Izvestia (Moscow): "Half a billion euro for timber and sea"
Yesterday, Vneshekonombank’s (VEB) supervisory board selected investment projects for financing this year. Prime Minister Vladimir Putin said the resources should be disbursed for projects that will bring broad technological innovation to Russian industry. The first 500 million euro have been earmarked for shipbuilding and timber-processing.
Last year, the VEB operated as more than just a development bank. Given the macroeconomic situation, the bank allocated significant resources to implement the government’s anti-crisis measures. However, this didn’t prevent the bank from increasing its investment credit portfolio by a whopping 77% to 230 billion roubles. With the bank’s financial support, 24 new projects opened in the energy, transport and agricultural sectors.
As the crisis has receded this year, the prime minister believes that the VEB should focus on preparing new investment projects.
“A long-term credit will be provided to build a contemporary, high-added-value timber-processing facility at the port of Vanino in Khabarovsk Territory,” Putin announced yesterday.
The VEB’s investments in timber-processing at the port aren’t its first investments in the region. The construction of a new sea terminal began in 2009, which will export 12 million tonnes of coal. The SUEK company received more than 4.5 billion roubles for the project.
Meanwhile, Russian Railways is modernising the Vanino-Komsomolsk-on-Amur railway line to maximise the Baikal-Amur Railway’s potential.
“Obviously, this multipronged approach towards developing the area, its infrastructure and its natural resources can bring large returns and place Russia’s Far East on the path of sustainable development,” the prime minister said yesterday. He also mentioned another transport project.
“The VEB will take part in funding two icebreaker oil tankers,” he said.
Russian carriers sorely need this modern technology. The vessels will transport offshore oil extracted from the Barents Sea. The first vessel, Mikhail Ulyanov, has been delivered to the customer, Sovkomflot. The second, Kirill Lavrov, has been heaved off and will soon become operational.
Russia has never before constructed ships of this class. These are new technologies marking a “veritable breakthrough in innovation,” Putin said. The project will cost roughly 240 million euro.
“VEB’s resources are used to finance the technological modernisation of industry, specifically machine-building, and will generate more demand for innovation. Such projects should be given the priority,” the prime minister stressed.
Anastasia Savinykh
