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VEB Talks to Temasek, China Investment Corp. on Russia Projects

March 1 (Bloomberg) -- VEB, Russia’s state development bank, is in talks with funds including Singapore’s Temasek Holdings Pte and China Investment Corp., VEB Chairman Vladimir Dmitriev said.

“We have calculated that these funds have $3 trillion under management,” Dmitriev told reporters in Moscow today. Funds in the Persian Gulf and Asia “are ready to consider” co-financing large investments in Russia, he said.

Russia, the holder of the world’s third-largest foreign reserves, plans to create a “special sovereign fund” to attract investment from abroad and at home, President Dmitry Medvedev said in January at the World Economic Forum in Davos.

Foreign direct investment dropped an annual 13 percent last year to $13.8 billion, the Federal Statistics Service said on Feb. 25.

To contact the reporter on this story: Lyubov Pronina in Moscow at lpronina@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net

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