News

Vnesheconombank disbursed first tranches of loans for projects financed out of the National Wealth Fund’s assets

Vnesheconombank opened loans for the first two projects financed using the assets of the National Wealth Fund (NWF). Requirements to the financial instruments in which the NWF assets may be allocated are set out in Government Resolution No. 18 dd. 19 January 2008.

According to the Resolution, up to RUB300bn worth of the NWF assets may be deposited with Vnesheconombank to finance projects delivered by real economy businesses. The financing terms applicable to each particular project delivered using the funds of NWF are set out by Vnesheconombank’s Supervisory Board.

Through collaborative efforts with the Russian Ministry of Finance and Federal Treasury, Vnesheconombank at the end of 2016 succeeded in disbursing first tranches out of the NWF deposits with Vnesheconombank to finance the following projects:

  • Purchase and Leasing of 664 Carriages for Moscow Metro under Life Cycle Contract. The total project cost is RUB45.08bn, of which up to RUB27.62bn are to be financed using the NWF resources.

The project is being delivered as part of the Moscow Government Programme to replace outdated carriages operating on the Moscow Metro lines. To implement the project, AO Transholdleasing, OAO Metrovagonmash (member of ZAO Transmashholding) and GUP Moscow Metro have entered into a life cycle contract. In compliance with the contract, AO Transholdleasing has leased out 664 carriages to GUP Moscow Metro. The carriages are built and serviced by OAO Metrovagonmash.

The project aims to develop the Moscow Metro infrastructure to provide the citizens of the capital with quality services.

  • OAO Metrovagonmash Export Contract Financing. The project provides for the modernisation of 222 carriages for the metro in Budapest, Hungary. The project funding out of the NWF resources totals RUB3bn with the credit funds to be extended for up to the end of 2019.

Vnesheconombank’s financial assistance to OAO Metrovagonmash is a landmark transport engineering deal that would help the Russian metro carriage-builder enter a highly competitive European market.

Attracting the funds of NWF, Vnesheconombank continues to pursue its deliberate policy to develop new forms of government support for high-technology exports.


Press Office
E-mail: press@veb.ru