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Tuesday, March 19, 2019

Russia reallocates $737.7 million from welfare fund to finance infrastructure

Gazprombank announced on Thursday that approximately $737.7 million will be issued by the Russian Federation to finance infrastructure projects.

The bank states that this funding is coming from the national welfare fund. This and capital increase measures are aiming to enhance the financial system in Russia overall and to stabilize the situation through capital adequacy and credit extensions. 

At the end of 2014, the Russia invested approximately $720 million into the bank through the purchase of shares, according to a Moscow Times report. In the report, it states that Gazprombank was among the Russian banks that struggled with sanctions from the West, in response to the situation in Ukraine, adverse economic conditions and a falling national currency.

This most recent funding for self-sufficient infrastructure and other kinds of investment projects is a subordinated deposit.

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Gazprombank - Russia

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