First Tranches Paid by VEB.RF to Finance Construction of Ten LNG Carriers at Zvezda

25 september 2020 года
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VEB.RF has begun financing the construction of ten LNG carriers under the Arctic LNG 2 project. The VEB.RF Group had previously entered into shipbuilding contracts with the Zvezda shipyard and leasing agreements with SMART LNG (a joint venture between Sovcomflot and NOVATEK). The ten gas tankers are the final batch of 15 ships financed with the approval of VEB.RF’s Supervisory Board.

“VEB.RF paid the first tranches to finance the construction of ten new ships. We had previously signed contracts and made prepayments for five more gas tankers. It’s intended that the construction of the first tanker in this batch will start as early as this year, while the delivery is scheduled for 2023–2025. We signed documents and began to provide financing for all the 21 ships approved by VEB.RF’s Supervisory Board. Three of them are already under construction. The shipyard’s larger business portfolio brings added impetus to plans to develop the economy in the Far East as a whole,” VEB.RF’s First Deputy Chairman and Member of the Board Nikolay Tsekhomsky commented.

The gas tanker (ice class Arc7) is designed to transport LNG on a year-round basis in the ice-bound conditions of the Arctic. They have the ice-breaking capability to navigate in ice with a thickness of more than 2 metres. Fuelled by liquefied natural gas (LNG), the ships feature improved environmental performance. Zvezda’s new contracts will provide the basis for implementing the presidential decree aiming to create a cluster of shipbuilders in the Russian Far East, increase the local content of Russian-made products, build medium- and large-sized vessels, and manufacture marine equipment.

The Far East Development Fund (part of VEB.RF) finances the construction of residential houses for Zvezda employees in the town of Bolshoy Kamen.

As early as now, Zvezda is one of the largest employers in the Primorie Territory. The shipyard currently employs over 3,800 people. On reaching its design capacity (scheduled for 2024), the company is to have a workforce of 7,500.

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Andrei Klepach: Potential Sustainability Projects in Arctic Region May Be Certified under VEB.RF’s Green Methodology

24 september 2020 года
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Sustainability projects in the Arctic Region and other Russian Northern territories should be implemented using the green finance mechanisms. VEB.RF is ready to certify such projects under its green methodology. This was stated by VEB.RF’s Chief Economist Andrei Klepach at the forum on sustainable development of Northern territories.

“We need to involve in pilot investment projects meeting the sustainability criteria including VEB.RF’s green requirements. We have developed our own standard and our own methodology applicable for Arctic and Northern projects,” Andrei Klepach said.

He emphasised that Russian Northern territories require new approaches to financing; and green finance instruments, specifically, green bonds and credits are most relevant to the needs of Russia as a whole and the Arctic Region in particular.

According to Mr Klepach, the Arctic Region needs a model of environmentally safe development adapting to the climate challenges. This will make it possible to improve living conditions of Arctic inhabitants and serve as an example for other Arctic states.

“We should develop a model of responsible attitude to nature and people and focus not only on job creation in the Northern territories but also on environmental well-being, quality education and healthcare. We should adopt new approaches to medicine and healthcare services including those rendered in rotational camps, production sites and urban areas with high population density,” Andrei Klepach said.

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Russian and Chinese Banks Exchange Views on Business Cooperation after COVID-19 Pandemic

23 september 2020 года
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State Development Corporation VEB.RF held a major two-day conference on Monday and Tuesday for Russian and Chinese banks and development institutions on boosting cooperation between Russia and China while overcoming the coronavirus pandemic, which seriously hinders economic and financial turnover of the two countries. According to the survey of 200 Russian companies operating in China or having Chinese partners carried out by VEB.RF shortly before the conference, 81.8% of the companies have plans to promote Russian-Chinese cooperation over the next year.

The conference participants discussed expanding the trade, economic and project finance, prospects for settlements in national currencies, co-financing of green economy projects and development of national green finance systems.

“Promoting banking partnership between Russia and China, expanding cooperation and regular experience exchange will help us to increase mutual investment flows and accelerate specific projects,” VEB.RF’s Vice-President Zarina Tsekoeva said at the opening of the seminar.

Deputy Director of the CDB Moscow Representative Office Meng Zhaogang emphasised that despite the global economic recession caused by the pandemic, bilateral trade in the first half of 2020 decreased only by 5.6% to 49 billion US dollars and in general maintains its pre-crisis level. “VEB.RF is our long-standing and most reliable Russian partner. We are promoting bilateral and multilateral cooperation under the SCO and Union Pay. Undoubtedly, our collaboration helps to build strong relationships between Russia and China,” Mr Meng Zhaogang said. According to Mr Zhaogang, areas for joint investment with the highest potential include the power sector, mining, chemical production, infrastructure construction, and high technologies.

