Russian Government and Bank of Russia approve joint roadmap on investment funding
The Government of the Russian Federation and the Bank of Russia have approved the Action Plan (roadmap) for allocating available funds for investment projects. In particular, this roadmap will promote the development of long-term finance instruments.
The roadmap is to address two key objectives: the creation and expansion of the range of financial instruments for investment projects and the alteration of financial institutions’ operation principles for the implementation of investment projects.
The roadmap provides for opening and expanding opportunities for using the existing equity, debt and hybrid financial instruments. Specifically, this action plan suggests the introduction of multiple-voting preferred shares, an increase in the portion of preferred shares in joint-stock companies’ equity, the development of shareholders’ agreements and the SPAC mechanism in accordance with Russian laws, and the promotion of financing of small and medium-sized businesses, including through digital factoring.
The Bank of Russia will include a range of points from the roadmap in its action plan for the implementation of the Guidelines for the Development of the Russian Financial Market in
The Government of the Russian Federation and the Bank of Russia will establish a task force headed by First Deputy Prime Minister of the Russian Federation Andrey Belousov and Bank of Russia Governor Elvira Nabiullina. The task force will include representatives of the Government, the Bank of Russia, and the expert community.
The task force will act as an advisory board. In addition to the plan implementation, the task force is to deal with such issues as the allocation of available funds for investment projects and the development of financial instruments and venture capital finance.