VEB to Increase Level of Investment in the Development of Non-Resource Industries of Siberian Economy

VEB intends to upscale investments in the promising sectors of the Siberian economy - Deputy Chairman of Vnesheconombank Petr Zolotarev stated at the Krasnoyarsk Economic Forum during the session “Siberia - Support for the New Phase of Economic Growth in Russia”.

“There is a traditional view of Siberia as a source of natural resources. Nowadays, however, we see the region's huge potential in the scientific sphere, the creation and development of high-tech industries,” he noted.

In total, Vnesheconombank is supporting 12 large projects with a total investment of over 500 billion rubles in the territory of the Siberian Federal District. Among them the construction of the Boguchanskaya HPP, a forest industry complex and the Boguchansky aluminum plant in the Krasnoyarsk Territory alone.

At the moment, the priority of Vnesheconombank is project financing in the downstream industry, infrastructure (including transport, energy), export support, high technology and innovation, and conversion of defence industry companies to civilian production.

“We see prospects for projects in the sphere of rare metals, which the Siberian subsoil is rich in and which will provide the basis for high technology production facilities. We are also talking about downstream industries - production of resins, films, etc., Petr Zolotarev added. - Such projects feature high capital intensity and this is where government support is important to ensure the reliable operation of our borrowers and the development of production.”

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