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. Last Updated: 07/27/2016

Investments: Body Created

President Boris Yeltsin has created a state body to help stimulate foreign and domestic investment, and granted it $1. 4 billion in property and funds in seed money, his office has announced.

The new State Investment Corporation, to be headed by Yeltsin's former chief of staff, Yury Petrov, "will carry out analysis, selection and implementation" of investment projects, the president's office said Friday.

The new body will have a monopoly over state-funded investment projects, as well as over investments involving Central Bank loans, the spokesman said.

Those who invest through the Investment Corporation will enjoy an exemption from taxes, provided that parliament approves the provision.