Russia & Europe set up $US 120 million tech fund

Russian entrepreneurs will now have access to up to $US10 million each to develop new technology, after Russia's VTB Bank and the European Bank for Reconstruction and Development signed a deal for a new Venture Fund.

The venture fund will invest in companies which specialise in information technologies, the internet and bio and nanotechnologies.

EBRD is putting up $US 25 million and will get a 20% share in the $US 120 million.