VEB.RF: 55 Projects Totalling over RUB1tn Receive Approval under Cluster Investment Platform Programme

Under the Cluster Investment Platform programme, approval has been given to 55 projects totalling 1.1 trillion roubles. The Cluster Investment Platform (CIP) is a unique mechanism launched in April 2023 to subsidise interest rates. Aimed at achieving the goals of import substitution, the CIP mechanism provides soft loans to Russian industrial companies for their capex projects to manufacture high-priority products.

The VEB.RF Group is actively involved in the CIP programme. Selected to act as the CIP operator, the Industry Development Fund (IDF, part of the VEB.RF Group; coordinated by VEB.RF under a mandate from the Russian Ministry of Industry and Trade) is responsible for carrying out due diligence for investment projects, giving advice to borrowers about modifications to investment projects, monitoring project implementation, and reviewing documents prepared by credit institutions for agreements to grant or obtain subsidies.

“VEB.RF is currently involved in as many as eight ongoing projects. Work is well under way on 25 potential projects, with VEB.RF’s commitment, including guarantees and loans, estimated at 313 billion roubles. The key sectoral areas of CIP projects involving VEB.RF include high tech, pharmaceuticals, medical equipment, chemicals, petrochemicals, microelectronics, machine-tool manufacturing, shipbuilding, vehicle manufacturing, power engineering,” said Daniil Algulyan, Deputy Chairman, VEB.RF.

Concessional loans can be used for diverse purposes under the CIP programme, including purchasing, building or rehabilitating, and leasing production facilities.

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