In the context of the St. Petersburg International Economic Forum, VEB (Vnesheconombank) and Rosseti have signed the Agreement on General conditions for financing projects for the development of power grid infrastructure.

The document was signed by Egor Prokhorov, Deputy Finance Director of Rosseti, and Daniel Algulyan, Deputy Chairman of VEB.

The agreement is intended to further develop the partnerships in the context of the Memorandum on cooperation and interaction in the sphere of electrical network digital transformations signed by Igor Shuvalov, Chairman of VEB, and Pavel Livinskiy, Rosseti CEO, in February 2019.

The agreement provides for General terms of financing for the Rosseti group companies in the amount of up to 25 billion rubles. The funds can be used to support projects for the development of electric grid infrastructure involving the use of high-tech products produced by Russian enterprises.

"One of VEB's priorities is promoting the diversification of domestic industry. Today the VEB has a set of instruments of state support allowing to arrange concessional financing of projects aimed at stimulating demand and increase production of high-tech civilian products of Russian enterprises", Daniil Algulyan noted.

"Further development of partnership relations between VEB and Rosseti features prominently for large-scale project of digital transformation of the electric grid. I am sure that joint efforts aimed at stimulating the development of domestic production of high-tech civilian products for the needs of power grid industry will allow achieving the maximum effect for both producers and the Rosseti group," Yegor Prokhorov said.