VEB.RF and ROSATOM Agree on Support of Urban Infrastructure Development Projects under Smart City Program

6 june 2019 года
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VEB.RF and the State Corporation ROSATOM signed an agreement to provide guarantee support to urban infrastructure development projects under the Smart City program during the Saint Petersburg International Economic Forum. The document was signed on behalf of VEB.RF by its Deputy Chairman Daniil Algulyan and on behalf of ROSATOM by its Financial Director Ilia Rebrov.

The parties agreed to cooperate in the implementation of housing and utilities investment projects in cities and towns with ROSATOM’s presence. Priority will be given to the projects aimed at implementing cutting edge digital technologies in the management of urban business processes, including the development of IT solutions, data bases, and data centers.

VEB.RF is ready to provide guarantee support for implementation of investment projects under Smart City, Smart Water and Waste Treatment, Smart Heating programs. Bank guarantees will secure the obligations of a concession participant to carry out design, development or reconstruction activities stated in the concession agreement.

“One of the key areas of VEB.RF’s business is the financial support of urban infrastructure development projects implemented inter alia through a public-private partnership. VEB.RF uses different financial instruments to participate in such projects. One of the instruments is a concession guarantee. A concession guarantee is issued to secure a concession participant’s (private) obligations under the agreement to the concession provider (public). Together with ROSATOM, we have selected urban pilot projects, including projects in single-industry municipalities, which can benefit from this type of guarantee,” Daniil Algulyan said.

“ROSATOM aims at creating comfortable and convenient modern urban environment for the citizens, businesses and authorities in towns and cities with and without our presence. We are also seeking affordable financing mechanisms for these processes. One of the financing instruments for digitalization and IT projects is a concession agreement. The arrangement with VEB.RF will make it possible to transition to meaningful action in this area of business,” Ilya Rebrov commented.

Rusatom Infrastructure Solutions LLC, a subsidiary of ROSATOM in charge of the Smart City development, will design and implement urban environment digitalization projects.

ROSATOM has begun the roll-out of LEAN SMART CITY technologies in cities with its presence. LEAN SMART CITY is aimed at enhancement of municipal management efficiency, reduction of losses, time saving, resources economy, grass roots initiatives, and quality of life improvement. ROSATOM’s best practices combined with training of participants in LEAN SMART CITY principles and approaches grant the most efficient approach to cities and towns digital transformation, open opportunities for a step-by-step expansion of smart city services based on regional and urban strategic goals and needs.

A LEAN SMART CITY pilot project was implemented in Sarov (Nizhniy Novgorod Region). This project is a part of UN-Habitat sustainable development best practices.

The State Corporation ROSATOM brings together more than 300 enterprises and scientific organizations, including all civil Russian nuclear companies, nuclear weapon industry, research centers and the world’s only nuclear icebreaker fleet.

Rosatom is the largest power generation company in Russia, accounting for 18.7% of the country’s total generation of electricity.

ROSATOM is one of the global nuclear technology leaders.

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Cooperation Agreement between VEB.RF and Russian Federal Space Agency (Roscosmos)

6 june 2019 года
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VEB.RF and United Rocket and Space Corporation JSC (URSC) signed a cooperation agreement during the Saint Petersburg International Economic Forum.

The document was signed on behalf of VEB.RF by its First Deputy Chairman – Member of the Management Board Nikolay Tsekhomskiy, on behalf of URSC JSC by its CEO Andrey Zheregelya.

The parties have agreed to cooperate in the implementation of URSC projects and programs as well as the other companies in the Russian Federal Space Agency (Roscosmos) Group.

“The space industry traditionally has been and still is one of the leading key high-technology industries. This vast scientific and production potential put to use will become a significant step in the implementation of Russian economy diversification programs," Nikolay Tsekhomsky said.

“The signing of this Agreement between our companies will foster efficient cooperation in the implementation of projects in this key vital for the State industry, including discounted rate loan financing for high-technology companies,” Andrey Zheregelya said.

