VEB.RF: Total Value of Technological Sovereignty and Structural Adaptation Projects Reaches RUB1tn
A total of 27 technological sovereignty and structural adaptation projects for almost 1 trillion roubles (977,633 billion roubles, to be more precise) have been selected to receive funding from commercial banks and VEB.RF. These include seven projects worth 225.8 billion roubles implemented with the involvement of VEB.RF.
These are major projects in industries such as shipbuilding, electronics, rolling-stock and vehicle manufacturing, heavy-truck manufacturing, truck-mounted robotic-crane manufacturing (including remotely controlled systems), machine-tool manufacturing, industrial-robot manufacturing, seaport and port infrastructure construction and modernisation, industrial-park construction, pharmaceuticals and medical equipment, biotechnology.
The largest proportion of financing is provided for projects in shipbuilding, such as seagoing tankers designed to transport petroleum, petroleum products and liquefied natural gas (391.8 billion roubles); the construction and promotion of industrial parks (170.2 billion roubles); the manufacture of accumulators (113.9 billion roubles).
Aleksey Miroshnichenko, First Deputy Chairman, VEB.RF: “Despite the tightening of monetary policy and the growing key rate, investors work with banks to launch new projects aimed at achieving technological sovereignty and structural adaptation in the economy. The quantitative indicators of projects in the register prove that the taxonomy is of interest to commercial banks. Late last year, only 11 projects totalling 234 billion roubles met the requirements of the technological sovereignty taxonomy. Today, the value of such projects is nearly 1 trillion roubles, which is an almost fourfold increase despite monetary tightening, with the key rate increasing by 5 percentage points in December 2023. We expect the project value to exceed 1.5 trillion roubles by the end of the year.
“A softening of the central bank’s policy produces an economic effect of 50–120 basis points. Rather than showering money on technological sovereignty projects, a stimulus in the form of reduction factors is designed to fundamentally change the motivations of investors, primarily banks, for choosing their lending strategies and their investment destinations.”
Natalia Morshchikhina, Director of the Department of Financial and Banking Activities and Investment Development, Russian Ministry of Economic Development: “We have entered the final phase of expanding the taxonomy. We are adding the most important areas to the mechanism within the upd ated list of import substitution, along with technological development projects. We intend that the taxonomy will include the construction and operation of high-speed highways, the construction of power stations using Russian turbines and components, the development of rare-earth metal deposits, the production of composites and equipment for liquefied natural gas, the creation of infrastructure for all-season seaside and Lake Baikal resorts, and projects to develop the Northern Sea Route. In addition, our plans include launching a mechanism for using bonds to finance technical sovereignty projects.”
The list of industries that are potentially eligible for bank loans and government support on concessional terms, including financial support from VEB.RF, is se t out in a government resolution. The list includes 13 high-priority areas: aviation, medicine, machine tools, chemicals, vehicle manufacturing, shipbuilding, pharmaceuticals, electronics, energy, machine building for the oil-and-gas and agricultural industries, special-purpose equipment, rolling-stock manufacturing.
In accordance with the Russian Government’s resolution, VEB.RF keeps a register of the above-mentioned projects. This is an incentive tool that uses reduced risk factors for the projects included on the register and financed by banks, which should provide the projects with easier access to lending at affordable interest rates.
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