Vnesheconombank’s First Deputy Chairman Nikolay Tsekhomskiy: ‘Vnesheconombank’s Strategic Goal Is to Support Tomorrow’s Economic Sectors’

A pillar of Vnesheconombank’s new strategy is to focus its efforts on the key areas of support for the Russian economy. This was stated by Nikolay Tsekhomskiy, First Deputy Chairman and Member of the Board of the Vnesheconombank, at the plenary session “Russian Financial System: How to Best Match Industrial Growth” during the 9th Moscow Financial Forum.

“We divide our priorities into two main areas: the economic sector with catching-up development and the economic sector with outstripping development,” Nikolay Tsekhomskiy said. “In the area of catching-up development, Vnesheconombank supports high-technology production, infrastructure and non-resource exports. These areas are key drivers of the Russian economy today. However, no less significant is our goal to support the sectors that will shape the future of the Russian economy. Therefore, Vnesheconombank finds it important to support innovation, a digital economy and projects of the National Technology Initiative.”

According to Nikolay Tsekhomskiy, in the conditions where the sources of Russian and foreign investment are limited, the development of effective mechanisms for raising funds is of particular significance. One of these mechanisms is the Project Financing Factory, which is based on the principle of risk sharing through syndicated lending.

Vnesheconombank’s participation in the Project Financing Factory will make it possible not only to spread risks among lenders but also to obtain financing from new long-term institutional investors. One of the main instruments of government assistance within the Project Financing Factory is subsidised loan interest rates linked to inflation and compensation for inflationary expectations in the country.

Concerning medium-term inflation in Russia, the Forum participants gave an optimistic forecast. According to Andrey Lipin, Deputy Director of the Monetary Policy Department of the Bank of Russia, inflation will be low in the medium term, about 4% per year until 2021.

Press Office