VEB.RF Discusses Investment Cooperation Prospects and Buenos Aires’s Urban Environment Transformation Experience with Argentina

12 november 2019 года
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VEB.RF’s delegation headed by Chairman Igor Shuvalov visited Argentina. During the visit, the delegation met with energy companies, YPF and Pampa Energia, and Corporacion America, a group specialising in construction and airport management.

As a guest of honour, Igor Shuvalov visited one of the oldest financial institutions in Latin America, the Buenos Aires Stock Exchange. VEB.RF’s Chairman highlighted the role of business dialogue in strengthening relations between Russia and Argentina and in establishing closer contact between EurAsEC and MERCOSUR. The Argentinian side presented promising projects for joint investment. VEB.RF’s delegation presented Russian export support instruments and the Project Financing Factory’s programme.

VEB.RF’s Chairman also had a meeting with Buenos Aires Mayor Horacio Larreta. During the meeting, the Mayor presented recent developments in the Argentinian capital’s economy, transport, safety and municipal waste management. Igor Shuvalov told him about Russia’s experience in urban transformation and VEB.RF’s involvement in the development of a modern urban economy.

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VEB.RF and BRICS Development Banks to Form Common Approaches to Financing for Infrastructure Projects

12 november 2019 года
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State Development Corporation VEB.RF signed a Memorandum on Mobilization of Private Investment in Infrastructure with the BRICS Inter-Bank Cooperation Mechanism.

The BRICS Inter-Bank Cooperation Mechanism will create a working group which will study business cases, financing formats, project selection models and legal innovation success stories which contribute to mobilization of private investment in infrastructure.

The Memorandum will establish a new ICM working group and promote the sharing of best infrastructure PPP practices between key BRICS development institutions.

VEB.RF Chairman Igor Shuvalov said “Currently, we see great interest in PPP projects, primarily in infrastructure projects. It is the global trend, which we are striving to implement to ensure sustainable economic growth. The development banks play a special role. Many banks aggregate PPP competencies. We plan to follow this way in Russia by creating an integrated infrastructure development centre. VEB.RF has extensive experience in mobilization of private investment in major transport infrastructure projects; our state corporation’s portfolio features dozens of sea, land and air infrastructure assets. Under the supervision of the Government and the President’s Executive Office, VEB.RF plays a role in promotion of PPP legal instruments to encourage and mobilize investment.”

As a reminder, VEB.RF will hold the presidency of the BRICS Inter-Bank Cooperation Mechanism in 2020. The BRICS Inter-Bank Cooperation Mechanism members are VEB.RF, BNDES, Eximbank of India, CDB, and DBSA. The BRICS ICM was established in 2010 to promote and strengthen economic and investment cooperation between BRICS countries. Currently, the BRICS ICM has five working groups.

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VEB.RF and VTB to Finance Coal Transhipment Facility Construction at Port of Vanino

7 november 2019 года
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The project will be carried out under the Project Financing Factory programme.

State Development Corporation VEB.RF, VTB and VaninoTransUgol have signed a loan agreement to finance the project to build a high technology transhipment facility at the seaport of Vanino in the Khabarovsk Territory.

Phase 1 of the transhipment facility will have a capacity of 12 million tonnes of coal per annum. The facility’s commissioning and start-up are planned in 2020. The project will create more than 600 new jobs. Overall potential capacity of the facility is up to 24 million tonnes of coal per annum.

The partner banks will provide 34 billion roubles to the project using the Project Financing Factory’s programme. Under the syndicated loan, VEB.RF will provide financing to cover more than one third of the project’s Phase 1 expenses.

VEB.RF’s First Deputy Chairman and Member of the Board Nikolay Tsekhomsky said: “Investment into state-of-the-art port infrastructure is one of the key priorities of VEB.RF. We would like to thank our esteemed partners and are confident that our joint efforts will have not only positive impact on the Far Eastern economy but also will open more opportunities for Russian exports to the Asia-Pacific Region.”

VTB’s Head of Client Coverage and Senior Vice President Dmitry Snesar said: “Financing for the project to build the high technology coal transhipment facility at the seaport of Vanino is the first port infrastructure financing deal between VTB and VEB.RF under the Project Financing Factory. VTB has extensive experience in financing major infrastructure projects. The construction of VaninoTransUgol’s terminal means new infrastructure to develop further Russian coal export and contribute to the economic development of the Far East.”

VaninoTransUgol’s CEO Yuri Tyamushkin said: “Construction of the terminal’s Phase 1 is at an advance stage. VaninoTransUgol is not only developing the Far Eastern economy and infrastructure but is also actively contributing to the regional infrastructure, including corporate housing, educational establishments support, building a talent pool and establishing high living standards in the Far East.”

