Prime Minister Vladimir Putin Holds a Working Meeting with Vnesheconombank Chairman Vladimir Dmitriev

31 october 2011 года
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Transcript of the meeting’s beginning:

V.V. Putin: Mr Dmitriev, let’s start with the Direct Investment Fund. I’d also like to know how your bank provides support for our exports in various ways.

Your bank is working towards this end. Here I mean providing support for export contracts and other lines of activity, such as, for example, insurance. Go ahead, please.

V.A. Dmitriev: It is safe to say that the Russian Direct Investment Fund has got off to a good start. On May 18, 2011 you met with leaders of the international investment market, leaders of the largest investment companies, sovereign investment funds. A little more than half a year has passed since then and now we can say that the fund is operating. Most importantly, it is working on specific projects. Now we plan to carry out about 20 projects, that is, potential investment transactions worth about $5 billion.

It is important that all the investors who met you have confirmed their readiness to participate in the projects we are offering them. Moreover, apart from these projects, they are launching their own initiatives as well.

An agreement on setting up a joint investment fund signed with the China Investment Corporation during your visit to China is also very important to us. This is one of the largest existing funds responsible for managing assets worth about $450 billion. Regrettably, it was not present in Russia before. This agreement is a major breakthrough in Russian-Chinese investment relations. Now, we are completing work on the memo of understanding that we signed to be able to enter into specific agreements on establishing this fund. The readiness of our Chinese partners to move forward at such a pace is a pleasant surprise. We hope to complete at least two transactions before this year’s end and conduct most transactions next year.

Foreign investors are ready to invest their money together with the fund in sectors that are in line with the modernization program and generate good profits for them. It is good that small- and medium-sized enterprises are interested in operating in these sectors – agriculture, mass consumer goods, retail chains, medicine and healthcare. Strange as it may seem but in healthcare, apart from pharmaceuticals, they are considering the formation of private clinics throughout the country on the principles of  public-private partnership. There are funds specializing in this area. They can share their most advanced experience in corporate governance and technologies themselves.

V.V. Putin: And what can you say about cooperation with other investment funds besides the Chinese partners?

V.A. Dmitriev: We have good relations with funds in the Persian Gulf area primarily Kuwait and Abu Dhabi. Naturally, we are also cooperating with US and British direct investment funds, such as TPG and Blackstone and others on specific projects.

V.V. Putin: Good. Let’s now move to exports. Providing support for…

V.A. Dmitriev: I’m glad to say that the Export Credit and Investment Insurance Agency (ECIA) has started operating. Under the decision taken by the Supervisory Board, we have not only established a management team headed by a director general but also held the first meeting of the Supervisory Board. Apart from the Board, we have also set up working committees that include both the Supervisory Board’s members as well as independent experts. These are committees on auditing, strategic management and personnel that fit in into a normal practice of a serious agency's corporate governance.

Now I’d like to say a few words about specific transactions. Our team has just returned from Indonesia where we discussed specific deals – albeit not the first ones – in which the fund will take part. This includes promoting our medium haul Sukhoi Superjet on the Indonesian market. Importantly, the formation of the ECIA will allow us to promote this aircraft under tripartite agreements with such leading insurance agencies as Coface in France and SACE in Italy. These insurance agencies did not want to deal with any companies that were not state-owned. This is why the ELIIA will help us promote our airliner in third markets in this tripartite format.

V.V. Putin: It is a good thing that you are focusing on such a high-tech product. These instruments were created to this end.

 

Origin: Internet-portal of the RF Government

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Vnesheconombank and the Belgorod Region Intend to Cooperate in the Investment Activity

26 october 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Belgorod region signed an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Belgorod region Government - by Governor Evgeny Savchenko.

The Agreement provides for promoting long-term and effective cooperation in the investment activity and establishing strategic partnership.

Under the Agreement the parties intend to cooperate in raising funds to finance investment projects to be implemented among other things on public private partnership conditions, work out schemes for funding them, cooperate in evaluating investment projects and participate in providing financial support for small and medium-sized enterprises.

Vnesheconombank is to be responsible for coordinating interaction between its subsidiary banks and the Government of the Belgorod region.

Under the Agreement the Government of the Belgorod region has sent a list of investment projects scheduled to be implemented on the region’s territory to Vnesheconombank.

The total value of projects submitted by the region to Vnesheconombank is about 86.8 billion rubles; Vnesheconombank’s potential participation share is 74.7 billion rubles. The implementation of the projects is expected to create more than 15.6 jobs and revenues in budgets of all levels are to amount to 91.2 billion rubles.

This Agreement’s implementation will help to expand investment activity, address problems of the region’s socio-economic development, increase the region’s economic and industrial potential.

As of October 201l, 5 investment projects of the Belgorod region worth 20.1 billion rubles were under consideration at Vnesheconombank, with Vnesheconombank’s participation share being  15 billion rubles. These projects’ implementation is expected to create more than 800 jobs, budget revenues will increase by 1.7 billion rubles.

