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Syndicated loans to become the main tool of the project Finance Factory

21 september 2017 года
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Syndicated lending as the main mechanism for funding project finance transactions, its competitive performance, the potential of the Project Finance Factory and risk sharing in syndicates with Vnesheconombank’s participation were the highlights of the discussion held as part of the Syndicated Lending in Russia and CIS seventh conference organised by Cbonds Congress.

The keynote speakers at the Project Finance Factory as the Main Growth Driver for the Syndicated Loans Market session were Dmitry Kurdyukov, Vnesheconombank’s First Deputy Chairman - Member of the Management Board, and Alexey Tarasov, Head of Syndicated Finance at Vnesheconombank. The session was moderated by Oleg Ivanov, Vice President of Vnesheconombank and of the Association of Russian Banks.

In the session, the experts also discussed what kind of support might be available from the state and how the updated framework will affect the development of the Factory. VEB expects that during the first years of the Factory’s operation total funding of such projects will exceed RUB1tn.

“Syndication is the backbone of the Project Finance Factory and, in this sense, is to drive the support and development of Russia’s key economic sectors. We are not planning to rival commercial banks. Our priority is to back projects that commercial banks would normally feel apprehensive to deal with, for example, because the risk level is slightly higher than acceptable and established by the regulator. My opinion is that we have managed to create an attractive project finance tool, and the syndicated loan act will help make a breakthrough,” said Mr. Kurdyukov.

“The lawmakers need to create an enabling legal environment so that Vnesheconombank and other development institutions and banks could play an active role in the process. Now there is a syndicated loan bill, and we have just discussed on the margins how well-worked it is. It passed the first reading. We greatly appreciate Vnesheconombank’s efforts towards promoting the law. It was well supported by the Parliament. On Thursday, we will consider the amendments and there are strong chances that in October the new act will be passed in the second reading. By the end of October, it is likely to have been adopted and submitted for final approval by the Russian President,” said Anatoliy Aksakov, Chairman of the board of the Association of Regional Banks of Russia.


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E-mail: press@veb.ru


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