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VEB.RF Begins to Provide Financing for Russian Railways Digital Transformation Projects Supported by Digital Development Ministry

1 february 2021 года
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VEB.RF and Russian Railways have entered into a loan agreement for 8.9 billion roubles to support the investment programme for Russian Railways digitalisation through the introduction of Russian IT solutions. The low-interest loan is given under the programme of the Russian Ministry of Digital Development, Communications and Mass Media to support corporate digital transformation based on Russian solutions.

The low-interest lending mechanism is provided by the Ministry of Digital Development, Communications and Mass Media of the Russian Federation under the Digital Technologies federal project as part of the Digital Economy of the Russian Federation national programme.

VEB.RF Chairman Igor Shuvalov said: “The Digital Development Ministry and VEB.RF are active in working on projects to achieve the national development goals set by the Russian President. VEB.RF is to provide financing to support the large-scale digital transformation of Russian Railways, which will help the company to go digital faster to improve its passenger and freight traffic management, enhance traffic safety, ensure cost transparency and increase its customer focus and workforce productivity.”

“Digitalisation is one of the main tools to transform Russian Railways into a modern and innovative company. By going digital, we are trying to find how to make our work more efficient and, at the same time, getting closer to our customers—passengers and shippers. VEB.RF traditionally supports us by providing financing for infrastructural projects, and I’m sincerely pleased that they’ve also become our digital partner,” said Oleg Belozerov, CEO and Chairman of the Executive Board, Russian Railways.

“The low-interest lending programme implemented by the Digital Development Ministry in partnership with Russian major banks aims to support the introduction of domestic digital solutions into companies. The borrower ultimately pays interest of 1 to 5%, and the company can get funding of up to 10 billion roubles. The total credit portfolio is now about 35 billion roubles, while the agreement between Russian Railways and VEB.RF is one of the largest,” said Maxim Parshin, Deputy Minister of Digital Development, Communications and Mass Media of the Russian Federation.

The loan is given by VEB.RF for Russian Railways digital transformation projects aimed at:

  • introducing modern management technologies for transport, infrastructure, personnel and electronic documentation,
  • creating a new generation of workstations based on domestically made processors,
  • introducing import-independent software using digital twins, the Internet of Things, big data, distributed ledgers (including blockchains), simulation modelling and machine learning.

The above-mentioned technologies will make it possible to obtain reliable real-time information about the status of transport processes, production facilities and repair operations, automate routine operations and ensure effective managerial decision-making at a qualitatively new level.


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