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. Last Updated: 07/27/2016

New Agency Still Waiting For Funds

An agency created by a recent presi-dential decree to provide guarantees for foreign investment has not yet been given significant property, and is thinking of running lotteries to raise money, the agency's head said Thursday.

Yury Petrov, head of the State Investment Corporation, founded ear-ly this month to attract foreign and Russian investors by offering investment guarantees and advice, said so far the agency had nothing but an office and a dacha.

The agency had been promised $1. 4 billion in property and funds to use as security for foreign investments. Despite Russia's financial plight, Petrov said he was hopeful he could convince parliament to fund his agency.

Petrov said the agency also wanted to set up lotteries to collect money for investments.

Priorities for investment would be the conversion of the military industry to civilian production, the medical industry and agriculture, he said.

A similar investment agency, set up by presidential decree last year, has so far not produced any tangible results.