 

Press office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank Conducts Workshop on Development Projects for the Siberian Federal District Regions

21 october 2011 года
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As part of implementing the educational project “Training of Specialists – Participants in Investment Projects Implemented with the Assistance of Development Institutions”, Vnesheconombank held a workshop “Vnesheconombank: Development Projects of the Siberian Federal District”.

In the attendance of the workshop were more than 50 representatives of the Siberian Federal District’s business community as well as representatives of the District regions’ government and municipal authorities.

Welcoming addresses were given to the workshop’s participants by Krasnoyarsk Territory Deputy Prime Minister Andrei Gnezdilov, Chief Federal Inspector of the Presidential Envoy Office in the Siberian Federal District Ivan Goncharov, Deputy Minister of Investments and Innovations of the Krasnoyarsk Territory Andrei Tregubov, Director of Vnesheconombank’s Bank Operations Management Directorate Sergei Noskov and Director of Vnesheconombank’s Regional Policies Department Sergei Astafurov.

In the course of the workshop representatives of Vnesheconombank’s Group spoke of Vnesheconombank’s top-priority lines of activity in the Siberian Federal District, told the workshop’s participants in great length about principles and criteria of selecting investment projects at Vnesheconombank, SME Bank’s programs designed to support small and medium-sized enterprises and gave examples of Vnesheconombank’s investment projects in the sectors that are of great importance for the Siberian Federal District as well as projects implemented by the Bank with the use of PPP mechanisms.

During the round-table discussion “Investments Potential of the Siberian Federal District” the workshop’s participants were especially interested in presentations and discussions of projects that have been already successfully implemented and are scheduled to be implemented with Vnesheconombank’s participation. The Bank’s potential borrowers were given practical recommendations by representatives of Vnesheconombank’s Group on finalizing potential projects.

In conclusion of the workshop its participants said that it was necessary to boost investment literacy of young specialists and students of the country’s leading universities. As a result of the workshop a decision was made to hold a competition for doing a practical training at Vnesheconombank and at its subsidiary banks. Vnesheconombank’s Representative Office in Krasnoyarsk is to be responsible for selecting the competition’s participants.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank and Germany’s BHF-BANK Aktiengesellschaft sign loan agreements

20 october 2011 года
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The State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and Germany’s BHF-BANK Aktiengesellschaft, a leading provider of export and commodity finance with a long track record in structured export finance in Russia and other Eastern European countries, have signed several individual loan agreements. These facilities will finance the supply of German equipment as part of the project aimed at developing and engineering the production of a new family of YAMZ-530 engines with an engine capacity range of 120-315 hp implemented by OJSC Avtodiesel (YAMZ).

The agreements were signed on behalf of Vnesheconombank by Petr Fradkov, Member of the Board – Deputy Chairman, and on behalf of BHF-BANK Aktiengesellschaft by Walter Schwertner, Vice President and Uschi Kirchner, Vice President.

Within the scope of the above documents, BHF-BANK Aktiengesellschaft will provide Vnesheconombank with loans totalling EUR 31.48 million. The amount of the loan agreement with Euler Hermes coverage is EUR 26.89 million. The total tenor of the Euler Hermes-backed financing is 8 years. The commercial loan agreement amounts to EUR 4.59 million.

The implementation of this project will help to meet demand among Russian manufacturers of trucks, agricultural and road construction equipment for competitive diesel engines assembled as far as possible using Russian-made components and parts. The launch of a new production facility with a high proportion of local input will help to ensure that products have lower unit costs than similar imported goods.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-43-96, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank Conducts Training Workshop for the Kazakhstan Development Bank

19 october 2011 года
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As part of implementing the Agreement “On Cooperation in Training Personnel and Sharing Experience between Banks-Members of the SCO Interbank Consortium”, Vnesheconombank organized and held a training working shop for specialists of the Kazakhstan Development Bank (KDB) in a period from 10 to 13 October of 2011

Executives and specialists of Vnesheconombank’s key structural subdivisions presented information of the Bank’s top-priority lines of activity as well as the largest investment projects being implemented with VEB’s participation including those carried out on the conditions of public private partnership, they also told KDB representatives about principles and criteria of selecting investment projects at Vnesheconombank.

In the course of the workshop its participants discussed instruments for raising funds to implement investment projects as well as specifics of funding export projects and main mechanisms for monitoring and managing projects with due regard to changes emerging during their implementation.

In order to demonstrate the presented information in practical terms, KDB representatives were given an extended presentation on a facility funded by Vnesheconombank namely the Kolomenskoye Gas-Turbine Power Plant, which they also visited.

The SCO Interbank Consortium was established on October 26.2005. Its activity is designed to support regional economic cooperation. At the moment, it incorporates State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Kazakhstan Development Bank, the China State Development Bank OJSC RSK Bank, the Tajikistan National Savings Bank ‘Amonatbank ’and the Uzbekistan National Bank for Foreign Economic Affairs. The Kazakhstan Development Bank acts as the chairman bank in 2010-2011.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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