Official reports decrease in accumulated foreign capital

The volume of foreign capital accumulated in the Russian economy amounted to $39.8bn by the end of the third quarter of 2002, Minister of Industry, Science and Technology Ilya Klebanov announced at a round-table meeting "Support for Russian exports and foreign investments in Russia." The Minister stated that this volume was $15bn less as compared to the end of the third quarter of 2001. In particular, direct investments made up 50 percent of accumulated foreign capital while credits and portfolio investments accounted for about 45 percent and about 4 percent respectively.

Klebanov hopes for higher activities of foreign investors on the Russian market, including venture capital investments.

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