INTERVIEW: VEB’s Chinese partners to invest in Russian tech ideas

MOSCOW, Sep 1 (PRIME) -- Chinese partners of Russian state development bank Vnesheconombank (VEB) are interested in local quantum technologies and blockchain and are ready to invest, the bank’s First Deputy Chairman Nikolai Tsekhomsky said on Friday in an interview to PRIME.

“We have really signed several agreements, including with China Development Bank. We are also partners with Harbin Bank, with which we’re forming a fund to invest in new technologies. While creating the fund, we earmarked a whole range of potential companies, including those in space technologies and a project with Wi-Fi infrastructure in cities. The work is well under way on these initiatives,” Tsekhomsky said.

The fund is being created and it could represent a family of funds. “We’ve agreed on quite significant investments from the Chinese partners,” he said.

“In addition to banks…third-party investors will be also engaged. We spoke about a U.S. $700 million fund, where Harbin Bank and we will contribute about $200 million and $500 will come from other investors. From the point of view of possible investment, which we could do, we spoke definitely about Dauria Aerospace, Maxima Telecom, and Hoversurf.”

VEB earlier signed an agreement with China Development Bank to invest some $900 million in new technologies. “It’s an interesting move, because the bank had been historically focused on export projects for China. It’s evolution; they’re interested in looking at hi-tech ideas,” the executive said.

“We showed them many projects; they were very interested in quantum technologies, among others, where China enjoys certain leadership already, and in blockchain. We have many cross-points, and I expect them to be ready to invest. Most likely, it will be lending, and it’s quite hard to credit an innovative product unlike a standard industry. There’ll be much talk here, but what is important is that we have a confirmed readiness to invest from our partners.”

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