CANNES, France, November 2, 2011 /PRNewswire/ --
Economic growth and increased cross-border investment are the keys to resolving the European debt crisis and avoiding a second wave of global economic recession, Chief Executive Officer of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said at the B20 Business Summit in Cannes today. The B20 is a meeting of senior business executives being convened as part of the G20 Heads of State summit in order to develop recommendations and issue commitments from business leaders on the global financial and economic challenges of today.
Over two days of meetings, leaders of industry and finance from G20 countries will work with their counterparts in government to craft solutions on pressing issues of the day including the European debt crisis and financial regulation.
Kirill Dmitriev said:
"We are encouraged by recent European efforts to tackle the debt crisis, and we expect some progress will be made over the course of the G20 summit. But the real solution to Europe's problems is growth. Growth will come as a result of increased investment, particularly mutual investments across borders."
About the Russian Direct Investment Fund (RDIF)
The Russian Direct Investment Fund was established in June 2011. The RDIF is expected to be capitalized with USD 10 billion in Russian government funds over the next five years and is charged with making equity investments that generate strong returns, primarily in Russia. In each investment it makes, the RDIF is required to secure co-investment that at minimum matches its commitment, thus acting as a catalyst for direct investment into the Russian economy. Additional information is available at http://www.rdif.ru.
SOURCE Russian Direct Investment Fund (RDIF)