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VEB to invest RUB 2tn in the national economy by the end of 2015

Yesterday, during the VEB Supervisory Board meeting, Prime Minister Dmitry Medvedev confirmed that VEB planned to invest around RUB 1.9tn (or 2.4% of GDP) into the Russian economy by the end of 2015.

VEB’s goal is encouraging as it complies with the planned transition from a consumption-based growth model towards an investment-driven environment, which was set in President Vladimir Putin’s decree of 7 May. Along with VEB’s financing, other potential significant sources of investment growth over the coming years are the Pension Fund (under a scenario with a selfsufficient pension system in Russia; the deadline for a final version of the pension reform is September this year) and the domestic Government debt (as OFZ market liberalisation is under way). Importantly, implementing a new growth model in Russia implies long-term investments in infrastructure projects, hence we expect VEB is aimed at financing them.

Alexey Moiseev, Maxim Oreshkin, Daria Isakova
VTB Capital analyst

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