VEB.RF’s Chairman Igor Shuvalov met yesterday with the Chief Executive Officer of the Investment Promotion Agency of Qatar (IPAQ), Sheikh Ali Alwaleed Al Thani. The visit was proposed by His Excellency Sheikh Al Thani, who wanted to learn more about the activities of Russia’s major development institution and explore areas of mutual interest that could encourage cooperation.
During the meeting, Sheikh Al Thani gave an overview of IPAQ, which was launched in July 2019 to attract foreign investment in the country in line with the objectives of Qatar’s National Vision 2030. The IPAQ Advisory Board is chaired by His Excellency Ali bin Ahmed Al Kuwari, Qatari Minister of Commerce and Industry.
Igor Shuvalov described the strategy, principles and priorities of VEB.RF’s operations, the Project Financing Factory programme, and the functional areas of development institutions involved in VEB.RF’s activities. The Qatari delegation particularly took an interest in VEB.RF-financed urban development projects, guarantee mechanisms, and Russian Export Center programmes.
Considerable interest was aroused by Igor Shuvalov and VEB.RF’s Deputy Chairman Alexey Sorokin participating in preparations for the 2018 FIFA World Cup in Russia. Qatar is to host the World Cup in 2022.
The parties agreed to continue communication with each other and search for joint projects.
State Development Corporation VEB.RF sees good prospects for building a mutually beneficial partnership with the Colombian business community, VEB.RF’s Deputy Chairman Daniil Algulyan said in an interview with Russian News Agency TASS on Friday following a visit of VEB.RF’s Chairman to Colombia.
“It was a very important visit. We met with our potential Colombian partners,” said Daniil Algulyan.
According to Daniil Algulyan, VEB.RF sees good prospects for joint projects to develop infrastructure, transport and industry.
Igor Shuvalov: BRICS Inter-Bank Cooperation to Focus on Infrastructure Investment in 2020
On the sidelines of the BRICS Summit in Brazil, VEB.RF Chairman Igor Shuvalov described major areas of cooperation among the development banks of the five economies in 2020. With Russia’s presidency of BRICS, VEB.RF is to be in charge of the association’s Inter-Bank Cooperation Mechanism for one year.
“Top of our agenda is attracting private investment in infrastructure. I mean joint efforts to bolster up public-private partnerships. There is extensive experience of using this mechanism globally. Public-private partnerships should be involved in creating the country’s main infrastructure. It was previously part of VEB.RF’s internal agenda. We are now submitting this issue to BRICS,” Igor Shuvalov said.
A special area of cooperation is a modern urban economy. “Developing an urban economy has a direct impact on quality of life. VEB.RF systematically works to build up competencies in this area. For example, we fully share an understanding of this issue with Brazil’s BNDES. We have their active support for this,” he added.
Additionally, Igor Shuvalov announced plans to continue to work on widening the use of national currencies for international payments. According to Shuvalov, the use of the Russian rouble is a key element in the country’s financial and economic sovereignty. Shuvalov said: “It is necessary for us to maintain our currencies and trade capabilities. We are working to come up with a technological solution for this problem. We need to demonstrate several deals with major players. During our presidency, we will attempt to make as much progress towards this goal as we can.”
The important areas of cooperation also include integrating the national payment systems and digital platforms, along with maintaining the principles of multilateral regulation for international trade and investment relations.
VEB.RF Discusses Investment Cooperation Prospects and Buenos Aires’s Urban Environment Transformation Experience with Argentina
VEB.RF’s delegation headed by Chairman Igor Shuvalov visited Argentina. During the visit, the delegation met with energy companies, YPF and Pampa Energia, and Corporacion America, a group specialising in construction and airport management.
As a guest of honour, Igor Shuvalov visited one of the oldest financial institutions in Latin America, the Buenos Aires Stock Exchange. VEB.RF’s Chairman highlighted the role of business dialogue in strengthening relations between Russia and Argentina and in establishing closer contact between EurAsEC and MERCOSUR. The Argentinian side presented promising projects for joint investment. VEB.RF’s delegation presented Russian export support instruments and the Project Financing Factory’s programme.
VEB.RF’s Chairman also had a meeting with Buenos Aires Mayor Horacio Larreta. During the meeting, the Mayor presented recent developments in the Argentinian capital’s economy, transport, safety and municipal waste management. Igor Shuvalov told him about Russia’s experience in urban transformation and VEB.RF’s involvement in the development of a modern urban economy.
VEB.RF and BRICS Development Banks to Form Common Approaches to Financing for Infrastructure Projects
State Development Corporation VEB.RF signed a Memorandum on Mobilization of Private Investment in Infrastructure with the BRICS Inter-Bank Cooperation Mechanism.
The BRICS Inter-Bank Cooperation Mechanism will create a working group which will study business cases, financing formats, project selection models and legal innovation success stories which contribute to mobilization of private investment in infrastructure.
The Memorandum will establish a new ICM working group and promote the sharing of best infrastructure PPP practices between key BRICS development institutions.
VEB.RF Chairman Igor Shuvalov said “Currently, we see great interest in PPP projects, primarily in infrastructure projects. It is the global trend, which we are striving to implement to ensure sustainable economic growth. The development banks play a special role. Many banks aggregate PPP competencies. We plan to follow this way in Russia by creating an integrated infrastructure development centre. VEB.RF has extensive experience in mobilization of private investment in major transport infrastructure projects; our state corporation’s portfolio features dozens of sea, land and air infrastructure assets. Under the supervision of the Government and the President’s Executive Office, VEB.RF plays a role in promotion of PPP legal instruments to encourage and mobilize investment.”
As a reminder, VEB.RF will hold the presidency of the BRICS Inter-Bank Cooperation Mechanism in 2020. The BRICS Inter-Bank Cooperation Mechanism members are VEB.RF, BNDES, Eximbank of India, CDB, and DBSA. The BRICS ICM was established in 2010 to promote and strengthen economic and investment cooperation between BRICS countries. Currently, the BRICS ICM has five working groups.