IRIIS Included in Taxonomy for Sustainable Projects

21 september 2021 года
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IRIIS, Russia’s national infrastructure project assessment and certification system developed by VEB.RF, the National PPP Development Center and AECOM with support from the Russian Ministry of Finance, has become one of the criteria of the government-approved taxonomy for sustainable projects.

The Russian Government approved the system of criteria (taxonomy) for sustainable (including green) projects and the verification requirements for these projects in Russia. The document is aimed at promoting investment and encouraging private funding for projects that contribute towards the national development goals.

The taxonomy for adaptational projects in the Sustainable Infrastructure area is to include building and modernising green infrastructure facilities. Evidence of compliance with the sustainability criteria will be successful IRIIS assessment. Specifically, the Environment and Climate aspect requires that a project should meet at least 55% of the criteria.

IRIIS is part of efforts to introduce the G20 Principles for Quality Infrastructure Investment into Russia. IRIIS went into test operation in 2021 on projects in different infrastructural areas. One of the tested projects is the Ufa East Exit on the M-5 Ural federal highway, which was granted the “Gold” level of attainment. Several more projects are in the pipeline, including building a railway to the Kaluga special economic zone under a concession agreement between Russian Railways and the Kaluga Region. IRIIS is scheduled to become fully operational in late 2021.

Svetlana Yachevskaya, Deputy Chairperson and Member of the Management Board, VEB.RF:

“The fact that IRIIS was included in the taxonomy for adaptational projects is an important strategic step in creating sustainable infrastructure in this country. The pilot projects show how it is important to have independent, efficient due diligence. Approved on federal level, the [IRIIS] system will make it possible to promote best practices in project preparation and implementation and will allow project participants to get more favourable terms of financing.”

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New Development Strategy Signed by SCO Development Banks

17 september 2021 года
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VEB.RF took part in the 16 September meeting of the Council of the Interbank Association of the Shanghai Cooperation Organisation (SCO IBA Council) in Dushanbe.

The Russin delegation was headed by VEB.RF Chief Banker Sergei Storchak.

The meeting resulted in signing the IBA Medium-Term Development Strategy.

The document describes areas of cooperation in post-pandemic recovery.

For instance, including under the Road Map endorsed by the SCO IBA member banks last year, the Strategy specifies efforts to make the IBA actively involved with the national governments’ responses to various calamities (economic, natural, climatic, epidemiological, anthropogenic).

The Strategy also includes the IBA banks’ efforts to help the SCO member states to expand the practice of payments in national currencies and use alternative interbank communication systems in order to make payments more secure and flexible.

The Strategy specifically deals with joint financing for healthcare projects, which will enable the SCO economies to be better prepared for possible epidemics and emergencies.

Apart from joint financing for projects in conventional areas, the new Strategy also covers cooperation in the digital economy, e-commerce and big data with a view to promoting economic development in the SCO in the context of Industry 4.0.

A new focus area of the SCO IBA is to create common approaches to responsible financing, promote green financing and green technology, and support gender equality and women’s empowerment.

In his speech, Sergei Storchak also told the meeting about a new stage in VEB.RF’s activities (the Russian Government approved two key documents in August 2021 to determine the future of VEB.RF’s operations, namely the Memorandum on Financial Policies and the 2024–2020 Strategy).

According to Sergei Storchak, the new Strategy contains VEB.RF’s targets for support for the economy and specifies how to meet them. The VEB.RF Group is to provide project financing totalling 6.5 trillion roubles (about 90 billion US dollars) over the next three years, while the total project value will be 18 trillion roubles (more than 240 billion US dollars), he said. 26% of financing will go to industrial projects, 43% to export support, 12% to city development projects, and 17% to SME projects.

The National Bank of the Republic of Uzbekistan for Foreign Economic Activity (NBU) will take over the presidency of the SCO IBA in 2022.

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