United Rocket and Space Corporation JSC (URSC) is a part of the Russian Federal Space Agency (Roscosmos). URSC is a center of competence for the implementation of diversification projects and civilian production by space industry companies.

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VEB.RF and ROSSETI Agreement on Financing Electric Grid Development Projects

6 june 2019 года
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VEB.RF and ROSSETI entered into a Common Terms Agreement on Financing of Electric Grid Development Projects during the Saint Petersburg Economic Forum.

The document was signed on behalf of VEB.RF by its Deputy Chairman Daniil Algulyan and on behalf of ROSSETI PJSC by its Deputy General Director for Finance Yegor Prokhorov.

The Agreement is aimed at further development of the partnership under the Memorandum of Cooperation on Grid Digitalization signed by VEB.RF’s Chairman Igor Shuvalov and ROSSETI’s Director General Pavel Livinsky in February 2019.

The Agreement stipulates the common terms for ROSSETI group companies financing in the amount of RUB25bn. The facility can be used to support the grid infrastructure development projects involving Russian made high-technology products.

“One of VEB.RF’s key tasks is to assist in the diversification of the Russian industry. Today VEB.RF possesses a set of government support tools, which make it possible to provide discounted rate financing to projects aimed at increasing the demand and the production volume of Russian made high-technology civilian products,” Daniil Algulyan said.

“Further development of the partnership between VEB.RF and ROSSETI plays an important role in the implementation of such a large-scale project as the grid digitalization. I am convinced that our joint effort aimed at giving an impetus to the Russian made high-technology civilian products development will yield the best results for the benefit of both manufacturers and the ROSSETI GROUP,” Yegor Prokhorov said.

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VEB.RF, Business Russia and Accelerator Mendeleev to Develop Chemical Engineering Innovative Companies

6 june 2019 года
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VEB.RF, Business Russia and Accelerator Mendeleev signed an agreement for cooperation in the implementation of innovative chemical engineering solutions in state corporations and large scale businesses during the Saint Petersburg Economic Forum 2019 (SPIEF).

The key topic of SPIEF this year is the sustainable development agenda. On the sidelines of the forum, the parties agreed to jointly select projects by innovative chemical-engineering companies for their comprehensive support, including advisory services, professional team management, project structuring, and financing opportunities for the most promising concepts and their implementation.

The document was signed on behalf of VEB.RF by its Deputy Chairman Alexey Ivanchenko, on behalf of Business Russia by its President Alexey Repik and on behalf of Accelerator Mendeleyev by its CEO Alexander Maslennikov.

Alexey Ivanchenko, Deputy Chairman of VEB.RF, noted, “Being a development institution we emphasize the review of projects’ economic and social impact. Our partnership with Business Russia and Accelerator Mendeleev will make it possible not only to create the demand for engineering solutions, but also to grow start-ups into top-tier innovative projects. In essence it means creating a factory of pilot projects that will break a new development frontier with the state assistance.”

Alexey Repik, President of Business Russia, believes, “Signing this Agreement is an extremely important step for Business Russia. We are creating an inherently new mechanism to bring together state development institutions, interested large and medium-sized businesses, small innovative chemical and related industry companies. This mechanism will assist the projects at all stages of their growth, will allow for new non-resource based production chains, will increase the value added, and ultimately will open up international markets for Russian exports.”

Alexander Maslennikov, Accelerator Mendeleev CEO, said, “Russia has talented teams capable of transforming traditional markets and coming up with new efficient technologies. Dmitry Mendeleev University of Chemical Technology of Russia has a long standing scientific school and laboratory facilities to carry out efficient expert review and enhancement of these technologies. Once the prototype development is completed, it begs the question: does anyone need these technologies and solutions, and what are their areas of implementation? This agreement will make it possible to bring together the solutions of our teams and unique experience and business potential of Business Russia members, initiating an in-flow of new investment projects to the high-technology chemical industry, ensuring projects’ scalability and financing with the participation of the VEB.RF Group.”

