These are really the best projects in Russia’s modern-day economy
Vnesheconombank Chairman Vladimir Dmitriev about the Development Award contest
-In a day or two Vnesheconombank will for the first present the Development Award to Russia’s best investors. What sort of award is it?
-It might seem that this is a brand new project but we have already been working on it for a year and a half. Vladimir Putin – the then Prime Minister and the Chairman of VEB’s Supervisory Board backed the idea of instituting the Development Award to be presented for the best investment projects in the Russian economy.
-How did this idea come into being?
-As a Bank for Development VEB is assigned a complicated task of developing and supporting industrial, infrastructure and innovation projects. It’s very difficult to be involved in the comprehensive development of economy even in a stable situation on the world’s markets and the more so at times of global crises. We keep on working, investing, building and there is always talk around that the Russian economy is skidding, stagnating and the investment climate is getting worse year by year. And we on our part can see quite a different situation – we receive applications for credits to fund new projects almost on a daily basis.
Under these circumstances an idea of instituting the Development Award came into being.
-Is this award intended for VEB’s borrowers.
-Not at all. If it was intended for our borrowers a picture would be unobjective and incomplete. We decided not to limit anybody. Any legal entity could submit an application for the award.
-Did you receive many applications?
We had been receiving applications for several months and we didn’t expect that there would be so many applicants. All in all we received 221 applicant projects so our contest committee had to work very hard to make a short list. It was extremely difficult to make a choice – a lot of projects proved to be top-quality.
-How many nominations does the award have? And what criteria did you use to identify them?
- We decided to identify them on the basis of Vnesheconombank’s Memorandum on Financial Policies. We have our top-priority lines of activity and we have been operating in accordance with them for already six years. We have chosen four nominations of the Development Award out of them: “the Best Infrastructure Project”, “the Best Project in Industrial Sectors”, “the Best Project on the Comprehensive Development of Territories”, “the Best Project of Small and Medium-Sized Enterprises (SMEs)”.
-I’m sure that small and medium-sized enterprises submitted the least number of applications.
-You would be surprised but out of 221 applications 78 were submitted by SMEs. This is evidence that all the talk about an unfavorable investment climate in Russia and the actual absence of small and medium-sized enterprises is no more than a banal stereotype.
-Who evaluated the applications received?
-Our contest committee was comprised of Russia’s best economic experts. These are employees from the RF Government Office, heads of line ministries and members of VEB’s Expert Council as well as our colleagues from other state corporations. All in all there are 28 people. And only ten members are from our Bank’s management. (see the detailed information about the contest committee’s composition on the Bank’s site http://www.veb.ru/ ).
-Who are the winners of the contest?
-We’ll reveal their names at an awarding ceremony at the Petersburg International Economic Forum. The Award’s status is very high. I can say now that our Supervisory Board has already approved the winners. The level of all four projects is very high. And although it might seem immodest I should say that these are really the best projects in Russia’s modern-day economy. I hope that in the future investors of such a high level of competence will contend for the Development Award.
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