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Mr Putin congratulated everyone on the beginning of construction.

Speaking at the ceremony, the President said he hoped the school would provide worthy competition to the world’s best business schools.

Mr Putin said the school’s graduates would make a great contribution to developing the Russian economy in the future.

A total of 1.5 billion roubles of federal budget money will be allocated to developing the school in 2006–2007. Further funds will come from targeted capital funds set up by the business community. The state authorities hope the business community will take part in establishing educational standards and in providing a base for organising internships.

The project is being carried out according to the ‘university model’ typical for leading business schools such as those of Harvard, Stanford and London. The strategic goal is to give Russia’s business school a leading position in the world business education system.

It is expected that the school will obtain the main international accreditations by 2012–2014. By 2015, the school will be able to take a total of 1,800 students, of which around 30 percent will be foreign. The school will have a staff of around 130 teachers, of which a quarter will be foreign specialists. From 3,500 to 4,000 managers will be able to attend short-term programmes every year.

The school will offer the following diploma programmes:

МВА (Master of Business Administration – internal instruction in English);

EMBA (Executive MBA – for the company owners and directors; module-based instruction in Russian and English);

IEMBA (International EMBA – module-based instruction in English). This programme will be carried out jointly with leading Western business schools. The school will also offer post-graduate, masters and bachelor degree study programmes.