The Chinese partners have shown the greatest interest in trade and project finance, especially in VEB.RF’s Project Financing Factory designed to reduce macroeconomic risks inherent in complex and risky projects, thus making them safer for investors. VEB.RF’s Senior Vice-President Sergei Evdokimov said that VEB.RF was ready to participate in projects having payback periods up to 20 years. VEB.RF is currently considering the increase of such periods up to 30 years. “In addition to reducing risks for project participants, VEB.RF can provide up to 40% of the total project funding, with the rest of the funds to be provided by commercial banks and project initiators,” he said. Foreign investors including Chinese investors may also participate in the Factory projects.

Russian participants have been most interested in the track record of the Chinese partners in green finance. VEB.RF is actively involved in developing the national green finance system with due consideration for the experience of Chinese colleagues, who were the first to create such system in 2015 and are constantly upgrading it.

Vice-director of Green Finance Research Center, Tsinghua University Center for Finance and Development Cheng Lin said that Chinese green finance standards have undergone some updates over the recent years. “Since 2016, China has been issuing green bonds, and over four years such bonds have accounted for 20% of the Chinese bond market. This year we expect the new version of requirements applicable to Chinese green projects and bonds. The State Council of the People’s Republic of China has approved the creation of pilot zones to implement green projects involving Chinese state banks, agencies, ministries and municipal authorities. Such zones are located in seven cities including Guangzhou, Shenzhen, Beijing, and Suzhou,” Mr Cheng Lin added.

On the Russian side, apart from VEB.RF, the conference participants included Gazprombank, Sberbank, Far East Development Fund, Russian Export Center, Russian Trade Company in China Hua No E San, EXIAR (the last four are members of VEB.RF Group), representatives of the Bank of Russia and Russian-Chinese Investment Fund, etc. On the Chinese side, the participants included the Bank of China, China Development Bank, ExIm Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of Harbin, etc. In total, more than 80 conference speakers and attendees from 32 Russian and Chinese institutions took part in the event.

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Students to Help Describe State-of-the-Art Campus for Russian Universities

22 september 2020 года
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Russian students will take part in the survey examining their vision of a state-of-the-art and convenient campus with quality infrastructure. The survey will help to reveal the most popular campus facilities, check day-to-day cost allocation, and identify the needs related to transport infrastructure of campuses. The participants will specify the scarcest services.

This survey is part of the market research for developing the scenarios on university campuses in Russian cities by order of VEB.RF. The survey participants will include students from Saint Petersburg, Perm, Novosibirsk, Rostov-on-Don, Nizhny Novgorod, Tomsk, Tiumen and other Russian cities. The students’ proposals will be used in a model of the state-of-the-art campus for Russian cities being developed by Strelka KB.

Global university competitiveness witnessed in the current higher education system may be addressed by inter-university campuses meeting the demand for student accommodation. Such solution is effectively applied in the US, Great Britain, India, Spain and other countries. Inter-university campuses are usually located in districts with good transport accessibility and provide comfortable living, studying and communicating environment. Campuses often include shops, cafes and other commercial facilities satisfying everyday needs of students and improving their living conditions. In addition, campuses are often urban focus points or places of interest; they may include important cultural sites such as museums or cultural centres.

Strelka KB’s specialists will analyse students’ requests, study global best practices for creating university and inter-university campuses and respective economic impacts to develop a model of a convenient and state-of-the-art campus for Russian cities. Preliminary results of the survey will be published in November 2020.

Students and local residents may take part in the survey clicking the link: https://campus-students.ru/survey (survey for students) and https://campus-citizens.ru/ (survey for local residents).

“Such projects are unique for Russia and are based on a repayable finance model involving private investors, provided that the project is co-financed by government funds. Having developed the business and financial model for student campuses, VEB.RF and the Russian Ministry of Education offer to create university campuses in the new format as the core of urban development. The project describes a state-of-the -art campus as a modern area containing sports facilities, coworking space, classrooms, technology parks, libraries and, of course, accommodation places for students and teachers. This is a fundamentally new model that will offer “clever” area combining a university with campus and surrounded by necessary infrastructure. Plans are under way to carry out such projects in Saint Petersburg, Perm and Tomsk,” VEB.RF’s Deputy Chairperson and Member of the Board Svetlana Yachevskaya said.

