Russia's largest credit institution Sberbank said it will invest up to US$800m, in part for a data center, in a new technology park being pushed by the Kremlin as Russia's answer to Silicon Valley.

Skolkovo is a technology innovation center planned for high tech businesses near Moscow.

The government hopes to attract more scientifically based companies to the country with the development of the complex, which was first announced in November 2009 by Russian President Dmitry Medvedev.

Sberbank's investment will help drive growth in the business park, according to Skolkovo foundation head Viktor Vekselberg.

According to a report by The Moscow Times, Sberbank's investment will be used for a research and innovation center, as well as a data center that will house Sberbank's information technology.

The report said up to 5,000 employees would work at the center.

Sberbank  bank head Berman Gref said the 7,000 sq m data center would be one of the most power in Europe once it is built.

It will also be opened up to other Skolkovo residents to use but did not say if we would operate as a colocation center.