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VEB.RF Finances Ust-Luga’s Gas Chemicals Polyethylene Production Facility

5 november 2019 года
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  • The loan will be allocated to finance the early phase of the project

State Development Corporation VEB.RF and Baltic Chemical Complex signed a loan agreement to finance the early phase of the project to build the largest Russian gas chemicals facility next to the sea port of Ust-Luga (Leningrad Region). The total capacity of the gas chemicals facility will be up to three million tonnes of polyethylene per annum.

VEB.RF’s loan will be allocated to finance FEED, advance payments under license agreements and subcontracts, including long lead items and other project related expenses.

Financing will be allocated in instalments matching the project’s schedule milestones. VEB.RF financing the early stage of the project will improve significantly credit and investment ratings of the project, which is important to attract other Russian financial institutions, international ECAs and banks.

RusGasDobycha’s CEO Konstantin Makhov said: “We are creating an unprecedented industrial cluster. It will be the largest in Russia. The vertical integration of gas supply and treatment in Russia represents a new economic model for the gas industry. The facility may export its products to Europe, Asia, India, and China. It is a large scale project. The construction phase alone required more than 25 thousand specialists. The start-up of Phase 1 is scheduled in 2023-2024. The full ramp-up will be in 2025. More than five thousand new highly qualified jobs will be created to operate the facility.”

VEB.RF’s First Deputy Chairman and Member of the Board Nikolay Tsekhomsky said: “Today, it is the largest greenfield project with 100% export potential in VEB.RF’s portfolio. As a development institution, we see that it is important to offer financial leverage to the project which will build the largest gas chemicals facility in the world and make Russian products more competitive in the global market.”

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Sovcomflot and VEB.RF Sign Financing Agreement for Construction of Pilot LNG Carrier at Zvezda Shipyard

1 november 2019 года
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SCF Group, the VEB.RF Group and the Zvezda shipyard formally agreed to finance the construction of a pilot LNG carrier at the Zvezda. The carrier will be time chartered by Novatek for Arctic LNG 2 project.

The ice class (Arc7) will enable the LNG carrier to be used for year-round navigation in challenging ice-bound conditions. The carrier is designed to navigate without an icebreaker escort through more than 2-metres-thick ice. 

In total, VEB.RF’s Supervisory Board approved financing for 15 carriers of this type. The supply of carriers will be synchronised with the start-up of Arctic LNG 2.

“It is the seventh vessel to be built by the Zvezda under a loan facility signed here. The vessels will be leased by Sovcomflot. VEB.RF’s governing bodies approved participation in the financing of 21 tankers. The growth of the shipyard’s portfolio will enable our partners to keep localising their manufacturing,” VEB.RF’s Deputy Chairman Artyom Dovlatov said.

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VEB.RF Joins Afreximbank’s Trade Confirmation Guarantee Programme

23 october 2019 года
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VEB.RF and the African Export-Import Bank (Afreximbank) signed a master agreement for VEB.RF’s participation as a confirmation bank in Afreximbank’s Trade Confirmation Guarantee Programme. The agreement was signed at the Russia-Africa Economic Forum in Sochi.

The document was signed on behalf of VEB.RF by its Deputy Chairman Daniil Algulyan and on behalf of the African Export-Import Bank by its Executive Vice President Amr Kamel.

“Providing export support and promoting Russian goods, work and services to open up new markets are high on VEB.RF’s list of priorities. African countries have tremendous potential to develop economic partnerships with the Russian Federation. The VEB.RF Group now has an anchor partner in this area of cooperation. It is Afreximbank. We’ve joined Afreximbank’s Trade Confirmation Guarantee Programme as it will enable us to use Afreximbank’s guarantees to mitigate the risks involved in trade financing transactions with local African banks,” Daniil Algulyan said.

“By signing the agreement, Afreximbank will strengthen its support for Russian companies with a presence in Africa,” Amr Kamel commented.

The African Export-Import Bank (Afreximbank) is a development bank mandated to promote intra- and extra-African trade. In December 2017, Russian Export Center on behalf of Russia became a shareholder of Afreximbank.

The bank is headquartered in Cairo and has regional offices in Cote d’Ivoire, Nigeria, Kenya and Zimbabwe. The bank’s rating: Baa1 (Moody’s), BBB- (Fitch), BBB+ (GSR). Founded in 1993. Authorised share capital: USD5bn. As at the end of 2018, the bank’s total assets were USD13.4bn.



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Russia-Africa Summit: Memorandum of Cooperation Signed by VEB.RF and Russian Export Center to Build Republic of the Congo Pipeline

23 october 2019 года
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At the Russia-Africa summit, VEB.RF, Russian Export Center, Afreximbank and Société Nationale des Pétroles du Congo (SNPC) signed a memorandum of cooperation to build a pipeline in the Republic of the Congo. The pipeline will connect the deep-water port of Pointe-Noire to the Maloukou terminal and the Lutete intermediary terminal.