“Russian universities need to increase the number of domestic and foreign students. According to the Export of Education federal project, 425,000 foreign students will study through on-campus mode in Russian universities by 2025, which is 1.5 times more than in 2020. Ensuring improved living conditions for students, young researchers and professors will help to satisfy the growing demand for campus accommodation and fulfil the requirements applicable to accommodation quality. Compact and functional rooms inhabited by students are often a place where most audacious pioneering projects are discussed. Definitely, students that are currently living in dormitories are best aware of necessities required for convenient living. I would like to emphasise that the lack of quality educational infrastructure is a problem not only for students but also for universities lacking talented nonresident applicants who are not ready to rent a room or a flat for the duration of studies,” co-founder and partner of Strelka KB and General Director of Strelka Institute of Media, Architecture and Design Varvara Melnikova said.

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Igor Shuvalov Meets with WHO Regional Director for Europe Hans Kluge

21 september 2020 года
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VEB.RF’s Chairman Igor Shuvalov has met with WHO Regional Director for Europe Hans Henri Kluge in Moscow, on VEB.RF’s premises. Mr Kluge is making a working visit to Russia.

Mr. Kluge thanked Igor Shuvalov for active involvement in work at the recently founded Pan-European Commission on Health and Sustainable Development. The inaugural meeting of the Commission took place in August 2020 bringing together reputable policy makers, community leaders and scientists, including former heads of state and prime ministers, to make recommendations for recovering and upgrading health and social care systems in the WHO European Region following the impact of the COVID-19 pandemic. 

“In our opinion, the Commission and the WHO Regional Office for Europe should focus on developing a new model for efficient healthcare based on the mechanisms of public-private partnership combining the capabilities of the government and business, on developing innovation in healthcare, and enhanced application of digital medical services providing accessible frontline medicine for the population. In the context of the pandemic, our European colleagues may be interested in telemedicine based on digital technologies, which has allowed many people to gain access to the best medical services while staying home and avoiding the risk of contamination,” VEB.RF Chairman said.

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First Green Bonds Are Verified Pursuant to National Methodology Developed by VEB.RF

21 september 2020 года
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Russian Railways has plans to issue bonds intended for financing sustainability projects and already acknowledged by Expert RA rating agency as meeting the criteria of both the ICMA international methodology and the Russian national methodology developed by VEB.RF. VEB.RF’s Green Finance Committee has officially confirmed Expert-RA’s opinion on the bonds’ compliance with VEB.RF’s recommended guidelines on green financing. This is the first case of verifying a financial instrument pursuant to a new methodology co-developed by VEB.RF, the Bank of Russia, the Ministry of Economic Development and other Russian ministries and agencies, and the expert and business communities. We would like to remind you that the methodology is available on VEB.RF’s official website at VEB.RF, section Sustainable Development.

Experts from VEB.RF’s Green Finance Committee together with Expert-RA made a thorough examination of the bonds’ compliance with the criteria specified in the methodology. “The possibility to verify the bonds was used by us for testing the methodology, - VEB.RF’s Deputy Chairman and Chairman of Green Finance Committee Aleksei Miroshnichenko said. “It was particularly important for us to ensure that the bonds satisfied the market and experts, therefore we selected a company having considerable experience of issuing similar financial instruments in Western markets.”

According to Expert-RA’s report, Russian Railways will issue perpetual bonds “to finance green projects and refinance the costs of green projects meeting the major criteria of approved Environmental Strategy Until 2020 and for the Period till 2030”. The report states that the issuer fully satisfied the requirements for the project’s transparency, proper control over the yield on bonds, disclosure of information and other project features. That is why on 17 September 2020 Russian Railways published the Concept for Financing Sustainability Projects on its website.

Modern railways are one of the most environmentally friendly modes of transport. Projects of this kind are included in almost all domestic and international classifications. However, the offer of such green bonds is limited thus far: the transport sector has accounted for only about 5% in circulating green bonds globally. Therefore, Russian Railways’ bond issue should arouse considerable interest for investors wishing to invest in the transport sector and taking into account the ESG criteria.

Russian Railways is planning to invest the bond revenue in investment projects such as the purchase of advanced electric locomotives, Lastochka electric trains, Sapsan high-speed trains, construction of the Moscow Central Ring and Moscow Central Diameters, as well as electrification of important railway branches. Thus, the projects financed through funds raised will allow Russian Railways to achieve environmental goals under the Long-term Development Programme until 2025, which are specified in the Concept for Financing Sustainability Projects and include the reduction of: hazardous air pollutants from stationary and mobile pollution sources by 18%, greenhouse gas emissions by 4.5%, aquatic resources consumed by 20%, and disposal in streams by 18%.

