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Abu Dhabi Mulls Investment

Middle Eastern sovereign fund Abu Dhabi Investment Authority could invest $100 million in Russian regional banks as part of a joint project with the International Finance Corporation, or IFC, Kommersant reported Monday.

The investment would be through the Fund for the Capitalization of Russian Banks an organization to be created by the IFC that was approved by the Finance Ministry in June.

Russia's development bank, VEB, is considering participation in the fund, whose size could reach $1 billion, the newspaper reported, citing VEB internal documents. South Korea's Investment Corporation and Korea's National Pension Fund have also expressed interest in the fund, the report said.

VEB could contribute $250 million, while IFC might match that amount, Kommersant said. The Finance Ministry plans to contribute another $50 million, the report said. The fund could start work next year and invest in 10 to 15 banks, according to the newspaper.

(MT)

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