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Vnesheconombank and Novgorod Region Government to consider over 20 areas of cooperation on investment projects

The Novgorod Region Government represented by Provisional Governor Andrey Nikitin and Vnesheconombank represented by Chairman Sergey Gorkov signed a memorandum on cooperation. The signing ceremony took place in the run-up to the Agency for Strategic Initiatives Supervisory Board Meeting due to take place today in Petrozavodsk.


According to Gorkov, a road map for VEB participation in the Novgorod Region development will give a boost to the regional infrastructure. Future plans include the construction of an industrial park in the Novgorod Region as well as timber industry and tourist clusters, and conversion of idle production facilities into industrial sites. VEB will entice new industrial businesses and investors into the region and help introduce high technologies in transport and electronic document management.

VEB’s pilot blockchain project is one of those to be delivered in the Novgorod Region some time soon. By way of a reminder, on 18 July, in conjunction with the exhibition National Technological Initiative: Promising Projects for Novgorod Region, VEB presented to the Russian Prime Minister Dmitry Medvedev a blockchain-based prototype for performing the transfer of title.

Andrey Nikitin said, “It is a good sign that we execute this agreement in Karelia. For the Novgorod Region, it is a strategic partnership. We have identified some 20 areas of cooperation. Before the end of September, we must look into various cooperation options and arrive at specific decisions. Undoubtedly, we should engage both Russian and foreign investors in these areas of cooperation.”

Vnesheconombank Deputy Chairman – Member of the Management Board Alexey Ivanchenko pointed out, “VEB is introducing a new regional model, with the Novgorod Region being one of the twenty-three pilot regions. More than 500 candidates from Russian regions have applied to become Vnesheconombank’s certified managers. The applicants have a good grasp of regional economic environment and competitive strengths. The Novgorod Region is represented by three strong applicants. It would be safe to say that at least one certified manager has made it through the selection process and will get started with work in September. Eventually, it may be two managers in place. They will engage in the selection and investment evaluation of potential projects and on-site project monitoring.”


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