VEB.RF, as a developer of the national green finance standard, expects to get enhanced government and market support for such instruments. “Obviously, to make the instrument more popular, we should provide combined stimuli to issuers and investors. It is logical that ministries and agencies could offer tax or regulatory stimuli to investors that intend to buy such bonds. This will arouse increasing interest of different players in the instrument,” Aleksey Miroshnichenko said. He also added that VEB.RF intends to improve the project assessment methodology in close cooperation with all stakeholders.

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From Pandemic to Recovery: a long-term strategy of building robust development banks community

21 september 2020 года
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During this crisis world development banks have become true pillars of national economies, supporting businesses, allocating government funds and mobilizing private capital to support societies in these hard times. On September 9 their representatives and members of international bodies gathered for an online conference “From Pandemic to Recovery” to discuss the experience accumulated through six months of work in new circumstances. The conference was moderated from Moscow and organized by Russian development bank VEB.RF in partnership with IDFC and in line with the upcoming public development banks Summit “Finance in Common” that is going to take place in Paris in November this year. The banks and associations participating in the Conference represented financial institutions with total amount of assets in excess of $8 trillion.

Igor Shuvalov, chairperson of VEB.RF, outlined the major focus of the conference, namely sustainable infrastructure and support of small and medium enterprises. Remy Rioux, co-host of the conference, CEO of French Agency of Development and IDFC said that 450 public development banks that exit in the world is a formidable force in tackling the current crisis. They are perfectly positioned for building bridges between different economies, making a shared input into Sustainable Development Goals and planning a collective response to the pandemic.

The importance of the topic was underlined by high level of participation. In his opening speech UN General Secretary Antonio Guterres stressed that in the period of post-pandemic recovery there is an increased need for infrastructural and social projects while small and medium enterprises lack access to financial services and liquidity. OECD General Secretary Jose Angel Gurria was even more alarmed. According to him, the decline in world GDP in 2020 (estimated as about 6%) will be the biggest for the whole history of OECD existence. 38% of small and medium enterprises within the OECD would have completely lost liquidity during the pandemic if it was not for the state support, and a bulk of this support went through national development banks.

Many national and regional development banks shared their experiences in crisis support measures. President of the Islamic Development Bank Group and the current Chair of MDBs Dr. Bandar M. H. Hajjar said that his institution committed $10 billion of support as 80% of critical industries in the region of bank’s operation suffered a hit during the pandemic. Igor Shuvalov noted that during the pandemic VEB.RF revitalized its program of support for 100 biggest Russian cities (not counting Moscow and St.Petersburg) in order to help their economies by modernizing infrastructure, transportation systems and urban landscapes.

Deputy General Secretary of the UN Amina J. Mohammed noticed that the situation could be even worse if it was not for the programs provided by the national governments and in most cases distributed through the public development institutions. Development banks assisted businesses in adjusting to the new circumstances, provided liquidity, credit guarantees and subsidies, informational and other forms of support. Another important role for them is to be the frontrunners in search of new economic models, build new platforms for growth. She pointed at the necessity to mobilize private capital in support of government programs which is better done exactly through the mechanisms of public development institutions.

Other speakers ardently supported last point and shared their experiences of cooperation with private companies and institutions and outlined their view of the role of public development banks in battling the crisis.

The conference also featured Marie Lam-Frendo, Chief Executive Officer of the Global Infrastructure Hub; Marcos Troyjo, President of the New Development Bank; Stephen Groff, the Governor of Saudi Arabia National Development Fund; Patrick Dlamini, Chief Executive Officer of the Development Bank of Southern Africa; Octavio Peralta, Secretary General of the ADFIAP; Mr. Edwin Syahruzad, President Director PT Sarana Multi Infrastruktur; Mario Ohoven, President of European Confederation of Associations of small and medium enterprises; Edgardo Alvarez Chávez, Secretary General of the Latin American Association of Development Financing Institutions; José Ignacio de Mendiguren, President of the Bank for Investment and Foreign Trade of Argentina; Ayman Sejiny, Chief Executive Officer of Islamic Corporation for Development; Javier Diaz Fajardo, Chief Executive Officer of the Bancóldex; Ece Börü, Chief Executive Officer of Development and Investment Bank of Turkey.

