VEB.RF on Wednesday at the St. Petersburg International Economic Forum (SPIEF) presented its development strategy until 2024. Among the plans is to increase the volume of projects supported jointly with banks: from 10 trillion rubles. in 2017–2020 up to 17 trillion rubles. in 2021-2024. Other tasks include participation in the implementation of new strategic government initiatives, the implementation of the principles of responsible investment and the formation of infrastructure to support innovation.

The structural adjustment of VEB.RF has been completed, the head of this development bank Igor Shuvalov said on Wednesday on the sidelines of the SPIEF. Now the state corporation, on the basis of which a large investment block is being formed within the framework of the reform of development institutions, is completing work on an action strategy until 2024. According to Igor Shuvalov, the document is “at the final stage of registration”, it is planned to adopt it “in just a few weeks”. The draft strategy on Wednesday at the forum was presented to business, before that the head of VEB.RF spoke about its main provisions in the Federation Council (see Kommersant on April 26).

VEB.RF sees itself as “an organization that reduces the risks of economic cycles and complex project stages,” noted Igor Shuvalov. The state corporation will “enter” with other banks into the project at the initial stage and “stay there until the risk allows commercial banks to buy us out of it.” After that, VEB.RF will withdraw from such a project and send money to other initiatives. With this approach, the development bank will not work, however, added Igor Shuvalov, “capital consumption” should not be allowed – in the medium term, VEB.RF should work without loss and ensure the return of the funds issued.

One of the tasks of VEB.RF is to increase the volume of support. Thus, the goal outlined in the current strategy for the formation of a portfolio of projects for 3 trillion rubles. until 2024 should now be completed as early as 2022. It is also planned to increase the volume of projects supported by the VEB.RF Group jointly with commercial banks by 70%: if in 2017-2020 the volume of lending and guarantees amounted to 10 trillion rubles, then for 2021-2024 the task is to provide targeted support in the amount of 17 trillion rubles …

In general, the presentation notes, the VEB.RF strategy is aimed at achieving objectives in accordance with the UN sustainable development goals and national goals.

Based on this, priority areas of projects have been identified that will receive support from the Development Bank. These are current projects of VEB.RF (for example, within the framework of a project financing factory), export-oriented projects (including those that increase the competitiveness of Russian products in significant markets, where it is less than 20%), as well as projects for the development of agglomerations and projects with priority development themes. A new priority has been added to this list, which in general has already formed for VEB.RF – the largest projects within the framework of new strategic government initiatives and national goals.

New areas for VEB.RF are the so-called responsible investment (its principles are planned to be implemented, in particular, through the support of socially significant or improving the environmentally friendly projects), as well as innovation. “As part of the preparation of the strategy, there is a request from the market for the formation of stock support,” explained Igor Shuvalov after the presentation. The organizations operating now – for example, “Rusnano”, in his words, “to a certain extent perform the functions of the fund”, but now the infrastructure must be created.

Evgeniya Kryuchkova