Agreement Signed Between Vnesheconombank and Project Financing Factory Participants
The Project Financing Factory’s participants, Vnesheconombank, commercial banks and multilateral development banks, have signed the initial documents for their interaction in financing new production. The mechanism will provide borrowers with syndicated loans. The signing ceremony took place during the Russian Investment Forum in Sochi. The commercial and multilateral development banks were the Eurasian Development Bank, the Russian Regional Development Bank, Sovcombank and the International Investment Bank.
The documents were signed on behalf of Vnesheconombank by its First Deputy Chairman and Member of the Board Dmitry Kurdyukov, on behalf of the Eurasian Development Bank by its Deputy Chairman of the Management Board Konstantin Limitovskiy, on behalf of the International Investment Bank by its Deputy Chairman of the Board Denis Ivanov, on behalf of Sovcombank by its Deputy Chairman of Management Board Mikhail Avtukhov and on behalf of the Russian Regional Development Bank by its Vice-President and Member of the Council Yulia Titova.
“The Project Financing Factory kicked off! We expect the Factory to impact on the development of project financing by using, among other things, government support and risk sharing. Commercial banks should play a key part in developing the Factory. Its main idea is to provide syndicated loans for projects with government subsidies and government guaranties for bonds. The syndication mechanism will allow Vnesheconombank to additionally get 3 or 4 roubles for the country’s economy in exchange for every rouble of its investment. I am confident that our intense efforts in syndicated lending will additionally boost support for the Russian economy,” Dmitry Kurdyukov said.
“Sovcombank will provide comprehensive support for the Factory’s projects,” Mikhail Avtukhov said. “I am confident that this initiative of Vnesheconombank and the commercial partners banks will receive a positive response from the real economy.”
Under the cooperation agreement among Vnesheconombank (the Factory’s operator and syndicator), commercial banks and multilateral development banks, investment projects will be searched for, refined and, possibly, given financing from the Factory.
The parties also agreed to secure support at national and regional level for the projects that can be implemented within the Factory, interact with participants in preparing and carrying out investment projects and share information necessary for project evaluation and post-monitoring.
Vnesheconombank also signed a cooperation agreement with the Russian Direct Investment Fund.
“Cooperation between the Russian Direct Investment Fund and Vnesheconombank will give fresh impetus to investment activity in the Russian market. Our participation will allow the Factory’s projects to get the world’s best practices and expertise from the Russian large investor with a wide network of partnerships all over the world,” Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said. “As we agreed, the Russian Direct Investment Fund will take part in the Factory’s activities and provide equity financing for the selected projects.”
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