The Russian state development bank Vnesheconombank (VEB) is set to offer financial support for domestic companies to develop projects using the GLONASS navigation system in Russia and abroad pending government approval, Izvestia reports. VEB’s sister fund –“VEB Innovations” will set up the “GLONASS Fund” within the fourth quarter of this year; funds will be made available by next February-March. The fund will include 5 billion rubles (about $122 million) from VEB itself, together with 3 billion rubles ($73.1 million) from private investors, whom the fund hopes to attract by the end of 2016. Read more via RIA NOVOSTI
