IRIIS Agreement Signed to Encourage Moscow Region Investment

21 january 2022 года

The Moscow Region and VEB.RF have signed an IRIIS agreement

The Moscow Region Government, the National PPP Development Center and VEB.RF have agreed to introduce the IRIIS system into the Moscow Region. The agreement is primarily aimed at assessing electric utility, transport and social services projects. IRIIS is to improve project quality and attract new investors to the region.

The cooperation agreement was signed during the 5th Public-Private Partnership Forum of the Central Federal District. According to Vyacheslav Dukhin, Deputy Prime Minister of the Moscow Region, creating the region’s high-quality and resilient infrastructure is high on the regional government’s list of priorities.

He emphasised that the Moscow Region gave great attention to the impact of new facilities on human life and the environment, to the quality of their services, and to integrated spatial planning, which is why the initiative was met with support.

“Special thanks are due to VEB.RF for such a mechanism as IRIIS. It will allow all PPP-based investment projects to be structured in a way comprehensible to the investor, with generally recognised project characteristics, which will make it possible to quickly assess their investor appeal and efficiency at the initial stage and predict whether they will deliver good outcomes,” Vyacheslav Dukhin said.

The Moscow Region’s pilot projects are the Yegoryevskoye Shosse backup highway and the Moscow Ring Road–Dzerzhinsky–Lytkarino road.

“I hope we’ll also use this mechanism to assess other new projects. This will give investors more convenience and encourage more investment in our economy and public-private partnerships,” Dukhin added.

VEB.RF Deputy Chairperson Svetlana Yachevskaya drew attention to the fact that the Moscow Region became one of the first to put IRIIS to the test. According to her, the ability to independently evaluate project initiatives will make it possible to assess not only the project’s economics but also social aspects.

“Cooperation with the Moscow Region will enable us to test the IRIIS system in a region with high investment activity, which will help to introduce it across the country more effectively,” she added.

According to the National PPP Development Center’s General Director Pavel Seleznev, it is increasingly understood in the regions how important it is to have an independent assessment as early as the project’s initial stage in order to prevent potential risks and refine the project’s key characteristics.

“The Moscow Region has made successful use of advanced tools and approaches for public infrastructure over the years. For instance, the region is a leader in using the PPP mechanism,” Pavel Seleznev said.

When IRIIS comes into use in the Moscow Region, this will definitely improve the planning of new local projects and boost investment, he said.

What is IRIIS?

IRIIS is an infrastructure project assessment and certification system developed by VEB.RF in collaboration with the National PPP Development Center and AECOM with the support of the Russian Ministry of Finance. IRIIS is adhering to the UN Sustainable Development Goals and the G20 Principles for Quality Infrastructure Investment.

IRIIS was tested on real projects last year. The concession projects to build the Ufa East Exit and the railway to the Kaluga special economic zone received certification as compliant with the IRIIS requirements.

The Moscow Region will be the first this year to begin introducing IRIIS into its investment activity. Assessed projects have the option of using a special online module on the ROSINFRA platform.

VEB.RF and the National PPP Development Center will assist with the selection of the most attractive initiatives, provide advice and offer its expertise to assessing intended projects in-house and communicating with potential investors. They will also help to obtain funding and recruit staff to prepare and implement projects.


Zavidovo Resort to Boost Year-round Wellness, Sports and Event Tourism with Financial Support from VEB.RF

13 january 2022 года

One of the resort’s key facilities is a unique indoor family centre for year-round sports and water activities

The project aims to make the Tver Region more attractive and increase tourist traffic

The project is part of the Tourism and Hospitality Industry national project

VEB.RF has begun to provide funding for the project to promote year-round tourism and recreation at the Zavidovo resort in the Tver Region.

The loan agreements totalling about 29 billion roubles and aimed at financing the project were signed by VEB.RF and Zavidovo Park LLC in late December 2021. InfraVEB (part of the VEB.RF Group) was responsible for financial advice and financing for project documentation.

The project contributes to work on promoting year-round tourism and recreation at the Zavidovo resort, which has already become popular among guests from Moscow. The resort will receive 1,130 hotel rooms, an indoor family centre for sports and water activities, a playpark and a ski slope. It is intended that the resort will be provided with a wide range of guest attraction capabilities. Coupled with the woods of Zavidovo National Park and vast expanses of water, this will make it a unique tourist destination in central Russia.

The project is part of Volga Sea, an integrated regional project to promote the tourism industry in the Tver Region, which is also carried out under the Tourism and Hospitality Industry national project. The new Zavidovo facilities are designed to attract middle-income people and include three- and four-star hotels.

Some of Zavidovo’s infrastructure facilities are to be built with support from the regional government, such as a passenger hub, river port infrastructure and support facilities. In addition, Zavidovo Park LLC is provided with tax incentives as a resident of the Zavidovo special economic zone.

Igor Rudenya, Governor of the Tver Region:

“Zavidovo is one of our major projects. The new infrastructure will make it possible to deliver higher quality for recreation at the resort and provide support for small and medium-sized businesses.”

Zarina Doguzova, Head of the Federal Agency for Tourism of the Russian Federation:

“The project is to use concessional loans under the Agency’s programme to support hotel construction and refurbishment. We find it very important that the first 38 projects approved under the programme include not only seaside beach hotels, but also hotels in natural areas in the countryside. Beautiful nature, good local cuisine, and an escape from the hustle of city life attract tourists to Zavidovo all year round. It’s a good thing that our concessional lending programme will help to create more local hotels with high standards of service, safety and comfort.”

Nikolay Tsekhomsky, First Deputy Chairman and member of the Management Board, VEB.RF:

“At VEB.RF, tourist infrastructure projects are primarily seen as contributing towards national development goals. The Zavidovo project will help to achieve a bundle of economic and social outcomes. The Tver Region will receive new jobs and taxes, and resort guests will be provided with great opportunities for outdoor family activities, recreation, ecotourism and sport.”

“Promoting domestic tourism and creating new tourist attractions are in the best interests of the government in general and the region in particular. Becoming increasingly successful since 2008, the Zavidovo resort in the Tver Region now receives 200,000–250,000 tourists every year,” said Sergey Bachin, CEO, Vasta Discovery (Zavidovo resort project manager). “Our goal is to increase their number to 1 million guests. I’m sure that, with support from VEB.RF, the resort will be completely built in three or four years, and we’ll reach this goal together.”


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