Central regions | Finance, business | Technology & innovation

Skolkovo’s $2.6bn budgetary cuts dismissed as rumor

29 Aug '12
The Russian Ministry of Finance has dismissed rumor and issued a statement saying that the Russian Federation will keep intact the previously approved $2.6bn, 2010-2015 federal budget allocation for the development of Skolkovo, the government-sponsored innovation hub under construction outside Moscow, the Skolkovo Foundation website reports citing Andrei Matveyev, a spokesman for the Ministry.

“The planned volume of Skolkovo financing, specifically $2.6bn for 2010-2015, will not be changed,” Mr. Matveyev said.

Some sources in the Russian media earlier reported the Ministry’s alleged intention to slash the Skolkovo allocation.

The Skolkovo innovation center is expected to become Russia’s largest ‘testing ground’ to test-run and adopt new economic policy. On a specially dedicated area just outside Moscow the Russian government is creating a special ecosystem for R&D and development of technologies for the energy and energy-saving, nuclear, aerospace, biomed, and IT sectors.
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