Investment in innovation

Vnesheconombank will increase support for industry

Vnesheconombank (VEB) intends to expand the volume of lending to Russian industry, which is designed to contribute to the development and production of new types of products that are competitive, including in international markets, and to impart an innovative character to the country's economy. The bank's activities in this area are expected to be carried out within the framework of a strategic partnership with the Federal Agency for Industry. The corresponding agreement was signed yesterday by the head of the agency, Boris Aleshin, and the chairman of VEB, Vladimir Dmitriev.

After signing the agreement and the obligatory glass of champagne at the ceremony, the head of VEB said that within the framework of the agreement, projects in all industries that fall under the jurisdiction of the industrial agency would be considered: the automobile industry, the aviation industry, the defense industry, etc. Mr. Dmitriev did not speak in detail about the volume of possible lending, saying that “we do not bind ourselves with any restrictions” (specific amounts can only be discussed when a specific project is developed).

According to Boris Aleshin, VEB is already providing financial support to Russian industry. “The bank has provided our enterprises with about $500 million to date. But we hope that the money will become increasingly cheaper, and our relations on this basis will be increasingly warm and lasting,” said the head of Rosprom.

Vladimir Dmitriev recalled that according to the bill approved by the government as a whole a week ago, a Development Bank will be created on the basis of VEB. One of the key areas of its activity will be the promotion and provision of financial support to industries that create competitive products and contribute to the implementation of the policy of structural changes in the economy. The Development Bank, as the head of VEB is confident, will create “the prerequisites for stimulating and financing the activities of innovative industries, such as telecommunications, communications and others.”

“This (agreement - Ed. ), in fact, is the first sign of interaction with such a large bank in the future - the Development Bank," added Mr. Aleshin. He is convinced that such a development tool is extremely necessary for diversifying the economy and maintaining scientific and technical potential. Among the priority projects that will be implemented with the support of VEB and in the future the Development Bank, the head of Rosprom named the modernization of the infrastructure of domestic mechanical engineering. “The mechanical engineering industry is still experiencing a severe crisis, mainly associated with the old structure left over from Soviet times. It needs to be changed,” he says.

VEB also intends to participate in the financing of enterprises included in the Federal Target Program “National Technological Base”, the purpose of which is to meet the needs of arms and military equipment manufacturers in the domestic element base. An analysis conducted by VEB specialists showed that today almost 70% of the electronic components used by Russian defense industry are made abroad. (The share of imports in the domestic market of microelectronic components has grown to 90%, and in a number of segments - to 100%.) Among the tasks of the Federal Targeted Program is to reduce the use of imported electronic components in the production of weapons and military equipment to at least 50%. It is clear that without appropriate funding for scientific development, this problem cannot be solved. And the funds provided by Vnesheconombank will come in handy. Suffice it to say that today in Russia, according to Rosprom, the volume of government funding for research work in microelectronics is less than $50 million, while the annual volume of R&D carried out by Intel alone reaches $3 billion.

Mikhail VOROBYEV