The Russian Export Center Group (part of VEB.RF) is actively involved in popularizing and promoting ESG standards in the business community. This was announced by Maxim Kobin, Vice President for Customer Relations, REC, at a business lunch dedicated to effective mechanisms and tools for supporting the industry through the ESG transformation of the VEB.RF group. The event took place on October 5, 2021, within the framework of the XVI National Congress, “Russian Industry Modernization: Development Priorities”.
“The companies of the REC Group are actively involved in popularizing and promoting the standards of responsible business conduct in the business community. For example, the Export Growth Accelerator program of the REC Export School includes an educational module on the application of international standards for responsible business conduct. Moreover, REC Export School is regularly holding seminars on responsible business conduct. Colleagues from the OECD are invited as experts to these seminars” Maxim Kobin said. He also stressed that the REC Group is also focused on achieving social and environmental objectives and expanding funding for green projects.
He also spoke about the main activities of the REC Group in the field of sustainable development, the evaluation of the environmental and social impacts created by projects, the ongoing programs of expert support for export-oriented companies, and the supported green projects.
The REC Vice President for Customer Relations spoke about the ongoing green projects, including support for the construction of solar power plants in Kazakhstan. According to him, REC Group sees the potential of Russian companies, and, therefore, considers the possibility of expanding mechanisms of financial support for projects on the reduction of environmental impact and adaptation to climate change.
The event was also attended by Andrey Kechko, Head of Strategy at the State Development Corporation VEB.RF, Maria Glukhova, Vice President of the Russian Union of Industrialists and Entrepreneurs for Economic Policy and Competitiveness, Suren Vardanyan, Vice President of the Moscow Chamber of Commerce and Industry, representatives of the business community and analytical agencies.
Aleksey Kechko, Head of Strategy at VEB.RF, spoke about the Group’s strategy until 2024. “Our strategy includes the support for projects worth 17 trillion rubles, of which 3 trillion rubles are funds from VEB.RF, another 3 trillion rubles – from coordinated development institutions, 11 trillion rubles - from business and commercial banks. We must support about 9% of all investments in fixed assets in our country, more than 15% of non-resource non-energy exports, socially important projects in more than 50 cities of the Russian Federation. We also work with SMEs - more than 4% of all loans to SME businesses will be provided by our group. If to speak about innovative enterprises, we want the revenue of the companies we support to exceed 250 billion rubles a year. If you have a bold project that you still cannot implement through commercial banks, please contact us. We are very interested in the social and economic effects created by these companies. If these effects are significant, we can offer the project financing and development.”
Yuri Korsun spoke about the Project Financing Factory mechanism, the possibilities to combine several measures of state support in one project. “Now, thanks to the amendments introduced by the Government, a single project may use a combination of preferential terms under the Corporate Competitiveness Enhancement Program and a ‘factory’ subsidy, which guarantees a fixed interest rate. Thus, our clients implementing large-scale projects may obtain extremely attractive economic conditions.”
Russian Export Center JSC (REC, part of VEB.RF) is a state institution for the support of non-resource export. It consolidates a group of companies that provide Russian exporters with a wide range of financial and non-financial support measures. The REC Group integrates the Russian Agency for Export Credit and Investment Insurance (EXIAR JSC), EXIMBANK OF RUSSIA JSC, and ANO Export School, which makes it possible to ensure the availability of the product portfolio that satisfies the needs of various exporters at different stages of the export cycle, from ideation to payment for exported goods and services.