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VEB.RF Involved in Ten Syndicates Totalling RUB1.5tn in Partnership with Commercial Banks

8 october 2020 года
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This was stated by VEB.RF Deputy Chairman Yuriy Korsun, speaking at a Cbonds conference on syndicated lending in Russia and the CIS.

“For a year and a half, VEB.RF has partnered up with other banks to conduct ten syndicated project financing transactions, including eight projects under the Project Financing Factory programme. The transactions total 1.5 trillion roubles. It’s a substantial joint contribution of VEB.RF and partner banks to the market, both in terms of funding and in terms of project quality. These figures are related to major projects in gas processing and petrochemicals, transport infrastructure, high value-added production, and the digital economy. VEB.RF’s partners, the lenders involved, are VTB Bank, Gazprombank, Otkritie Bank and Sberbank,” Yuriy Korsun said.

He mentioned the difficulty of raising long-term funds as one of the main characteristics of project financing. According to Yuriy Korsun, “new projects can be encouraged by the Project Financing Factory mechanism, a programme that allows private investors to participate comfortably in large-scale projects, as well as enabling borrowers to have easier access to project financing, a longer loan term and a lower effective cost of borrowing.”

“At present, all Project Financing Factory transactions involve only four partner banks. But we haven’t abandoned our plans to expand the pool of partners,” Yuriy Korsun said, replying to a question from the audience about the possible transfer of experience in project and syndicated lending.

“To date, VEB.RF has signed agreements for participation in the Project Financing Factory programme with 21 credit institutions, and this gives us solid grounds to believe the number of syndicate members working on new projects under the Project Financing Factory programme will increase,” Yuriy Korsun emphasised.


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