VEB.RF to Help Upgrade Public Transport in Tver Region

7 june 2019 года
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During the St. Petersburg International Economic Forum 2019, VEB.RF’s Chairman Igor Shuvalov and Governor of Tver Region Igor Rudenia signed a cooperation agreement. The agreement will allow the region to upgrade its transport infrastructure. Tver Region intends to establish a public company responsible for passenger traffic. The region is willing to renew urban passenger transport and is elaborating projects to deliver modern trams and buses with the use of leasing mechanisms. Tver is also considering renovation of the tram network. The first stage of the project stipulates the introduction of a new passenger traffic model in Tver urban agglomeration.

VEB.RF’s Chairman Igor Shuvalov said: “With its favourable geographic location, Tver Region has considerable potential for raising investment, and may become one of the most dynamic regions in Central Federal District. Together with the Governor’s team, we are scrutinising other investment projects that may give a new impetus to Tver Region’s development.”

Tver Region’s Governor Igor Rudenia commented: “Cooperation with a state corporation is an excellent opportunity to find an optimal financial solution for projects. In the medium term, we expect to create a public transport system in Tver urban agglomeration fully compliant with the relevant safety and comfort standards and satisfying human and corporate needs.”

In May 2019, the development institutions team headed by Igor Shuvalov was in Tver Region on a business mission. During the visit, the team analysed existing and proposed investment projects in tourism and timber processing, and a project aimed at renovating the Morozovsky Gorodok historical and architectural complex in Tver.

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VEB.RF to Provide Chelyabinsk Region With New Environmentally Friendly Buses and Trams

7 june 2019 года
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During the St. Petersburg International Economic Forum 2019, VEB.RF’s Chairman Igor Shuvalov and Chelyabinsk Region’s Alternate Governor Alexey Teksler signed a cooperation agreement. The parties agreed to cooperate on projects to upgrade urban public transport in Chelyabinsk Region.

VEB.RF is ready to involve in investment projects aimed to modernise the tram and bus networks in Chelyabinsk, Zlatoust and Magnotogorsk. VEB.RF will use its leasing mechanisms to help renew the tram and bus fleet and to finance the delivery of modern LNG fuelled buses.

VEB.RF’s Chairman Igor Shuvalov said: “Upgrading the transport network in Russian cities is part of a large-scale agenda for the development of a modern urban economy. A comprehensive approach to the transport system modernisation in urban agglomerations will help to enhance the quality of life, improve public transport links between and within cities and other settlements, and deliver environmental improvements.”

“The cooperation agreement offers Chelyabinsk Region new opportunities for upgrading the urban transport systems. This is particularly important for Chelyabinsk urban agglomeration with a population over 1.5 million and an outdated public transport system. We need integrated concept solutions for interconnecting urban public transport systems. VEB.RF as a state development corporation has valuable experience in developing transport systems and may put forward its detailed proposals. I hope that the agreement will launch systematic work on upgrading the urban public transport in Chelyabinsk Region in the near future,” Alexey Teksler commented.

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VEB.RF and Russian Direct Investment Fund to Support Cutting Edge IT Financial Solutions for Wide Range of Investors

7 june 2019 года
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VEB.RF signed an Agreement for cooperation in the joint implementation and development of robo-advising and ETF project (Robo+ETF) with FinEx, an international investment group, at the St. Petersburg International Economic Forum.

The Agreement gives VEB.RF, the Russian Direct Investment Fund (RDIF, Russia’s sovereign fund) and co-investors an opportunity to make contributions to the equity of Robo+ETF in the total amount up to one billion roubles, and to carry out marketing and educational programs to promote robo-advising to private and institutional investors in Russia and abroad. FinEx launched Robo+ETF in 2012 as an ETF platform and the first robo-adviser in Russia. Today MICEX lists 14 ETFs with different underlying assets varying from national stock indices to gold and bonds.

“These solutions make it possible to bring together B2B2C platform technologies, Russian and international financial instruments, adapt business practices to different partners and counter parties, unleash export potential of Russian digital products. VEB.RF is also considering the use of financial solutions by the Group and other development institutions to expand its investment offer. In particular, DOM.RF plans to launch the first ETF in Russia with Russian mortgage bonds as the underlying asset,” VEB.RF’s Deputy Chairman Alexey Ivanchenko said.

“Innovative financial products coupled with cutting edge IT solutions make FinEx Robo+ETF project attractive for many of RDIF's international partners,” RDIF’s First Deputy CEO Tagir Sitdekov said. According to Mr. Sitdekov, RDIF will become not only a financial but also a strategic partner of the project taking into account worldwide interest in ETF and robo-advising.

“A partnership with two leading Russian development institutions with extensive international ties is a milestone for us. This partnership opens unique business growth opportunities in Russia and abroad,” FinEx Investment Management Senior Partner Oleg Yankelev said. According to Mr. Yankelev, FinEX team offers a product which efficiently solves issues of small investors in most of the emerging countries, therefore FinEx believes that the product will be in demand not only in Russia but also in Asia and CIS countries.

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.

