The fund VEB-Innovations, founded by the state corporation Vnesheconombank in the end of 2011, will allocate $32m on preparation of innovation projects in the Skolkovo fund, innovation and venture news source UNOVA reports.

Financial assistance will be provided to the innovation city’s residents “for carrying out necessary science and technology expertise, development of qualified business-plans on commercialization of innovations, attracting strategic investors, drafting project documentation”, VEB representative said.

The projects for financing will be selected according to bids of innovation companies. The funding will be given on repayment basis – in the form of participation in the capital, loan, or financing works and services for assignment of claims to the company.

The fund VEB-Innovations management board will include representatives from Skolkovo. According to VEB representative, this will allow “to make decisions on additional sectors of investment in accordance with demands that appear in the process of a Skolkovo project development”.

Earlier Marchmont wrote that VEB-Innovations, created for financial support of Skolkovo projects, would start working in January 2012. The fund will support existing innovation programs, as well as develop new initiatives, directed at creation of innovation sector in the Russian economy.

Vnesheconombank has been working on the project under the Strategy of Innovation Development of the RF till 2020, approved recently.

The Skolkovo innovations center is to become the largest testing landfill of the new economic policy in Russia. The specially allocated territory outside the Moscow city is to provide special conditions for R&D in the sectors of energy and energy efficient technologies, nuclear, space, biomedical and computer technologies.