Vnesheconombank hosted a working meeting of the International Development Finance Club Sherpas

The event brought together 18 representatives from 11 international development institutions. The participants were addressed by Chairman of Vnesheconombank Sergey Gorkov. First Deputy Chairman of Vnesheconombank Nikolay Tsekhomsky highlighted Vnesheconombank’s updated strategy and specified the objectives facing the Bank in the near term. According to Mr. Tsekhomsky, VEB is constrained to operate in an unusual for development banks environment due to the American and European sanctions and, subsequently, is prevented from borrowing in major global markets. However, continued Mr. Tsekhomsky, VEB is set to be highly innovative and seek solutions that would help promote the Russian economy without increasing the Bank’s balance.

During the meeting, representatives of the IDFC member-banks discussed prospects for cooperation, in particular, investment project co-financing and sharing of experience in deal structuring. Traditionally, much attention was paid to green finance and helping the UN achieve the Sustainable Development Goals. Sessions and discussions focused on best practices of leading development banks in introducing banking products, carrying out energy efficiency finance schemes, as well as financing climate change mitigation measures. The participants developed an action plan for the end of 2016/2017, which is to be approved at the Club’s Annual Meeting in October 2016 in Washington.

Furthermore, the IDFC Sherpas made a decision to establish a task force on project structuring and preparation. The task force’s main objective will be to review the experience of the IDFC members in the preparation and delivery of projects, as well as come up with practical recommendations as to how to streamline the related processes. Vnesheconombank will be one of the organizers of the task force.