“Project finance factory” could be expanded to include technology taxonomy projects

The Ministry of Economy proposes to expand the “project financing factory” by including in this mechanism projects financed by banks within the technological taxonomy. We are talking about issuing guarantees from VEB.RF to secure loans and subsidizing the lending rate in the event of an increase in the key rate of the Central Bank. The guarantee limit is limited to 200 billion rubles, which will make it possible to finance projects for a total amount of at least 400 billion rubles. It is assumed that such additions will increase investment in priority projects.

The Ministry of Economy has prepared a draft program to support projects within the technological taxonomy. Recall that we are talking about initiatives that meet the goal of achieving the technological sovereignty of the Russian Federation declared by the authorities (by creating new capacities and technologies in industries with a degree of localization of less than 50%). Also supported are projects aimed at structural adaptation of the economy through the reorientation of exports (see Kommersant of April 18). For such projects, it is expected to reduce the risk ratios when lending to banks in order to reduce interest rates by 0.5–1 point compared to the market level. By 2030, such loans are expected to be issued in the amount of 15–20 trillion rubles. Note that the taxonomy itself is focused on market instruments (financing is provided by commercial banks) and is positioned as a basic mechanism that can be supplemented, among other things, by state support measures (see Kommersant of April 27).

Now, according to the draft government decree prepared by the Ministry of Economy, this program is planned to be combined with a “project financing factory” – a mechanism for financing large projects through syndicated loans attracted by VEB.RF at preferential rates with a guarantee of their invariance throughout the entire period of implementation of initiatives. As follows from the document, technological sovereignty projects financed by banks outside syndicates will be singled out as a separate track in the form of “technological loans” secured by VEB.RF guarantees. Such guarantees can provide from 10% to 50% of the loan amount for up to 16 years – the total limit on their issuance within the “factory” will be limited to 200 billion rubles. At the same time, according to the project, the limit of VEB tranches within the framework of syndicated loans to finance “usual” projects for the “factory” remains at 500 billion rubles. As VEB explained to Kommersant, “the limit of guarantees is allocated additionally within the framework of the factory, this will allow financing projects with a total value of more than 400 billion rubles.”

Projects financed by technology loans within the framework of the “factory” will receive a guarantee of the unchanged rate throughout the entire loan term due to state subsidies for exceeding it with an increase in the key rate of the Central Bank (except when the project has already been provided with state support). For such projects, separate criteria are established: the project must be worth from 1 billion to 20 billion rubles. (the usual entry threshold is 3 billion rubles), a loan for a period of 3 to 15 years (usually up to 20 years), the minimum share of the investor’s own funds in the project is 15%.

According to the Ministry of Economy, this will expand the list of “factory” projects, increase the availability of project financing, as well as increase the volume of investments, including those aimed at achieving technological sovereignty and structural adaptation of the economy.

Evgenia Kryuchkova