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Expert RA Rating Agency Assigns Highest ESG-I Rating (Stable) to VEB.RF

17 july 2024 года
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Expert RA Rating Agency has assigned ESG-I and ESG-AA ratings to State Development Corporation VEB.RF on the scale of the Bank of Russia. This means that key decisions made by VEB.RF are consistent to the maximum possible extent with the Sustainability Development Goals. The rating outlook is assessed as stable.

According to the agency’s analysts, VEB.RF is a national development institution that contributes to implementing the national socio-economic policy, enhancing the competitiveness and modernising the country’s economy. In partnership with commercial banks, VEB.RF provides financing for large-scale projects to develop the country’s infrastructure, industrial production and social sphere, strengthen its technological potential and improve quality of life.

As noted by Expert RA, project efficiency and environmental impact assessment is an integral part of VEB.RF’s investment process. Private investment in green and adaptational projects and sustainability development projects is about 28% of the lending portfolio, including green loans of about RUB570bn and adaptational loans of RUB13bn.

VEB.RF acts as a coordinator of projects aimed at removing infrastructural constraints, developing infrastructure and innovations, developing and supporting the export of industrial products, raising standards of living, and creating a comfortable living environment. In 2021, VEB.RF's Supervisory Board approved VEB.RF’s 2024–2030 Strategy and established coordination committees to cover the following areas: urban economy and construction, small and medium-sized enterprises, exports, industrial policy, innovations and information technologies. Members of the Russian Government and Deputy Prime Ministers of the Russian Federation are in charge of the committees. The committees participate in formulating strategies, approving key performance indicators of development institutions, and defining core activities of VEB.RF and development institutions in the above areas.

VEB.RF has approved the 2024–2030 ESG Strategy and a road map for the ESG transformation to pursue the ESG Strategy outlining the measures for implementing responsible investment practices. As the national methodological centre, VEB.RF participates in creating and developing a financial market for sustainable projects (taxonomy of green and adaptational projects, verification system requirements).


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