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- FEDF Invests RUB 16.4 bln in Projects Implemented in the Russian Far East in 2019
In 2019, Far East and Baikal Region Development Fund JSC (the FEDF, sole shareholder — VEB) invested RUB 16.4 bln in infrastructural and industrial projects in the Russian Far East, 54% more than in 2018.
According to the FEDF Press Office, the Fund has invested a total of RUB 59.6 bln in 17 projects (net of completed projects) since 2015, including RUB 46.9 bln that has already been made available to initiators in accordance with the financing schedule.
2019 saw the commissioning of infrastructure facilities of strategic importance for the Russian Far East erected with assistance from the FEDF: the passenger terminal in the Khabarovsk Airport (the project has been co-financed by VEB.RF) and the new Sakhalinskaya GRES-2 power plant.
“In December, the Amur Region launched Russia’s first production facility for soybean isolate. Implementation of major industrial projects has been launched in the Primorye and Khabarovsk Territories — construction of a natural gas chemical plant and development of the porphyry copper-gold deposit. Financing under the Affordable Loans for SMB program has been increased. This program made it possible to create over 850 small and medium business projects in the Russian Far East”, the press release reads.
In 2020, the Fund’s capital amounting to RUB 60 bln will be increased by more than a third due to the scheduled additional increase of the capital provided for by the 2020 federal budget law.
“This money along with refunds and interest income under the extended loans will make it possible to finance new projects in the Far Eastern Federal District and in the Arctic Region. The Fund will allocate a total of RUB 15 bln to the Arctic projects”, the FEDF representatives said.
The Far East and Baikal Region Development Fund is a public financial development institution investing in the creation of new enterprises and infrastructure facilities.