The "Project Financing Factory" program will receive not 500, but 600 billion rubles

18.10.2024       

The resolution signed by Prime Minister Mikhail Mishustin increases the size of the state corporation VEB.RF's participation in syndicated loans from 500 billion to 600 billion rubles, which will help increase the total lending for investment projects in priority sectors of the economy to 6 trillion rubles. As Mikhail Mishustin noted at a government meeting, the program is generally designed to solve the problem of insufficient capital. Within its framework, large-scale facilities are being built in the gas chemical industry, trunk infrastructure, metallurgy and other areas. They contribute to the achievement of national goals approved by the head of state, the development of Russian regions and the country as a whole.
"Project Financing Factory" was launched in 2018, becoming a new mechanism for attracting investment. The program involves issuing loans for the implementation of investment projects in priority sectors of the economy. Such loans can be obtained for projects worth from 3 billion rubles. The operator of the program, coordinating its work, selecting and examining projects, is VEB.RF.
The resolution was prepared to implement the instructions of the President following the XXVII St. Petersburg International Economic Forum, held in June 2024, and the meeting with members of the bureau of the board of the Russian Union of Industrialists and Entrepreneurs, held in April 2024.

Resolution of October 4, 2024 No. 1337
Amendments to be made to the Project Finance Factory program
1. In paragraph 31, the words "may not exceed 500 billion rubles" shall be replaced with the words "may not exceed 600 billion rubles".
2. Paragraphs one through four of subparagraph "a" clause 6 shall be amended to read as follows: "a) the syndicated loan (credit) agreement shall contain a condition on the use by the borrower of the funds received for one or more of the following purposes: financing of the factory project and (or) provision by the borrower of the received funds to the borrower's subsidiaries and dependent organizations for implementation in the direction of "Urban Economy"; acquisition of bonds, factory projects issued by a specialized financial company for the subsequent provision by such specialized financial company of funds in the form of a loan to a legal entity implementing the factory project, for financing the factory project; acquisition of bonds issued by a legal entity implementing the factory project, for financing the factory project." 3. In clause 9:
a) in paragraph five of subparagraph "g", the words "In case" shall be replaced by the words "In case of acquisition of bonds at the expense of the syndicated credit (loan),";
b) paragraph two of subparagraph "g" shall be set out as follows: "In case if the investment project for which the syndicated credit (loan) is provided corresponds to the industry areas stipulated by subparagraphs "d", "e" and "z" 1762083-Уч-2024 (3.0) 2 paragraph 2 of the appendix to this Program, and is implemented on the basis of one or more concession agreements (public-private partnership agreements or municipal-private partnership agreements), from January 1, 2026, for the purpose of selection for participation in this Program, such a project must meet one of the following conditions: ".
4. Subparagraph "b" clause 91 shall be set out as follows: "b) the presence of a condition that the investment project must provide for the receipt by the concessionaire (private partner) of income from the sale of goods produced by the concessionaire (private partner), the performance of work by it through the provision of services to individuals and (or) legal entities using the object of the agreement and (or) through other sources not related to the receipt of funds from the budgets of the budget system of the Russian Federation, funds from the budgets of state extra-budgetary funds of the Russian Federation, funds from state (municipal) institutions."

Government of the Russian Federation

performance of work by him at the expense of providing services to individuals and (or) legal entities using the object of the agreement and (or) at the expense of other sources not related to the receipt of funds from the budgets of the budgetary system of the Russian Federation, funds from the budgets of state extra-budgetary funds of the Russian Federation, funds from state (municipal) institutions.".

Government of the Russian Federation

performance of work by him at the expense of providing services to individuals and (or) legal entities using the object of the agreement and (or) at the expense of other sources not related to the receipt of funds from the budgets of the budgetary system of the Russian Federation, funds from the budgets of state extra-budgetary funds of the Russian Federation, funds from state (municipal) institutions.".

Government of the Russian Federation

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