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VEB.RF to Finance Exports of KAMAZ Automotive and Specialised Vehicles to Republic of Uzbekistan

17 september 2020 года
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As part of VEB.RF’s business mission to Uzbekistan, VEB.RF and Kamaz Asia Leasing signed a loan agreement to finance the acquisition of KAMAZ automotive and specialised vehicles in the Republic of Uzbekistan.

The signing ceremony took place in the presence of VEB.RF’s Chairman Igor Shuvalov and KAMAZ’s General Director Sergei Kogogin. The document was signed on behalf of VEB.RF by its Deputy Chairman Daniil Algulyan and on behalf of Kamaz Asia Leasing by its General Director Feruz Ibragimov.

The loan agreement stipulates providing by VEB.RF a euro 12.5 million credit facility to finance the purchase of about 250 units of KAMAZ automotive and specialised vehicles assembled from Russian-made parts and components using the production facilities of UzAutoTRAILER.  The vehicles will be leased by Uzbek companies.

“The Republic of Uzbekistan is currently a key partner in the Central Asia for Russian exporters of industrial products and non-commodities. VEB.RF is currently co-financing nine projects under way in the Republic of Uzbekistan for a total of 23 billion roubles. We are planning to involve in another ten projects for a total of up to 365 billion roubles,” Igor Shuvalov said.

“KAMAZ and the Republic of Uzbekistan have developed strong business relationship. We hope that implementation of new projects will help to boost our effective partnership and provide new opportunities for both parties,” Sergei Kogogin said.

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First Stage of Major Sea Coal Terminal Project in Khabarovsk Territory Co-financed by VEB.RF and VTB is Completed

15 september 2020 года
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The first stage of coal terminal construction at the seaport of Vanino (Muchka Bay) in the Khabarovsk Territory has been completed. An official ceremony took place on 11 September to mark the opening of the coal transshipment facility with a capacity of 12 million tonnes.

The implementation of such large-scale investment project is largely attributable to VEB.RF's administrative and financial support under the Project Financing Factory programme. VTB is the major lender and arranger.

“VEB.RF’s commitment exceeds a third of the loan funds provided under the syndicated loan agreement. Investment into state-of-the-art port infrastructure is one of our key priorities. The joint financing provided by us and our partner, VTB Bank, under the Project Financing Factory programme is 34 billion roubles,” VEB.RF’s First Deputy Chairman and Member of the Board Nikolay Tsekhomsky said.

“Financing Russia’s infrastructure projects is one of VTB’s key business lines. We have considerable expertise in this area and are actively involved in major large-scale projects designed to enhance transport accessibility in Russian regions and develop Russia’s economy. The Vanino port is the first VTB’s project in the area of port infrastructure co-implemented with VEB.RF under the Project Financing Factory programme. We have plans to further participate in such projects as a financial partner,” First Deputy President and Chairman of the Management Board of VTB Bank Yuri Soloviev said.

The launch of the terminal is important not only for conveying Yakut coal mined and processed by Kolmar LLC, but also for addressing government-set goals of tackling the port capacity shortage of the Far Eastern Basin and expanding exports of Russian coal to the Asia-Pacific Region.

Being part of a large-scale investment project, the coal transshipment facility includes a marine terminal, a railway station, and infrastructure facilities including community facilities

It was also announced last week about the launch of a coal mine and a mining plant as part of an industry cluster to mine and process coking coal in the South Yakutia advanced development zone. The project was supported by the Far East Development Fund (VEB.RF Group). FEDF's four billion roubles worth of investment at the project’s initial stage provided considerable impetus for coal mining development in South Yakutia and helped the project initiator to raise additional bank financing.

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Irina Makieva: it is Important to Combine the Efforts of Different Countries to Create the Best Urban Development Practices International Database

10 september 2020 года
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Different countries shall collaborate to improve the quality of life of citizens and to create an international library of best urban development practices, which will allow adopting best approaches in the transformation of territories. This was reported by VEB.RF’s Deputy Chairperson and MONOTOWNS.RF Director General Irina Makieva at the session Investment in Urban Development. Regional Economy during the Traditional BRICS Urbanization Forum.

“Improving the quality of life in cities and towns is an important agenda for most countries. Comfortable environment, clean water, modern transport – this is what people's desire to stay in their native territories depends on. Every country makes every effort to increase the level of comfort in cities year after year. It is very important to combine and replicate unique experiences. Creating an international library of best practices in urban development would be a great help,” Irina Makieva said.

