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Vnesheconombank and Russia’s Major Banks Invest in Tomorrow’s Economy

15 february 2018 года
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Vnesheconombank has entered into cooperation agreements with Sberbank, VTB Bank and Gazprombank to finance projects of the Project Financing Factory. The signing ceremony took place in the presence of Russian Prime Minister Dmitry Medvedev during the Russian Investment Forum in Sochi.


The documents were signed on behalf of Vnesheconombank by its Chairman Sergey Gorkov, on behalf of Sberbank by its CEO and Chairman of the Executive Board Herman Gref, on behalf of VTB Bank by its President and Chairman of the Management Board Andrey Kostin and on behalf of Gazprombank by its Chairman of the Management Board Andrey Akimov.

The parties set the following priorities of cooperation:

  • review investment projects and decide on financing for them within this mechanism
  • organise communication among the participants to prepare and carry out investment projects
  • monitor progress in implementing investment projects financed by the Project Financing Factory and follow up their implementation

As specified in the documents, the banks may initiate the procedure of testing investment projects for their suitability to be financed by the Factory and take part in project evaluation.

Vnesheconombank will be responsible for project evaluation based on the market’s best practices and for setting up a common information system to share information and communicate with the Factory’s participants.

“The Factory will provide a wide range of investors with new opportunities to finance breakthrough projects in the Russian economy. Only the first pool of the Factory’s projects totals about 180 billion roubles. These are infrastructure, high-technology and high added-value projects—the crucial components of tomorrow’s Russian economy. We expect the Factory to give powerful impetus to the development of project financing with, among other things, government support and risk sharing. The Factory has a really innovative financial structure, which allows all the project participants to share risks in an optimal way. The banks are interested in the Factory’s mechanism because they will be able to share project financing risks with Vnesheconombank. Borrowers will have access to long-term and relatively inexpensive money, which will encourage new high-technology production,” Sergey Gorkov said.

Herman Gref said, “Financing based on project financing in high-technology and non-resource industries and infrastructure requires that different classes of investors and lenders should combine their expertise and resources. We believe that the Factory will provide a good platform for combining the government’s and the banking community’s efforts to promote project financing in Russia. The mechanisms of government support and Vnesheconombank’s project evaluation in the Factory will be perfect for accomplishing this goal.”

According to Andrey Kostin, this initiative will enable companies to raise financing with more favourable interest rates and repayment dates. This will facilitate the implementation of large-scale and economically sensitive projects and the development of the syndicated lending market. In collaboration with the member banks of the Project Financing Factory, VTB Bank has plans to take an active part in selecting and financing promising investment projects.

“Facilitating the development of the national economy by financing large-scale projects has always been and continues to be high on Gazprombank’s list of priorities. We have extensive experience and considerable expertise in project financing. We are, therefore, confident that the concerted effort made by the Factory’s founders will make it possible to implement strategically valuable initiatives in a whole range of key industries. Gazprombank intends to take a really active part in this work, provide an experienced team and allocate considerable funds,” Andrey Akimov said.


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