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VEB.RF, Yakutiya, Far East Development Fund (FEDF) and Higher School of Economics (HSE) Launch First Russian Social Impact Project

6 june 2019 года
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VEB.RF, Far East Development Fund, Higher School of Economics and the government of the Sakha (Yakutia) Republic signed a set of agreements on a pilot education social impact project during the Saint Petersburg Economic Forum.

Social impact projects are a Russian analogue of social impact bonds (SIB), a well know international financial instrument. A particular feature of this instrument is engagement of private investors and private entities to address social tasks. The government steps in to acquire only successful projects with significant social impact. Therefore social impact projects bring together private initiatives, private investment, focus on specific impact, new technologies to meet social tasks.

The project in Yakutia will become the first Russian pilot social impact project. The agreements were signed by: VEB.RF’s Deputy Chairperson Svetlana Yachevskaya, the Far East and Baikal Region Development Fund’s CEO Alexey Chekunkov, Head of Institute of Education of Higher School of Economics Isak Frumin, the Government of the Republic of Sakha (Yakutiya) Chairman Vladimir Solodov. The signing ceremony was attended by VEB.RF’s Chairman Igor Shuvalov and the Head of the Republic of Sakha (Yakutiya) Aisen Nikolayev.

The pilot project in the Republic of Sakha (Yakutia) will take place from 2019 to 2022 to improve pupils’ educational performance. The project is aimed at improvement of general education’s quality, human capital competitiveness development, transformation of general education management and administration mechanism. All the aims combined will guarantee a controlled education quality improvement in the region. Around 5 thousand pupils from 28 schools (including 8 underfilled and 3 small-scale schools) of Khangalassky Municipal District will take part in the project. Target project’s impact is measured via schools’ educational performance index calculated as a weighted sum of the State Final Examinations’ (Basic State Examination and Unified State Examination) and academic competitions’ results.

“The social impact project in the Republic of Sakha (Yakutia) will become the first SIB project in Russia. We are expecting active regional engagement in these projects. We believe that at least 10 social impact projects in different areas may be launched by 2024 with a total private investment in the amount up to RUB2billion,” Svetlana Yachevskaya emphasized.

Social impact project’s tools may give birth to new project scaling approaches and methods to involve public or municipal services. “In social impact projects not only the service itself matters, but also tangible changes and social effects,” Svetlana Yachevskaya said.

“We see a significant development potential in the Republic’s general education system. The Republic has a goal to get into top fifteen Russian Federation constituent entities with the best quality of education as per the Executive Order of the Head of the Republic “On Strategic Goals for Education Development in the Republic of Sakha (Yakutia)”. We are launching this project together with VEB.RF, FEDF and HSE, and it should help us create the tools to reach our goal,” Vladimir Solodov said.

National Research University Higher School of Economics was selected for implementation of the project. During three years HSE leading experts will provide additional training (including remote training) to pupils, assist in preparation of pupils’ personal development plans, train project managers and teachers, create professional communities, partnerships between schools, educational networks, act as mentors for teachers and principals, engage pupils’ parents, local community and businesses.

“The Far East and Baikal Region Development Fund is investing into this project. This project is important to us, as if it bears fruit, the project’s approaches and methods may be implemented on the whole territory of the Republic of Sakha (Yakutia) and other constituent entities of the Far East,” Alexey Chekunkov said.

The Ministry of Finance prepared a draft Resolution of the Government of the Russian Federation with guidelines for the constituent entities on pilot test social impact projects implementation in 2019-2024 to promote the development of financial instruments for the social impact projects.

First SIB projects appeared in 2010. The world’s first SIB project was brought about by Great Britain to reduce reoffending. Today the world counts 134 SIB projects in different areas with the lion share of social and employment projects. The total investment amounts to more than USD370million. SIB projects are implemented by Great Britain, USA, Germany, Australia, Canada, the Netherlands, and Columbia etc.

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