VEB to Produce a Package of Measures to Promote Social Security Infrastructure

At the Russian Investment Forum in Sochi, VEB announced its initiative for the volunteer movement, targeted support and patronage over Russian homes for the elderly, and the launch of a project that aims to develop the social security infrastructure.

The targeted support for homes for the elderly was presented by Vnesheconombank’s Chairman Sergey Gorkov and Head of the ‘Enjoyable Ageing’ Charity Foundation Elizaveta Oleskina.

“We are extending the geographic reach of our cooperation with VEB. In September 2016, VEB together with the Foundation launched a volunteer project ‘Never Too Old to Dream!’ As part of the Project, our employees provide patients in three homes for the elderly with medicines, everyday articles and care. Today, the Bank and the Foundation have agreed to become the patrons of fifty homes for the elderly in the Central, North-Western, and Southern Federal Districts and in the Volga River basin,” said Elizaveta Oleskina.

The volunteer movement has been already joined by Vnesheconombank’s subsidiaries VEB Leasing and Federal Centre for Project Finance.

VEB and the Federal State Budgetary Higher Educational Establishment ‘Russian State Social University’ have agreed to promote technology intensive healthcare and social security infrastructure in Russia using public-private partnership mechanisms. In particular, they intend to jointly develop an optimal model for attracting private investment to build homes for the elderly across the country.

The respective cooperation agreement was signed by Vnesheconombank’s Chairman Sergey Gorkov and Rector of the Russian State Social University Natalia Pochinok.

“Infrastructure and, in particular, high-technology healthcare infrastructure is one of the Bank for Development’s investment priorities. According to its Strategy 2021, VEB is prepared to invest in the construction of high-technology medical centres, medical technology parks, diagnostic and rehabilitation centres. For VEB, creating conditions for a better life quality for the needy elderly is an important mission. We believe we can devise efficient mechanisms to attract investments in this sphere,” Sergey Gorkov emphasized.

The document provides for the University to draft proposals for arranging extra-budgetary allocations for the construction, reconstruction and modernisation of residential homes for the needy elderly. Vnesheconombank will interact with the University through the Federal Centre for Project Finance, which specialises in the preparation of PPP projects and financing of such project preparation.

“Today, we signed a strategic agreement with Vnesheconombank. Through our concerted efforts, we are to formulate a concept of Russia’s healthcare and social security infrastructure to ensure adequate standards of living for the elderly. As the government is paying special attention to this sphere, we are eager to share our best practices to help resolve the existing problems,” said Natalia Pochinok.

Press Office