At its session on 13th July, the Russian Government approved amendments to Federal Law No. 82-FZ On Bank for Development. The amendments are intended to enhance the operation of Vnesheconombank as a national development institution, include it in the state implementation system of strategic solutions to long-term development priorities, and align its operations to such objectives. Approved by all relevant agencies, in particular, the Central Bank of Russia, the draft law specifies Vnesheconombank’s mission of delivering investment projects in downstream industries, infrastructure, digital economy and innovations, conversion of defence industry to civilian production, promoting Russian industrial exports, and facilitating access of Russian goods to global markets.
“The draft law provides for Vnesheconombank’s new functions in syndicated lending as a key mechanism of the project finance factory, mezzanine financing, and counterpart funding. Until the law is enacted, the implementation of Vnesheconombank’s new Strategy 2021 is significantly restricted,” explained Aleksey Ivanchenko, Deputy Chairman of Vnesheconombank.
Furthermore, Vnesheconombank is to perform expert functions in terms of providing industry-specific expert reviews, looking for investors, and investment project structuring.
To enhance Vnesheconombank’s financial operations and to adhere to the ‘no competition with credit institutions’ principle, the draft law details the objectives, reasons and scope of effected VEB banking transactions.
“It should be noted that we have been offering banking services to project participants since the very founding of the development bank. We have never brought up the issue of systematically raising deposits from legal entities not involved in projects supported by Vnesheconombank. The Bank has been constantly declaring that it has no intention to compete with commercial banks,” said Vnesheconombank’s Deputy Chairman.
The point is whether it is feasible for the bank to open accounts and deposit funds of entities legally related to direct participants of the projects implemented by Vnesheconombank.
“The new strategy requires significant improvement of efficiency and control of cash flows directed to projects. Opening and maintaining accounts for legal entities will help improve comprehensive banking support for Vnesheconombank’s projects, create additional instruments for monitoring and controlling funds advanced by the Bank and managing risks for long-term and complex projects,” said Alexey Ivanchenko.
As part of ensuring the implementation of economically significant projects, the discussion touched further upon the issue of giving the Bank powers to open accounts for, and take deposits from, entities not directly involved in Vnesheconombank’s projects based on ad-hoc resolutions of the Russian Government and within the Bank’s capital. Such operations may be needed to attract private (and foreign) investment to big infrastructure and public projects which will allow to reduce funding from the federal budget.
In this connection, Vnesheconombank suggested - and the Russian Government and Bank of Russia supported the initiative – that it should carry out banking operations only for a defined group of controlling and controlled entities participating in Vnesheconombank’s projects.
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