VEB Financial Corporation Investment in Over 450 Billion Rubles Worth of Innovative Programs, According to Igor Shuvalov
Russian state development institution VEB.RF has unveiled a strategy aimed at propelling the nation's growth through 2030. The strategy centers on national priorities such as infrastructure development, technological leadership, export promotion, entrepreneurship, and regional advancement.
Key projects involve large-scale investments in transport, energy, and urban development, including the modernization of airfield and airport infrastructure through mechanisms like the Project Finance Factory. This partnership helps fund the construction and upgrading of terminals and logistics hubs, fostering a foundation for economic growth.
In the realm of technological leadership, VEB.RF is poised to collaborate with institutions such as Skolkovo Foundation and regional universities, nurturing technological innovation. The TechnoVostok 2030 initiative targets the development of technopreneurship in Russia's Far East, supporting startups, providing mentoring, grants, and access to investment opportunities.
VEB.RF also aims to build a sustainable ecosystem for technological growth, creating conditions for sustainable company development and enhancing human resources potential through education and mentoring sessions for entrepreneurs.
In terms of export support, while specifics are less emphasized, VEB.RF’s commitment to projects that boost production capacity will indirectly support export readiness. For instance, in the pharmaceutical sector, concessional financing is provided for clinical trials, enabling Russian firms to register drugs internationally and expand into global markets.
In the field of entrepreneurship, VEB.RF offers startup acceleration and funding via programs like TechnoVostok 2030. The organization also supports entrepreneurs, veterans, and participants of special military operations developing innovative solutions by providing financial assistance, mentorship, and access to markets.
VEB.RF will play a substantial role in driving economic development in the Far East, collaborating with regional authorities, academic institutions, and other state corporations like Gazprom to implement projects. The TechnoVostok 2030 program is designed to leverage the innovative potential of the region and foster sustainable growth.
The plan envisages at least seven technological holdings, 750 new industrial production facilities, and 50,000 new jobs by the end of the strategy period in 2030. VEB.RF, in partnership with the state and private sector, aims to support projects worth over 30 trillion rubles, including 15 trillion rubles in projects involving VEB.RF.
The Supervisory Board of VEB.RF approved theStrategy for the Development of VEB.RF until 2030at the end of May. The group will focus on five key areas: large investment projects, support for key populated areas and geostrategic regions, technological leadership, export support, and entrepreneurship.
[1] 'modern, efficient infrastructure as a foundation for economic growth' from the Enrichment Data
[2] 'support for startups, provides mentoring, grants, and access to investment, and prioritizes sectors like bioeconomy, biomedicine, and shipbuilding', 'the focus is on building a sustainable ecosystem for technological growth, creating conditions for sustainable company development, and enhancing the region’s human resources potential through education and mentoring sessions for entrepreneurs' from the Enrichment Data
[3] ‘VEB.RF works closely with regional governments and other state corporations (e.g., Gazprom) to implement development projects, as seen in instructions issued following working trips to regions like Murmansk' from the Enrichment Data
[4] 'investments in advanced technologies and new product lines are seen as critical for achieving technological sovereignty and expanding Russia’s presence in international markets' from the Enrichment Data
The modernization of airfield and airport infrastructure, like the Project Finance Factory, serves as a foundation for economic growth, employing mechanisms such as project finance.
VEB.RF supports startups, providing mentoring, grants, and access to investment opportunities, with a focus on sectors such as bioeconomy, biomedicine, and shipbuilding, as part of creating a sustainable ecosystem for technological growth.
