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VEB and Renova State Company agree to cooperate in the field of high tech and infrastructure projects

During the Russian Investment Forum in Sochi Vnesheconombank and Renova Group of Companies JSC signed a cooperation agreement.

The signatory on the part of Vnesheconombank was Sergey Gorkov, Chairman of the Board, and the signatory on the part of Renova Group of Companies – Viktor Vekselberg, Chairman of the Board of Directors.


The parties have agreed to work on the possibility of financing projects in the sphere of high tech, innovations and investments in disruptive technologies, including projects aimed at developing Digital Economy, Industry 4.0, Blockchain and Neurotechnologies.

VEB and Renova Group of Companies are going to pay special attention to supporting export of industrial products and services, including information technologies and innovative products.

Transport and energy infrastructure projects as well as high tech public health infrastructure and industrial sites infrastructure projects and projects for the Year of Ecology are regarded as a priority.

According to the document, the projects are to be implemented with the use of co-financing and state support instruments.

For the purpose of cooperation with Renova Group of Companies, Vnesheconombank is ready to develop individual financial solutions, technologies and service conditions taking into account specific nature of the Group’s activity by appointing personal managers to supervise all cooperation issues.

The parties will build task groups to choose and adjust optimal conditions for financing investment projects.

State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" is a national bank for development, one of the biggest Russian financial institutions. It was founded in 1924, and since 2007 it functions under a special federal law "On the Bank for Development”. The supreme managing body is the Supervisory Board, governed by Dmitry Medvedev, Chairman of the Government of the Russian Federation. According to the 2021 Development Strategy, VEB is going to focus on financing the projects of high-scale redistribution in industry, developing infrastructure, supporting non-resource exports, assisting the transfer of military technologies to civilian ones, supporting innovations and projects by the National Technological Initiative.

Renova Group of Companies is a leading Russian private business-group that owns and manages assets in iron and steel, mining, chemical and construction industries, transport, energy, telecommunications, high-tech machine building, housing and utility and financial sectors in Russia and abroad (in CIS countries, Switzerland, Italy, South Africa and the USA). Shares in UC RUSAL, T+, Kortros, Airports of Regions, as well as in Swiss high tech machine building groups such as OC Oerlikon, Sulzer and Schmolz+Bickenbach iron and steel company belong to the major assets of Renova Group of Companies.


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