Supervisory Board Considers VEB.RF’s Involvement in Major Projects

26 april 2024 года
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VEB.RF’s Supervisory Board considered VEB.RF’s involvement in two new investment projects in gas to chemicals and port infrastructure under the Project Financing Factory programme. The Supervisory Board meeting took place on the sidelines of the congress held by the Russian Union of Industrialists and Entrepreneurs.

VEB.RF will finance the project to build the Lavna deep-water seaport in Murmansk implemented by State Transport Leasing Company (GTLK). The project will be financed under the PFF programme in partnership with a commercial bank.

The total project cost is c. RUB78.5bn. Financial institutions will provide a syndicated loan of up to RUB52.9bn, including VEB.RF’s commitment of RUB12.9bn.

In 2023, VEB.RF already provided RUB4bn under the soft financing mechanism implemented by VEB.RF jointly with the Russian Ministry for the Development of the Russian Far East and the Arctic.

The project will create over 500 new jobs.

VEB.RF Chairman Igor Shuvalov: “The Lavna deep-water seaport is one of the key infrastructural projects aimed at reorienting Russia’s foreign trade. The project will ensure the transportation of export cargo via the Northern Sea Route. VEB together with its partners will finance the construction of a coal transshipment facility with a capacity of 18 million tonnes under the PFF programme. This PPP project will have a beneficial effect on socio-economic development of Russia’s Arctic.”

Russian Minister of Economic Development Maxim Reshetnikov: “The Project Financing Factory is in increasing demand among businesses. VEB.RF is considering more than 50 projects worth RUB14.5trn. It’s not surprising, since the PFF programme envisages syndicated loans and interest risk hedging. Therefore, we intend to increase the PFF limit. Out of 29 projects supported under the PFF programme, the first one has been already completed. The investor has fully repaid the loan. Last week, the Government expanded the investment mandate under the PFF programme. PFF projects are allowed to be financed by bond redemption loans. It will also allow us to replicate this instrument.”

The Lavna port is an anchor project for a comprehensive development of the Murmansk transport hub, whose key advantage is direct access to open sea.


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