OREANDA-NEWS. In the course of the 14th International Investment Forum Sochi-2015 and in the presence of Russian Prime Minister Dmitry Medvedev, Vnesheconombank and CJSC R-Pharm entered into a credit agreement to fund a project on the creation of an advanced pharmaceutical production facility to manufacture import substitution pharmaceutical substances and finished pharma products in the Yaroslavl region as well as R&D program.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of CJSC Pharm by - President Alexei Repik.

A total value of the project on the creation of an advanced pharmaceutical production facility to manufacture import substitution substances and finished pharma products in the Yaroslavl region as well as funding for the R&D program of CJSC R-Pharm is 19.7 billion rubles, with Vnesheconombank's participation share being 14.61 billion rubles. VEB's Supervisory Board made a decision on the Bank's participation in this project in late September of 2015

The project provides for constructing a pharm-substances plant in the city of Rostov and the second stage of the finished pharma products plant in Yaroslavl as well as completing R&D on seven original medications -innovative developments including those intended for exports.

The project's implementation is inline with objectives and tasks set in the Federal Target Program " Development of Pharmaceutical and Medical Industry in Russia up to 2020 and in the longer term", the State Program of Developing Pharmaceutical and Medical Programfor a Period of 2013-2020, and the Strategy for theDevelopment of Pharmaceutical Industry for a Period of up to 2020.

A social component of this program is to create more than 500 new highly qualified jobs. Budgetary revenues in the budgets of all levels are expected to exceed 16.7 billion rubles.

At present, Vnesheconombank's governance bodies have approved 47 projects aimed at developing innovations. Their total value is about 1.3 trillion rubles, with Vnesheconombank's participation share exceeding 600 billion rubles.