VEB accounts for 364 billion rubles in import substitution projects
Moscow, October 3, 2015
MOSCOW, Oct 3 – RIA Novosti. Vnesheconombank approved participation in 26 investment projects contributing to import substitution in the amount of more than 500 billion rubles, with VEB accounting for 364 billion rubles, RIA Novosti reported at the state corporation’s press office.
“As of today, VEB has approved participation in 26 investment projects contributing to import substitution in the amount of more than 500 billion rubles, with VEB accounting for 364 billion rubles. Out of all import-substitution projects agro-industrial complex accounts for 213 billion rubles, with VEB accounting for 167.3 billion rubles”, they explained to the agency at the state corporation. Projects in aviation industry, engine-building as well as in smelting industry, electronics, chemistry, medical equipment manufacturing and pharmaceutical industry account for a significant proportion of the Bank’s loan portfolio.
At an expert examination stage, VEB is examining 15 import-substitution projects in the total amount of 164 billion rubles, with VEB’s expected participation share being 122 billion rubles. Projects in the new sectors in the list of import-substitution projects now include projects in the defense – industrial and rocket and space complex, they added at VEB’s press office.
Prime Minister Dmitry Medvedev conducted a session of the Governmental Commission for Import Substitution in Sochi on Saturday. Its participants stressed domestic developments and products should be created in import-substitution sectors such as aviation industry, agriculture, radio electronics and mechanical engineering.
“It’s very important that for the first time we managed to link two concepts, namely, import substitution and export orientation. It is very important that import-substitution projects should have at the same time export potential”, VEB First Deputy Chairman Petr Fradkov said to RIA Novosti after the session of the Commission.
“An export-oriented project a priori means that we deal with quality, competitive and marketable products”, he said. The main thing is that import-substitution products should be of top quality”, Fradkov stressed.
V. Dmitriev: “By supporting big business we shouldn’t forget about developing small and medium-sized enterprises”
The National Banking Magazine
Moscow, October 2, 2015
A key priority in VEB’s operation should be to support major investment projects aimed at introducing advanced technologies to increase our country’s export potential. This is a crucial task now, given that the amount of long money in our economy is decreasing under the influence of restrictive measures taken against Russia.
This is an opinion that Vnesheconombank Chairman Vladimir Dmitriev voiced in his address at the International Investment Forum Sochi-2015. “At the same time, by supporting big business we shouldn’t forget about developing small and medium-sized enterprises. In our activity we always keep this in mind and to this end for example we created a single window system for owners of SMEs. We hope that this system, to be more exact, the Export Center will play a key role in supporting SMEs”, explained Vladimir Dmitriev.
“I’d like to stress that this initiative is important because it is designed to create investment lift. It is aimed at reducing tax burden on SME companies through entering into their capital by the Credit Guarantee Agency”, added Vnesheconombank’s Chairman.