MINSK, 15 May (BelTA) – Belarus and China have come to terms on key conditions of operation of a joint venture capital fund, the press service of the State Science and Technology Committee of Belarus told BelTA.
The State Science and Technology Committee of Belarus, the investment company China Merchants Capital, and SZAO Industrial Park Development Company have signed an agreement on key terms of the agreement on creating the China-Belarus venture capital fund Great Stone. The document was signed by the committee's Chairman Alexander Shumilin, China Merchants Capital Director General Zhang Rizhong, and Industrial Park Development Company Deputy Director General Xu Baomin.
In line with the document the venture capital fund will be founded by the Belarusian Innovative Foundation (45%), the China-Belarus industrial investment fund (45%), and Industrial Park Development Company (10%). The fund will be at least $20 million large. The investments will be channeled into high technologies (high-tech innovative products, innovations in conventional branches of the economy).
The venture capital fund will operate for six years. Four years will be the investment period while the other two years will be the pullout period. Once the six years are over, the venture capital fund may be shut down. The general meeting of shareholders will have to make the decision.
