Financing infrastructure projects from Russia's NWF total nearly 1 trln rubles in 2024 - Finance Minister
MOSCOW. Dec 25 (Interfax) - Funds totaling nearly 1 trillion rubles have been allocated from Russia's National Wealth Fund (NWF) to finance infrastructure projects in 2024, Finance Minister Anton Siluanov said.
"We have replenished the NWF, as well as utilized resources from it, this year. Moreover, we have utilized them [the funds] to finance budget expenditures. We have taken 1.3 trillion rubles and replenished them with the same amount, slightly more, meaning that the NWF in general has not decreased or increased in the current year. We have allocated nearly 1 trillion rubles to infrastructure projects this year," Siluanov said in an interview with Rossiya 24 TV.
Siluanov said that these have particularly been projects in the area of aircraft manufacturing.
"We have financed the Ust-Luga project for gas processing and gas chemistry. There have been many other infrastructure projects. This policy will continue next year, we have a portfolio of our investment plans from the NWF, and it will be implemented in accordance with the needs of the progressing projects," Siluanov said.
The NWF totaled 13.097 trillion rubles, equivalent to $121.558 billion, or 6.8% of GDP, as on December 1. The Finance Ministry forecasts that the fund could total 11.055 trillion rubles, or 5.6% of GDP, by the end of 2024. Utilizing the fund's resources should total 1.3 trillion rubles. Replenishing the NWF in 2025 was previously estimated at 1.639 trillion rubles in the materials for the draft federal budget for 2025-2027. Meantime, replenishing was expected to total 1.559 trillion rubles on the back of oil and gas revenues. The volumes to replenish the fund are in line with the additional oil and gas revenues from previous years. The Finance Ministry has estimated that additional oil and gas revenues should total 1.559 trillion rubles in 2024. The exchange rate difference is expected to increase by 80.1 billion rubles in 2025. Siluanov later said that replenishing the fund was estimated at 1.3-1.4 trillion rubles in 2024.
