VTB and Alabuga to fund infrastructure for 51 billion rubles

VTB and the Special economic zone «Alabuga» signed an agreement on financial and economic cooperation. The agreement includes the obligations to implement the next stages of the plan of prospective development of Alabuga and other areas of economic cooperation. Also VTB and SEZ «Alabuga» signed a credit agreement on financing of the first stage of the project of perspective development of SEZ «Alabuga» in the amount of 51 billion rubles. The total amount of financing amounts to 194 billion for the period until 2032.

As part of the first stage of the project, the Bank will finance the construction of infrastructure facilities of the Special Economic Zone, new production buildings, a complex of training facilities and personnel, etc.

«Supporting the sustainable development of the regions and their production sites, increasing the volume of knowledge-intensive production in the country and developing new areas of industry are the key objectives of VTB as a systemically important financial institution», said Valery Lukyanenko, VTB Deputy President - Chairman of the Management Board.

«Such examples of dynamic development of special economic zones prove the high potential of preferential treatment, which, as practice shows, is realized with due attention and support from regional authorities and effective management of such sites», - said Deputy Minister of Economic Development of Russia Dmitry Vakhrukov.

«The signed agreement secures further steps in the implementation of industrial initiatives of the republic and strengthens VTB's reliable partnership with Tatarstan. Implementation of the project of SEZ «Alabuga» will open a «window of opportunity» to attract new investment projects to the regional economy, increase the number of jobs to 24 700. On the basis of the special economic zone «Alabuga» competitive enterprises will be created, production capacities of which will contribute to the solution of the urgent task - development of the industrial potential of the republic», - commented the manager of VTB in Tatarstan, Vice-President Maryam Davletshina.

«According to the results of 2021, imports into Russia exceeded 22 trillion rubles, so it is especially important to create new import-substituting enterprises. The basic condition for the development of the country's industry with a high level of localization is the advance construction of a full range of infrastructure to address all the main pains of investors, including providing investors with ready-made production facilities just-in-time. However, the most complicated issue that needs to be solved is the shortage of qualified workers in Russia. If there is no staff there will be no new projects. That's why we created the largest center for training skilled workers «Alabuga Polytechnic» with the capacity of 10 thousand people per year. Despite the turbulence in the economy, Alabuga together with VTB will provide funding for the first stage of the breakthrough scenario of the Alabuga development plan, including all necessary social infrastructure for training skilled workers for 10 thousand people a year», - said Timur Shagivaleev, General Director of SEZ Alabuga.

Today 33 enterprises are operating in Alabuga, the actual volume of resident investments exceeds 157 billion rubles, more than 9,500 jobs have already been created, the residents' revenue for last year was 136 billion rubles. For investment projects SEZ «Alabuga» is a full-cycle partner, providing the best engineering, construction, human and social infrastructure. The signed agreement between VTB and «Alabuga» will strengthen the investment attractiveness of the SEZ and accelerate the implementation of import substitution program in Russia.

«Such examples of dynamic development of special economic zones prove the high potential of preferential treatment, which, as practice shows, is realized with due attention and support from regional authorities and effective management of such sites», - said Deputy Minister of Economic Development of Russia Dmitry Vakhrukov.

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