“Export support and the promotion of Russian goods, work and services in entering new markets, including Africa, are high on VEB.RF’s set of priorities. The African markets are promising for future trade and economic cooperation and, primarily, increases in Russian exports. Afreximbank has become the anchor partner for the entire VEB.RF Group in this work. As a shareholder of this bank, we were able to reduce risks for the Russian companies. When evaluating projects in African countries, we can also rely on Afreximbank’s expertise,” VEB.RF’s Deputy Chairman Daniil Algulyan said.

“The construction of the pipeline in the Republic of the Congo not only will help to resolve most problems of this region of Africa in respect of providing petroleum products, but also will make a considerable contribution to economic growth in several countries experiencing an acute shortage of high-quality and affordable energy resources. Russian companies have gained extensive experience and technologies in the construction of petroleum pipelines in difficult climatic conditions and are pleased to share them with the African partners,” Russian Export Center’s Senior Vice-President Nikita Gusakov commented.

It is noteworthy that, upon construction, the pipeline will be able to transport a wide range of petroleum products, including petrol, diesel fuel and jet fuel. In addition to the Republic of the Congo, the ultimate consumers of petroleum products will be the Democratic Republic of the Congo and the Central African Republic, which will have a significant effect on the economic development of these countries.

The implementation of one of the largest infrastructural projects in Congolese history will take three years. The estimated capacity of the pipeline will be 2.1 million tonnes per year, and the period of pipeline operation will be at least 40 years.


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USD5Bn Agreement Signed by VEB.RF, Russian Export Center, Sberbank and Gemcorp Capital LLP

23 october 2019 года
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At the Russia-Africa summit, VEB.RF, Sberbank, Russian Export Center and Gemcorp Capital LLP signed a framework agreement to create a trade finance mechanism for Russia and Africa. The agreement value is five billion US dollars, reflecting the needs of Russia and Africa for joint financial solutions.

The agreement is aimed at developing cooperation with African countries through the organisation of lending mechanisms for joint foreign trade projects and opens up opportunities for increasing Russian exports through financial support for the supply of Russian goods to the African continent, including to Angola, Ethiopia, Mozambique, Zimbabwe and other African countries.

“Support for Russian non-energy exports is a priority for the VEB.RF Group. At present, VEB.RF’s portfolio of support for Russian exports to African countries exceeds 2 billion US dollars. We are ready to help Russian companies to promote their goods and services in this market. VEB.RF is currently considering several transport development projects, including railway projects. Projects for the supply of domestic equipment for industrial production are in the pipeline. Our focus areas can include energy, chemicals, mining, pharmaceuticals, healthcare and education. Afreximbank is one of our key partners in the continent,” VEB.RF’s Deputy Chairman з Daniil Algulyan said.

Andrey Slepnev, CEO, Russian Export Center: “The mechanism will allow us to adequately mitigate the risks associated with organising trade with countries, including important supplies to the international community. For our part, we intend to involve at least ten countries in this mechanism and, with their help, open a trade corridor to the African continent. For Russian business, this affords a unique opportunity to systematically replicate the project in the region and gain a foothold in one of the most promising and dynamic markets in the world, opening it for high-technology domestic exports.”

Alexander Vedyakhin, First Deputy Chairman of the Executive Board, Sberbank: “The agreement is aimed at creating infrastructure for promoting Russian exports to African countries and providing financing for the supply of Russian goods to the African continent. Sberbank, together with the VEB.RF Group, Gemcorp Capital LLP and Russian Export Center, has plans to provide financial and advisory support for projects of Russian exporters supplying domestic products from various industries: engineering, agriculture, fertilizers and pharmaceuticals. In recent years, Russian exports to African countries have shown sustainable growth, and due to insurance support from Russian Export Center, loans will become more affordable for Russian exporters and their foreign partners.”


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VEB.RF Group to Provide Support for Russian Equipment Exports for Morocco’s Petroleum Refinery

23 october 2019 года
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VEB.RF, Russian Export Center and Morocco’s MYA Energy (part of Marita Group) will explore the possibilities of financing the construction of a petroleum refinery in the Kingdom of Morocco with an annual capacity of five million tonnes. The memorandum of cooperation was signed during the Russia-Africa Economic Forum in the presence of Morocco’s Minister of Energy and Mines Aziz Rabbah.

The document was signed by Daniil Algulyan on behalf of VEB.RF, Senior Vice-President Nikita Gusakov on behalf of Russian Export Center and Moulay Youssef Alaoui on behalf of Morocco’s MYA Energy.

