Translated material
New industrialization
Russia has started implementing the first investment fund project
The signing of the first investment agreement, which will be financed from the investment fund, marked the beginning of the largest industrial construction in Russia over the past 20 years. Governor of the Krasnoyarsk Territory Alexander Khloponin has repeatedly called the project for the comprehensive development of the Lower Angara region “the second industrialization of Siberia.”Co-investors in the project will be Vnesheconombank, RUSAL, HydroOGK and the Krasnoyarsk Territory Development Corporation. The project, as noted by Deputy Minister of Economic Development Kirill Androsov, was the first not only in terms of the time of signing. Exactly a year ago, the Lower Angara region development project became the first application submitted to the investment fund. In addition, the project is the first in terms of the scale of investments - both public and private.
The total investment amount will be 213 billion rubles. over three years, of which 34.2 billion will be allocated from the investment fund. The implementation of the investment project includes the completion of the Boguchanskaya hydroelectric power station with a capacity of 3 thousand MW, the construction of an aluminum plant with a capacity of 600 thousand tons of aluminum per year, as well as a timber processing complex with a capacity of 732 thousand tons of cellulose per year. The investment fund will finance the construction of a power transmission line at the Boguchany hydroelectric station, the reconstruction of the Kansk-Aban-Boguchany-Kodinsk highway, the construction of the Karabula-Yarki railway, and the construction of a bridge across the Angara with a section of the Boguchany-Angarsky highway.
However, if the state starts investing money only now, private investors have been working on the project for a year already. The construction of the Boguchanskaya hydroelectric power station and the aluminum smelter is being carried out by RUSAL and HydroOGK as part of their joint project BEMO (Boguchansky Energy and Metallurgical Association). Vnesheconombank, as its head Vladimir Dmitriev said, is also ready to consider the possibility of participating in this part, in addition to other work on the project. “We will be a bank servicing the funds of the investment fund, which will be used for infrastructure development under this program. In addition, we expect to become investors and direct our own funds to specific projects. We are talking primarily about the construction of a pulp and paper mill and a plant that produces products for the construction of affordable housing,” Mr. Dmitriev said during the signing of the agreement.
In turn, Deputy Head of the Ministry of Economic Development and Trade Kirill Androsov recalled that today the State Duma should adopt the law on the Russian Development Bank in the third reading. “But the signing of the agreement indicates that VEB is already performing the functions of a development bank,” he said.
Following this agreement, two more investment agreements will be signed within the next month - the construction of a railway in the Chita region and a petrochemical cluster in Nizhnekamsk (Republic of Tatarstan). And in June the results of the first concession competition for the construction of the Western High-Speed Diameter in St. Petersburg will be summed up. A total of 50 billion rubles will be spent from the investment fund during the year.