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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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