VEB cooperates with ARB to create the Project Finance Factory System
A cooperation agreement was signed between Vnesheconombank and the Association of Russian Banks at the Russian Banks - XXI Century international banking forum by Vnesheconombank’s First Deputy Chairman - Member of the Management Board Dmitry Kurdyukov on behalf of VEB and by the Chairman of Council Anatoly Aksakov on behalf of the ARB.
VEB and ARB will seek to facilitate the implementation of the national policy action for boosting industrial production across industries, enabling the imports phase-out and enhancing financing of and lending to industrial businesses and assets.
In terms of this cooperation, the areas selected as top priority sectors are promotion of domestic innovative production, downstream industries etc. in line with Vnesheconombank’s choice of investment sectors, support for exports, defence industry diversification and infrastructure development. When implementing projects, VEB and ARB will focus on introducing innovative technology.
The parties intend to use private financing, state guarantees, subsidies and financial instruments issued by other development institutions as tools to promote projects.
“Vnesheconombank will leverage the Association’s network to cooperate with commercial banks in order to develop financial innovations, project finance market, and syndicated lending. We will be working together to address the national-level objective of attracting funds for modernizing the Russia’s economy and technological revamping in the real sector. To this end, we need to have in place new sophisticated financial mechanisms such as securitization and syndication. The modern lending tools and mechanisms will enable effective sharing of risks and financial contributions. Thus, projects now lacking money from lenders will receive the support they need. The project finance factory will not only allow banks to offer projects to VEB, but also to participate in syndicates by investing as much as they find reasonable,” said Dmitry Kurdyukov.
“The loan factory is expected to operate successfully and to drive economic growth among the key drivers. The Association will work to encourage as many reliable lenders as possible including the regional lending institutions to participate in project financing. Backed by the Association, these banks will be able to play an active role in the loan factory operations, find interesting projects across Russia’s regions and develop such projects. In the nearest future, the project finance factory will receive support from lawmakers, as we expect the syndicated lending act to be adopted by them in the second and third reading as soon as at the autumn session, together with amendments to the Federal Law On the Bank for Development. The new syndicated lending act will, specifically, give VEB new syndicate participation functions as a project finance factory mechanism,” pointed out Anatoly Aksakov.
VEB is now creating an efficient and transparent framework for investment project structuring and selection and ensuring that the new projects are assessed based on the best Russian and foreign practices, specifically, by introducing a project monitoring system at every stage of project life-cycle, and raising the medium- and long-term financing for the priority sectors using the mechanism for lending and project investment in the top-priority projects.
To oversee the progress of efforts taken across the cooperation avenues, the parties have agreed to create a Coordination Council comprising representatives of Vnesheconombank and the Association.
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