Russia’s VEB, top banks sign deal on project finance factory

Prime, 15.02.2018

SOCHI, Feb 15 (PRIME) -- Russian state development bank Vnesheconombank and top banks Sberbank, VTB Bank, and Gazprombank on Thursday signed an agreement to create a mechanism of a project finance factory.

VEB signed a similar agreement with the Russian Direct Investment Fund (RDIF).

VEB CEO Sergei Gorkov said that the bank plans to offer the first tranche of bonds of the project finance factory until the end of June. “We’ve scheduled the placement for the first half of the year. We feel huge interest of investors in it…I am sure that we will place the tranche at a good yield,” he said.

VEB Deputy CEO Dmitry Matveyev said in September 2017 that the first issues of long-term bonds of the project finance factory may reach 50–100 billion rubles.