government’s list of prospective investment projects, which it wants to develop with companies, would be worth around 46 trillion rubles ($700 billion), TASS news agency reported.

Negotiations between the government and major Russian firms have been taking place since August, when Kremlin aide Andrei Belousov first proposed a windfall tax to raise additional revenue for the state budget, sending their share prices lower.

The proposal was subsequently watered down, replaced by a call for more investment by the companies in projects related to infrastructure, the environment and new technologies.

The government and Russian firms have since created a mutual working group to discuss the list of proposed investment projects, which were first valued, in total, at 11 trillion rubles, according to Interfax.

The list is now 729 projects long, TASS quoted Siluanov as saying.

“Together with the Russian Union of Industrialists and Entrepreneurs, we are actively working to attract private capital for the realization of national projects,” TASS cited Siluanov as saying.

“By the end of the year, we plan to sign memorandums of cooperation between investors, ministries of various sectors, and the Russian Union of Industrialists and Entrepreneurs,” Siluanov said.

Writing by Polina Ivanova; Editing by Alison Williams

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