04.07.2017, 15:27
Vnesheconombank to Raise Nearly $2 billion to Support Russian Innovations
Source: VEB
OREANDA-NEWS. Vnesheconombank and the China Development Bank (CDB) signed a framework agreement on cooperation in innovations for a total of RUB50bn (RMB6bn, or approx. $850m) with a term of financing not exceeding 15 years.
The document was signed by Chairman Sergey Gorkov and Chairman Hu Huaibang, for Vnesheconombank and CDB, respectively. The signing ceremony took place in the presence of Russian President Vladimir Putin and China’s President Xi Jinping who is paying an official visit to Russia.
The total capital raised by the Bank for innovation projects, primarily for those to be implemented in Russia, amounts to nearly $2 billion.
The Agreement provides for the promotion of high-technology and innovative projects including the National Technological Initiative (NTI) projects by means of various financing instruments; in particular, through participation in private equity funds and repurchase of bonds issues. Furthermore, the parties have agreed to support innovative export projects.
«Notably, we have been closely cooperating with our Chinese partners in the support for innovations, which is one of the focus areas of Vnesheconombank’s Strategy. The potential of this market is really limitless. Today, we observe a great interest in projects delivered in Russia with Chinese involvement. The funds raised may be channeled to finance projects in power generation, transport, industrial and energy infrastructure, and cross-border projects in Siberia and the Russian Far East,» commented Sergey Gorkov.
Vnesheconombank’s Strategy 2021 prioritizes the Bank’s participation in supporting industries which are catching up (high value-added manufacturing, non-commodity exports, infrastructure etc.) and, more importantly, accelerated development sectors (quantum technologies, blockchain, neurotechnologies and biotechnologies).
According to Sergey Gorkov, CDB has been Vnesheconombank’s major strategic partner in the Asian market for more than 11 years. Lately, VEB and CDB have signed loan agreements with a total value exceeding $10bn. Among the Russian financial institutions, VEB remains one of the largest borrowers of the China Development Bank. Vnesheconombank used the CDB funds to finance a number of projects in timber industry and energy production. The Russian and Chinese development institutions have been closely collaborating in the context of SCO and BRICS.
The VEB and CDB initiative has been highly appreciated by experts.
The document was signed by Chairman Sergey Gorkov and Chairman Hu Huaibang, for Vnesheconombank and CDB, respectively. The signing ceremony took place in the presence of Russian President Vladimir Putin and China’s President Xi Jinping who is paying an official visit to Russia.
The total capital raised by the Bank for innovation projects, primarily for those to be implemented in Russia, amounts to nearly $2 billion.
The Agreement provides for the promotion of high-technology and innovative projects including the National Technological Initiative (NTI) projects by means of various financing instruments; in particular, through participation in private equity funds and repurchase of bonds issues. Furthermore, the parties have agreed to support innovative export projects.
«Notably, we have been closely cooperating with our Chinese partners in the support for innovations, which is one of the focus areas of Vnesheconombank’s Strategy. The potential of this market is really limitless. Today, we observe a great interest in projects delivered in Russia with Chinese involvement. The funds raised may be channeled to finance projects in power generation, transport, industrial and energy infrastructure, and cross-border projects in Siberia and the Russian Far East,» commented Sergey Gorkov.
Vnesheconombank’s Strategy 2021 prioritizes the Bank’s participation in supporting industries which are catching up (high value-added manufacturing, non-commodity exports, infrastructure etc.) and, more importantly, accelerated development sectors (quantum technologies, blockchain, neurotechnologies and biotechnologies).
According to Sergey Gorkov, CDB has been Vnesheconombank’s major strategic partner in the Asian market for more than 11 years. Lately, VEB and CDB have signed loan agreements with a total value exceeding $10bn. Among the Russian financial institutions, VEB remains one of the largest borrowers of the China Development Bank. Vnesheconombank used the CDB funds to finance a number of projects in timber industry and energy production. The Russian and Chinese development institutions have been closely collaborating in the context of SCO and BRICS.
The VEB and CDB initiative has been highly appreciated by experts.
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