Moscow Innovative Companies to Get Access to VEB.RF’s Electronic Platform and Receive Support from Development Institutions
During the St. Petersburg International Economic Forum, VEB.RF and Moscow Department for Entrepreneurship and Innovative Development signed an agreement on cooperation in innovative development and support for high-technology projects.
The agreement was signed by VEB.RF’s Deputy Chairman Alexey Ivanchenko and Head of Moscow Department for Entrepreneurship and Innovative Development Alexey Fursin.
Moscow has built a large-scale innovative infrastructure supported by Moscow Government through both financial and non-financial instruments. The city is interested in searching and adopting solutions aimed to enhance urban environment and improve the quality of life. For several years, Moscow Venture Investment Development Fund has been carrying out the programme to support innovative projects and venture investors at early stages. Since 2012, the Fund has invested 475 million roubles. Moscow has created an ecosystem of 35 technology parks with tax incentives that provide more that 50,000 jobs. By presidential decree, Moscow is building an innovative cluster based on a unique IT-platform.
“One of VEB.RF’s first priorities as a development institution is to develop urban environment and improve the quality of life. Our joint efforts are targeted at fundraising for Moscow high technology companies, building an innovative infrastructure, and providing access for innovative companies to the electronic platform created by development institutions. Entrepreneurs are getting access to an integrated platform aggregating support measures, and to high-quality expertise at various stages, from idea generation and startup registration to product exports,” Alexey Ivanchenko emphasised.
“The agreement specifies an easy access for Moscow innovative companies to one more finance source. Projects carried out under VEB.RF’s programmes and located in Moscow will be fully supported by Moscow Government. Moscow is particularly interested in new urban solutions and is ready to provide platforms for pilot projects to non-Moscow companies which are included in the pool of innovative companies supported by VEB.RF,” Head of Moscow Department for Entrepreneurship and Innovative Development Alexey Fursin said.
VEB.RF, together with the relevant development institutions, and Mail.Ru Group have agreed to create an electronic platform to enable businesses to have fast and easy access to project support tools across various areas.
The platform will consist of business project support products for development institutions, namely VEB.RF, DOM.RF, RSMB Corporation and Russian Export Center.
VEB.RF is a state development corporation. In partnership with commercial banks and investors, VEB.RF is involved in national projects designed to support high value-added manufacturing, non-resource exports, urban agglomeration and infrastructure development. VEB.RF coordinates activities of the largest national development institutions: Russian Export Center, DOM.RF, RSMB Corporation, the Far East and Baikal Region Development Fund, MONOGORODA.RF.
VEB.RF Announces Strategic Partner to Construct New Paper Mill in Krasnoyarsk Territory
VEB.RF and Rockwell Capital investment company have signed a memorandum of intent to create a holding as part of a common strategy in the Russian timber processing complex. The parties’ first project stipulates the construction of a new paper mill in Krasnoyarsk Territory.
Conditions precedent to the project were concluded during the St. Petersburg International Economic Forum in the presence of VEB.RF’s Chairman Igor Shuvalov. The documents were signed by VEB.RF’s First Deputy Chairman and Member of the Management Board Nikolay Tsekhomsky and Rockwell Capital’s owner Gleb Frank.
The new pulp mill will be built at the production site of Kraslesinvest, a member of VEB Group. A total of about 140 billion roubles will be invested in the project. The production will be based on state-of-the-art technologies in compliance with environmental safety requirements. The mill's total capacity will be 900,000 tonnes of pulp per year.
“VEB.RF is ready to be a major financial investor. Front-end planning proved the project’s viability and, most importantly, the absence of feedstock and environmental risks. It is expected that the construction will start in the spring of 2020, with first pulp products entering the market as early as 2025. The new pulp mill will export its products to East and South-East Asia,’ Nikolay Tsekhomsky said.
Rockwell Capital intends to be a managing partner to consolidate the current assets and create new high-technology businesses and, respectively, an asset manager.
“Despite a well-developed timber processing industry, Russia has not built any new pulp mills over the last forty years due to high construction costs and long construction periods. As a result, the contribution of the timber industry to Russia’s economy is insignificant as compared to competitor countries. Our strategic goal is to build a new pulp mill employing advanced technologies for timber processing and chemistry and to introduce responsible timber exploitation practices,” Rockwell Capital’s owner Gleb Frank commented.
The parties will also cooperate in a number of projects to build new production facilities aimed at developing timber harvesting and processing assets in Siberian and Far-Eastern Federal Districts in order to create a national timber centre and timber processing enterprises. VEB.RF is ready to be a major financial investor that will attract repayable debt finance backed by government support. VEB.RF also intends to arrange project and export finance, including the involvement of foreign export agencies and application of Project Financing Factory mechanisms.