During the session, Irina Makieva presented ongoing projects of VEB.RF and the Monotowns Development Fund, as well as support instruments, including non-financial, which the development institutions are ready to provide to cities and towns.

The Traditional BRICS Urbanization Forum was held online as part of the Russian Federation's BRICS presidency in 2020. The forum was dedicated to discussing a wide range of urban development issues and brought together reputable Russian and international experts, representatives of national and regional authorities, development institutions and specialised organisations.

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VEB.RF and IDFC Online Conference Discusses the Role of Development Banks in Economic Recovery

9 september 2020 года
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During this crisis, global development banks have become a real support for national economies and businesses, allocating public funds and mobilising private capital to support society in these difficult times. On 9 September 2020, their representatives and members of international organisations gathered for an online conference From Pandemic to Recovery: The Role of Development Banks to discuss the experience gained over six months of working in the new environment. The conference was organised by VEB.RF in partnership with the International Development Finance Club (IDFC). The event was organised in the runner up to the upcoming first global summit of development banks Finance in Common, which will be held in Paris in November this year.

Banks and associations participating in the conference represented financial institutions with total assets of over eight trillion USD.

VEB.RF’s Chairman Igor Shuvalov outlined the main focus areas of the conference: sustainable infrastructure and support for small and medium-sized businesses. Chief Executive Officer of the French Development Agency and IDFC’s Chairman Remy Rioux noted that 450 development banks around the world are a powerful force to tackle the current crisis. They are ideal for building bridges between different economies, making a common contribution to the UN Sustainable Development Goals, and planning a collective response to the pandemic.

The importance of this topic was highlighted by the high level of participation. In his opening remarks, UN Secretary-General Antonio Guterres stressed that in the post-pandemic recovery period, there is an increasing need for infrastructure and social projects, as well as for financial services and liquidity for small and medium-sized enterprises that are in dire need. OECD Secretary-General Angel Gurria said that the decline in global GDP in 2020 (estimated at about 6%) will be the largest in the history of his organisation. 38% of small and medium-sized enterprises within the OECD would have completely lost liquidity during the pandemic if it was not for government support, and most of this support went through national development banks.

Many national and regional development banks shared their experience in anti-crisis support measures. President of the Islamic Development Bank Group and Chair of the Heads of MDBs for 2020 Dr. Bandar Hajar said that his institution had provided USD10 billion in support, since 80% of the most important industries in the bank's region of activities were affected by the pandemic. Igor Shuvalov noted that during the pandemic VEB.RF had stepped up a programme to support 100 of Russia's largest cities (excluding Moscow and Saint Petersburg) to help develop their economies by modernising infrastructure, transport systems, and the urban landscape.

UN Deputy Secretary-General Amina J. Mohammed noted that the situation could have been even worse if it was not for the programmes provided by national governments and, in most cases, distributed through state development institutions. Development banks helped businesses adapt to new conditions, provided liquidity, credit guarantees and subsidies, information and other forms of support. Another important role for them is to be at the forefront of the search for new economic models and to create new platforms for growth. She pointed out the need to mobilise private capital to support public programmes, which is best done through the mechanisms of state development institutions.

Other speakers strongly supported the latter point. No government can lead the country out of the crisis by relying solely on support from the state budget, said Stephen Groff, Governor of the National Development Fund of Saudi Arabia. The task of all governments is to invent mechanisms that can help mobilise private capital for economic recovery. It is most convenient to do this through development banks, and therefore the pandemic has become a moment of prosperity for them. Other participants shared their experience of working with private companies and institutions and outlined their vision of the role of state development banks in the fight against the crisis.

The conference was attended by Marie Lam-Frendo, Chief Executive Officer of the Global Infrastructure Hub (G20); Marcos Prado Troyjo, President of the New Development Bank (NDB); Patrick Dlamini, Chief Executive Officer of the Development Bank of Southern Africa (DBSA); Octavio Peralta, ADFIAP Secretary General; Edwin Syahruzad, President of Sarana Multi Infrastruktur; Mario Ohoven, President of CEA-PME (Confédération Européenne des Associations de Petites et Moyennes Entreprises); Edgardo Alvarez Chavez, Secretary General Latin American Association of Development Financing Institutions (ALIDE); Jose Ignacio de Mendiguren, President of the Argentinian Development Bank of Investment and Foreign Trade; Ayman Amin Sejiny, CEO at Islamic Development Bank Group; Javier Diaz Fajardo, Chief Executive Officer of Bancoldex; Ece Börü, Chief Executive Officer of the Industrial Development Bank of Turkey.

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