At its meeting on Wednesday, Vnesheconombank’s Expert Council assessed the benefits of a project finance factory to be established under the auspices of VEB in cooperation with commercial banks.
“Establishing a long-term loan scheme is pivotal for the Russian economy, and this can be addressed through Vnesheconombank,” Chairman of the Expert Council and prominent economist Evgeniy Yasin noted.
VEB intends to devise an efficient mechanism to raise funds from financial market participants for investment projects. The Bank’s objective is to provide quality expert assessment, make business ideas bankable, implement state support measures relevant for specific projects, ensure structuring and sourcing of finance, monitor projects, and mitigate risks at the implementation stage.
“In conjunction with the factory, VEB will target those industries, which, though lacking in market-based support instruments, comply with our priorities, i.e. innovations, downstream industries, export promotion, defense industry diversification, and infrastructure development,” stressed Sergey Gorkov, Vnesheconombank Chairman.
“The factory will help step up investments in the real economy and serve as a platform for the private sector participation in major projects,” Vnesheconombank’s First Deputy Chairman and Member of the Management Board Dmitry Kurdyukov stated at the meeting.
Members of Vnesheconombank’s Expert Council focused on the factory’s advantages. VEB will create, in particular, by mitigating project risks, a stimulating environment for private financing from commercial banks and other institutional investors, an efficient and transparent system for selecting and structuring factory projects, a project life-cycle monitoring system, as well as a variety of project support instruments: state guarantees, subsidies, and facilities at other development institutions.
“We expect to consider projects with a life cycle of up to 15 years. According to our estimates, an interest rate for customers will not exceed 10% p.a. Primarily, the factory will be used for syndicated lending, with Vnesheconombank’s commitment not exceeding 30% of the portfolio. However, VEB will be able to combine its functions as a lead arranger, payment agent, and security agent,” commented Kurduykov.
Vnesheconombank’s Expert Council is a deliberative and consultative working body designed to conduct in-depth research and formulate proposals for Vnesheconombank’s management to make decisions in core business areas. Currently, the Expert Council comprises 15 members representing the national academic and expert community.
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