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Project Financing Factory’s First Projects Announced by Vnesheconombank

15 february 2018 года
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During the Russian Investment Forum in Sochi, Vnesheconombank signed memorandums of intent with future project initiators to organise syndicates to implement the Project Financing Factory’s projects.

The documents were signed on behalf of Vnesheconombank by its First Deputy Chairman and Member of the Board Dmitry Kurdyukov. The signing ceremony took place in the presence of Russia’s Economic Development Minister Maxim Oreshkin and Vnesheconombank’s Chairman Sergey Gorkov.

“The Factory’s mechanism is attractive to commercial banks in that they can share project financing risks with Vnesheconombank and include in their portfolio the projects that they or their customers have not been able to implement. For their part, borrowers will have access to long-term and relatively inexpensive credit facilities. Vnesheconombank has already preliminarily assessed the first projects and reduced borrowing costs,” Dmitry Kurdyukov said.

The value of the Factory’s first projects totals 180 billion roubles. The projects involve creating new high-technology production within Russia in the industries on Vnesheconombank’s list of priorities, including as follows:

  • Completion and commissioning of the metal-rolling facility of Krasnoyarsk Metallurgical Plant. Total project value: 8.1 billion roubles. Vnesheconombank’s expected share: up to 6.8 billion roubles. The Supervisory Board considered Vnesheconombank’s participation in financing the project in January 2018.
  • Construction of 500,000-tonne Phase 3 methanol production facility in the Tula Region. Total project value: 23.7 billion roubles. Project initiator: Shchekinoazot.
  • Large-scale production of an active pharmaceutical ingredient (Strontium-84, LS 82Sr). Russia’s innovative technology satisfying the global demand for this scarce medication. Total project value: 3.2 billion roubles. Implemented by the Centre for Development of Nuclear Medicine.



Vnesheconombank introduces a new mechanism for long-term investment, namely the Project Financing Factory. The project life is 20 years or less. Apart from credit financing, the project sponsor or initiator is to invest at least 20 percent. This is, therefore, a standard ratio of 80:20 in project financing.


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