About the Russian Direct Investment Fund

The Russian Direct Investment Fund (RDIF) was founded in June 2011 to make equity investments mainly in Russia jointly with major foreign financial and strategic investors. RDIF is an accelerator of direct investment in the Russian economy. RDIF invested jointly with foreign partners more than RUB1.5tn in more than 70 successful projects in 95% of Russian regions. RDIF’s portfolio companies employ more than 700,000 people and their annual revenue makes 5% of Russia’s GDP. RDIF entered into strategic partnerships with leading international co-investors from more than 15 countries for the total amount of more than USD40bn. For more information please visit: www.rdif.ru

About FinEx, international financial group

International financial group FinEx was founded in 2004. FinEx has offices in London and Moscow. FinEx is a successful developer of different investment products and solutions based on in-house technologies. The parent company FinEx Investment Management LLP is located in London (Great Britain). Today the FinEx Group comprises a robo-advising platform, ETFs for every kind of investors, private equity and private banking services.

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VEB.RF and International Bank for Economic Co-operation Agree to Jointly Finance Export-Import Operations

7 june 2019 года
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VEB.RF and the International Bank for Economic Co-operation (IBEC) signed a cooperation agreement.

The document was signed on behalf of VEB.RF by its Deputy Chairman Daniil Algulyan and on behalf of IBEC by its Chairman of the Board Denis Ivanov.

The parties agreed to cooperate in export and trade financing as well as to implement investment projects both in Russia and in other IBEC member states.

IBEC member states are: the Republic of Bulgaria, the Socialist Republic of Vietnam, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic, and the Czech Republic.

“Today we and our partners from the International Bank for Economic Co-operation are defining priority areas and the pipeline of projects,” Daniil Algulyan said.

“I am convinced that the partnership between VEB.RF as the largest Russian development institution and IBEC as an international development institution will help unlock significant potential of our organizations in facilitating the development of the eight IBEC member states through the implementation of joint projects, development of exports and integration of companies into global value chains,” Denis Ivanov said.

The financial institutions intend to use the following export and trade financing loan and documentary tools for the implementation of projects:

  • documentary letters of credit, guarantees, bank-to-bank reimbursement arrangements;
  • trade loans for trade financing, including pre-export, post-export, pre-import, and post-import financing;
  • participation in syndicated loans in areas that meet the interests of the parties;
  • financing of foreign economic operations against the coverage by ECAs;
  • factoring and forfeiting.

In addition the parties agreed to exchange information related to the export and trade financing banking services in IBEC member states.

The International Bank for Economic Co-operation is an international finance institution established in 1963. IBEC is operating as per an intergovernmental Agreement registered with the UN Secretariat. IBEC main activities are aimed at lending financial support to foreign trade operations of companies residing in IBEC member states as well as supporting small and medium enterprises which create added value and aspire to enter new markets; and facilitating integration into global value chains, increased use of technology, improved energy and resource efficiency of production and services, and boosting competitiveness in accordance with priorities of social and economic development of IBEC member states.

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VEB.RF and Stroyproyektholding Agree to Create Largest Infrastructure Financing and Construction Player

7 june 2019 года
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VEB.RF and Stroyproyektholding agreed to create a joint venture, the largest player on the infrastructure financing and construction market.

The signing ceremony of the Memorandum of understanding, goals and principles of the joint venture at the St. Petersburg International Economic Forum was attended by VEB.RF’s Chairman Igor Shuvalov.

Under the planned agreement, VEB.RF will possess a 50% stake in the JV. The agreement to form an alliance between infrastructure construction companies and the financial development institution will bring significant synergy effects, including projects financing support, entry to international markets, project structuring competencies. The agreement will create a platform enabling active engagement in the national projects to fulfil transport and urban infrastructure development goals.

The parties consider expanding the joint venture competencies to cover other areas of infrastructure construction, namely construction of energy, shipping and rail road infrastructure. The joint venture is interested in the assets of the largest players in these areas of business: TEK Mosenergo, Trest Gidromontazh, the 1520 Group of Companies etc.

“We analysed international integrated infrastructure companies’ best practices and can make a conclusion that a joint venture will be an efficient tool to achieve an infrastructure breakthrough in the Russian Federation; this joint venture may benefit from significant competitive advantages on the international markets as it will bring together the leaders in design, construction and operation of complex infrastructure facilities and the State Development Corporation VEB.RF’s tangible financial resources and project financing structuring experience,” VEB.RF’s First Deputy Chairman and Member of the Management Board Nikolay Tsekhomsky said.

“Participation in this project is advantageous from all angles. First, we are expanding our opportunities: team’s lessons learnt will be useful in more cases. Second, approved by the parties partnership pattern creates new process equipment upgrade opportunities, ways to procure state-of-the-art machinery, which will make it possible to master cutting edge technologies,” Stroyproyektholding’s Executive Director Alexey Spiridonov emphasized.

The joint venture participants considered Stroyproyektholding’s complex infrastructure projects design and construction experience and VEB.RF’s infrastructure projects financing experience and came to a conclusion that both parties are a perfect match to complement each other’s key competencies to become a leader on the complex infrastructure financing and construction market: HR, experienced and highly qualified management, management systems, supply chains, requisite financial resources, engineering and production capacities, know-how and unique technologies for the Russian market.

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.

Stroyproyektholding LLC a holding company with a single member A.R. Rotenberg established in 2014. Stroyproyektholding owns 100% shares in TFK Finance JSC, the majority shareholder of Mostotrest PJSC.

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