The Development Award is an award of federal importance that is given by Vnesheconombank for outstanding achievements in the implementation of nationally significant investment programmes and projects. Although 2013 was the 1st year when the award was given, this event sparked a strong public reaction. The awards ceremony was held at the 17th Saint Petersburg International Economic Forum in the presence of the country’s leaders. During the forum, the Development Award was informally named “Investment Oscar”.
In 2012, to encourage investment activities and build a robust and attractive investment climate in Russia, Vnesheconombank established the Development Award, a national annual competition. The award is given for outstanding achievements in implementing nationally important investment programmes and projects. The competition’s strategic goal consists in achieving the social and economic targets and objectives related to the modernisation of the Russian economy and social and economic development of Russia.
As part of organising the Development Award competition, Vnesheconombank developed, and its Supervisory Board approved, the legal and regulatory framework for the competition, formed the award committee that comprised renowned experts, and created a standing working group that addressed organisational issues and ran the competition itself.
The winners of the 1st Development Award were selected by the award committee. In evaluating projects and selecting nominees and awardees, the committee examined whether the investment projects were innovative and were focused on exports or import substitution, and what their socio-economic and environmental implications were.
The winners of Development Award 2013 were approved by the Supervisory Board of Vnesheconombank. The awards ceremony of the first Development Award competition took place at the 17th Saint Petersburg International Economic Forum held in June 2013. The awards were handed out to the winners by Sergei Ivanov, Chief of Staff of the Presidential Executive Office, and Vladimir Dmitriev, Vnesheconombank’s Chairman.
The 1st Development Award proved a milestone event that witnessed positive trends in the investment climate in Russia. The competition’s outcome also shows that the country is implementing numerous projects that may serve as examples of a weighted and successful policy effectively combining private capital and various forms of government support.