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VEB.RF is Ready to Become One-stop Solution for International Development Banks to Consider Infrastructural Projects in Russia

4 june 2021 года
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“Improved coordination and interaction among development institutions will facilitate development and boost potential of development banks not only in Russia, but also in Eastern Europe and Central Asia. The Russian Ministry of Finance is ready to coordinate this effort,” Pavel Snisorenko, Director of the Department for International Financial Relations, Ministry of Finance of the Russian Federation, said during the session “Multilateral Development Banks in the Post-COVID Era: Old Challenges and New Opportunities” at the St. Petersburg International Economic Forum in 2021.

“We have many instruments in our arsenal to facilitate the implementation of development projects. We are ready to employ them. Namely, we can provide bilateral and technical assistance to other countries etc.,” Pavel Snisorenko said.

The round table participants discussed the role of development banks in today’s world, their challenges and optimal ways to tackle them.

“Development requires unlimited resources, this why every dollar contributed to a development bank should be used as efficiently as possible for the sake of development,” Pavel Snisorenko said.

The pandemic helped the banks to embrace ESG agenda faster, to pay much more attention to the development of human capital, and balance coexistence of human beings and the environment.

Svetlana Yachevskaya, Deputy Chairperson and Member of the Management Board, VEB.RF:

“VEB.RF’s expertise and role on the Russian infrastructure market make it possible for us to become a one-stop solution for international development banks to consider investments into Russian projects. We have all the resources and competencies to evaluate project’s consistency with the mandates of MDBs and the highest international quality standards, and their eligibility for various support instruments. This joint effort made it possible to harmonise best approaches of Russian and multilateral development banks, to share the best practices with the Eurasian Economic Union, which will enable sustainable infrastructure development in this major and dynamic region.”

The panel discussion was attended by representatives of the World Bank, the New Development Bank, the Asian Infrastructure Investment Bank, the Eurasian Development Bank, the Black Sea Trade and Development Bank, the International Bank for Economic Co-operation, VEB.RF, VTB Infrastructure Holding, Expert RA, and KMPG.

The Russian Federation is a stakeholder in the following MDBs: institutions of the World Bank Group, the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank, the New Development Bank, the Eurasian Development Bank, the Black Sea Trade and Development Bank, the International Bank for Economic Co-operation, and the Interstate Bank with the total stated capital over USD750bn.


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