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Investments under Project Finance Factory mechanism total $17.7 bln — Putin

The Project Finance Factory was launched in 2018

ST. PETERSBURG, June 3. /TASS/. The investment projects, which are currently being implemented using the Project Finance Factory mechanism amounted to about 1.3 trillion rubles ($17.7 bln), Russian President Vladimir Putin said on Thursday.

He was opening a ceremony of signing a number of agreements on the sidelines of the St. Petersburg International Economic Forum (SPIEF) via a videoconference call.

Putin noted that "business meetings are going on actively at the forum, a number of important agreements are being signed.

"In particular, VEB.RF, VTB and the Russian Platinum company plan to finance the development of the Chernogorsk platinum deposit in the Krasnoyarsk region," the President noted added that "the total investment in this large-scale project should amount to 570 bln rubles ($7.8 bln)."

"[For this project], the Project Financing Factory mechanism will be used, which will reduce market risks. Let me note that 16 projects with a total investment of about 1.3 trillion rubles are already being implemented within this mechanism," the head of state said.

The Project Finance Factory was launched in 2018. It is a financing mechanism which provides for the issuance of concessional loans for the implementation of investment projects worth at least 3 bln rubles ($40.9 mln) in priority sectors of the economy. State corporation VEB.RF and several banks act as the creditors, which then provide borrowers with a syndicated loan.

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