The Norwegian government has decided to merge two investment funds comprising a total of NOK 270 million (30 million €). The merged fund is now also to invest in High North companies with activities in the East, most notably Russia.
The former government investment funds for Northwestern Russia and for East Europe have been merged into one. The new fund manages some 30 million Euros, some of which is already tied up in existing projects.
While the two former investment funds were created in the late 1990s and aimed at stimulating business investments abroad, the newly merged investment fund may also invest in companies in Nordland, Troms and Finnmark counties, provided they have activities in the East and that the investment contributes to the purpose of the fund.
The newly merged fund is to be managed from North Norway and in connected to the South Varanger region, which lies near the Russian border.
- I hope the fund will contribute to increased activity, in particular in South Varanger, which is a particularly important area for Norwegian contact with Russia, says Norways EU and EEA Minister Frank Bakke Jensen, according to a press statement from the Norwegian Ministry of Industry and Fisheries.