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Sergey Gorkov reveals VEB's new business model during the parliamentary hearings in the Federal Council

8 november 2016 года
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Vnesheconombank's (VEB) Chairman Sergey Gorkov unveiled key priorities in the Bank's new business model during his speech at the parliamentary hearings on the budget in the Federal Council. The Bank will work jointly with the government towards setting funding priorities. This involves a proactive search for projects, activities aimed at development and support of the business-modelling approach and co-financing arrangements.

According to Sergey Gorkov, VEB will focus on the three core areas. Firstly, the “last mile”, including 20 projects in different regions that have been 80-85% financed. Their completion will allow the launch of nearly 20 facilities and ensure 0.1-0.2% GDP growth.

Secondly, Vnesheconombank intends to finance catch-up projects requiring massive investment. These will be funded through co-financing (commercial bank loans and foreign investment).

The third priority is to invest in breakthrough innovation sectors related to STI projects.

“The business model aligns with VEB's new strategy providing for support for the high value added manufacturing sector, infrastructure, export (primarily, non-commodity export) and STI projects,” he said.

Speaking about the importance of regional work, Sergey Gorkov pointed out that 99% of all projects are implemented in regions and the Bank has been developing a new model for regional projects. “Our prime focus will be on work with regional development institutions as the major drivers who will assist us in considering investment projects,” he said.

Among the speakers at the parliamentary heatings were Chairman of the Federal Council V. Matvienko, Minister of Finance A. Siluanov, Chairman of the Audit Chamber T. Golikova, First Deputy Governor of the Central Bank of the Russian Federation K. Yudaeva, Deputy Minister of Economic Development A. Vedev.


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E-mail: press@veb.ru


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