“The project will be financed on an inter-bank lending basis. VEB.RF is willing to provide funding for Morocco’s partner to buy equipment and services from Russian counterparties. The direct lender of the project’s company will be a bank of the Kingdom of Morocco,” Daniil Algulyan explained.

“Egypt, Algeria and Morocco are still the largest African countries in terms of total Russian exports. These top three countries account for more than 70% of all Russian exports to Africa, with their priorities remaining to be long-term cooperation with the partners willing to invest in technology while promoting industrial development in the African continent. And Russia maintains a competitive edge here. The African partners can be provided with both technology and expertise in the construction of pipelines and petroleum refineries,” Nikita Gusakov commented.

The refinery will make petrol, Euro 5 diesel fuel, jet fuel, Euro 4 engine fuel and bitumen. At present, Morocco imports about 90% of energy products totalling nearly 10 billion US dollars per year.

MYA Energy is a private company founded by the Government of Morocco for project implementation and support and is part of a multipurpose holding company, Marita Group, engaged in real property development, theme parks, renewable energy sources, cork production and electric vehicles.



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VEB.RF to Provide Financial Support for KAMAZ Products Supplied to Turkmenistan

11 october 2019 года
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VEB.RF is to provide financial support for the supply of KAMAZ products to Turkmenistan. The plans include supplying 2,000 units of KAMAZ equipment, including 800 dump trucks, 300 high-sided trucks and special-purpose utility vehicles.

“VEB.RF took the decision to provide financial support for the supply of KAMAZ products in October 2019. Support for such a systemically important company as KAMAZ in increasing Russian exports is a priority for VEB.RF,” VEB.RF Chairman Igor Shuvalov said.

KAMAZ and Turkmenistan agreed on the supply of equipment in June 2019.

KAMAZ exports its products to the CIS, Asia, Eastern Europe, Africa and Latin America.

KAMAZ is a leading global manufacturer of heavy trucks and diesel engines. The company has 11 large truck factories and auxiliary facilities.



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VEB.RF Supports Integration Projects Worth 64 Billion Roubles in EAEU Member Countries

1 october 2019 года
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VEB.RF carries out integration projects in the EAEU member countries with a commitment in the amount of roubles equivalent to 64 billion. The projects include the export of Russian products, including those using leasing mechanisms. For instance, rail transport supplied to Kazakhstan, industrial products supplied to Armenia, underground carriages, cranes, railway equipment, metal products and chemical products supplied to Belarus, and financing for the construction of the Belarusian nuclear power plant.

“VEB.RF traditionally maintains partnership relations with banks from EAEU member countries, and the Eurasian Development Bank. The EDB is also a partner bank of VEB.RF in the project financing factory. VEB.RF has now provided support for integration projects in EAEU member countries in the total amount of roubles equivalent to 64 billion, mostly in transport on a leasing basis. I am confident that new projects in partnership with the EDB will make a significant contribution to trade and economic relations among EAEU member countries,” VEB.RF’s Deputy Chairman Artyom Dovlatov commented.

Today, at the 4th International Forum of the Eurasian Partnership in Yerevan, VEB.RF’s Deputy Chairman Artyom Dovlatov met with the Eurasian Development Bank’s Board Chairman Andrey Belyaninov. They discussed cooperation on projects in EAEU member countries to expand trade and economic relations among EAEU member countries, including logistical transport.


Kazakhstan

As part of export support, VEB.RF implements major leasing projects in Kazakhstan to sell Russian-made products. Since 2014, Russia has supplied about 12 billion roubles’ worth of products to Kazakhstan.

The value of Kazakhstan potential leasing projects for 2020–2021 is about 2 billion roubles. They concern railway vehicles and the extraction and processing of minerals.

Belarus

The business model of leasing operations in Belarus is focused on the implementation of major projects to support Russian exports, including under VEB.RF export support programmes. Since 2018, through VEB.RF’s leasing mechanism for Belarus, support for Russian-made products supplied to Belarus has exceeded 3.3 billion roubles.

VEB.RF provided about 4.4 billion roubles through Belarusbank to finance the supply of Russian industrial products, including underground carriages, cranes, railway equipment, metal products, chemical products etc.

With a limit of 500 million US dollars, the Belarusian nuclear power plant received financing of 400.84 million.

The potential leasing projects in Belarus for 2020–2021 total about 10.7 billion roubles, focusing on the supply of railway equipment (3.9 billion roubles), aviation equipment (3.2 billion roubles) and manufacturing improvements (3.6 billion roubles for BelAZ and Grodno Azot).

Armenia

VEB.RF’s financing for Russian-made products supplied to Armenia through Ardshinbank is about 2.3 billion roubles.



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