Despite plunging oil price and Western sanctions, Russia continues to keep its commitment to various development projects at home and abroad, using its National Wealth Fund (NWF). Finnish nuclear power plant Hanhiviki-1 is one of those projects which will receive USD 2.2 billion from NWF.
Russian Minister for Economic Development, Alexey Ulyukaev, following a meeting with the President, Vladimir Putin informed about Government’s decision in this regard. Other projects which will also be supported from the fund are modernisation of the BAM and Transsib railway lines; Yamal LNG, and Central Ring Road (CRR) in Russia.“To date, a decision has been made to start funding worth a total of USD 7.7 billion in addition to over USD 1.4 billion that have already been transferred to VTB bank and the Russian Direct Investment Fund,” Ulyukaev said.
Hanhiviki-1 Nuclear Power Plant in Finland will be constructed and partly financed by Russia’s State Nuclear Energy Corporation, ROSATOM and the Russian company will have 34 percent share in the project. The project will have latest AES-2006 Russian nuclear reactor, one of the designs the Bangladesh Government is also considering for construction of Rooppur NPP.
Russia’s National Wealth Fund (NWF) was set up in 2008, which is a stabilizing fund for rainy days and is formed from oil taxes. Though NWF was meant initially to support pension system of the Russian Federation but in case of emergency it is also being used for financing important projects. Presently the fund’s strength is USD 74 billion. – Triune press release
