WEB.The Russian Federation has developed a model for long-term financing of concession projects. This is stated in the message of VEB.RF.
The development of a financing model for public-private cooperation projects is an assignment from the President of the VEB State Development Corporation.The Russian Federation according to the results of the Eastern Economic Forum in 2025. Concession bonds are an important element of the model and are aimed at forming a long-term financial base for infrastructure projects that have entered the operational stage.
The document is based on a two-stage approach to financing, taking into account the specifics of risks at different stages of project implementation. During the investment phase, construction is financed by credit institutions, and after the facility is put into operation, the loans provided can be refinanced through the public offering of concession bonds.
For the first time, the document publicly and comprehensively describes the key terms of the concession agreement, direct agreement and pledge agreement necessary to protect the interests of creditors and holders of securities. The model is advisory in nature and is intended for structuring projects in which the parties plan to attract market financing using securitization and bond issuance mechanisms.
VEB is currently working on pilot projects using the model. Based on the results of their implementation, it is planned to update the document, taking into account the experience gained. In the future, the document will be updated as legislation changes and application practices accumulate.
The State Development Corporation "VEB. Russian Federation" (Vnesheconombank State Corporation) (TIN 7750004150) was established on the basis of the Federal Law of the Russian Federation "On the Development Bank" through the reorganization of Vnesheconombank of the USSR in 2007. Vnesheconombank is one of the development institutions whose activities are aimed at eliminating infrastructural constraints on economic growth, increasing the efficiency of natural resource use, developing high-tech industries, unlocking the innovative and productive potential of small and medium-sized businesses, and supporting the export of industrial products and services.
