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Meeting between Chairman of the Government of the Russian Federation Dmitry Medvedev and Chairman of Vnesheconombank Sergey Gorkov

22 november 2016 года
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Excerpt of transcript:

'Last mile' projects

Over the next 2 years, Vnesheconombank will provide funding to more than 20 'last mile' projects

Dmitry Medvedev: Sergey Nikolaevich, despite experiencing some financial difficulties, VEB continues to operate as a lender, a corporate entity and a development institution. What projects do you intend to deliver in the near future and which are at the completion stage?

Sergei Gorkov: Currently, the Bank’s portfolio comprises over twenty projects financed up to 80-85%. For various reasons, these projects have been suspended. Primarily, it was due to insufficient liquidity and funding. Now, we are in a position to begin financing these projects again.

Dmitry Medvedev: What projects are these?

Sergei Gorkov: Well, for example, one is a pharmaceuticals project: an infusion solutions plant in Kaluga. We see a way to additionally invest some several million rubles in the project and commission the plant as early as in February.

Another example is a power plant in Tutaev, not far from Rybinsk. Similarly, a small amount of funding is required, about a hundred million rubles, then we could commission the power plant. We are ready to do it before January to get it up and running for the winter season.

Overall, we have more than twenty such projects, which vary in the amount of funding required, with the total for all project financing approximating to 150 billion rubles. All these projects could be commissioned in the next two years. We believe it would be a significant contribution to the national economy at 0.2-0.3% of the GDP.

The projects are spread across thirteen Russian regions, from Khabarovsk to Kaliningrad, and nine industries, in particular, power generation, metallurgy, machine building, agribusiness, pharmaceuticals, and chemicals. According to our estimates, the projects would also generate some 23 thousand new jobs.

Dmitry Medvedev: Well, I believe every endeavor should be made to successfully complete these projects.


Origin: Internet site of the Government of the Russian Federation
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