The SCO Interbank Consortium Development Strategy Approved

7 november 2011 года
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SCO Interbank Consortium member banks approved a Strategy of Further Development of the SCO Interbank Consortium for a Mid-Term Perspective (2012-2015) in the course of a meeting of the Council of SCO member states heads of governments in the city of Saint-Petersburg.

The document aims to more precisely identify priorities of joint activity taking into account actual tasks set by SCO member states, expand activity , enlist the services of observer states and SCO dialogue partners and monitor joint regional investment projects being implemented.

Vnesheconombank Chairman Vladimir Dmitriev proposed that this document was worked out at the 6th session of the SCO Interbank Consortium Council in 2010.

Before the session of the Council of SCO member states heads of governments there was an informal meeting the SCO Interbank Consortium Council where heads of the SCO Interbank Consortium member banks discussed issues of their current and future cooperation and summed up their performance for 2011.

In order to create a common business information space as a very important instrument for enhancing economic ties between SCO member states an International Business Forum ‘The Moscow Business SCO Dialogue” was held in Moscow on the same day. The Forum’s participants discussed issues of information technologies development, internet-communications, electronic commerce, exhibition activities, cooperation in power engineering, youth entrepreneurship and interaction between small and medium businesses.

The Shanghai Cooperation Organization Interbank Consortium was established on October 26, 2005. Its activity is aimed at supporting interregional economic development. The Interbank Consortium incorporates the following SCO member states’ authorized banks: the Kazakhstan Development Bank, the China State Development Bank, RSK Bank (Kirgizia), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Tajikistan State Savings Bank ‘Amonatbank’, and the Uzbekistan National Bank for Foreign Economic Affairs. The China State Development Bank has been the Chairman of the SCO Interbank Consortium since October 26, 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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Vnesheconombank Organizes a Round Table Discussion on Enhancing Investment Climate in Russia

2 november 2011 года
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A round table discussion on enhancing investment climate in the Russian Federation and on setting up an international financial (IFC) in Moscow was held at Vnesheconombank’s Representative Office in London. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Russian-British Chamber of Commerce (RBCC) acted as organizers of the round table discussion.

Among the speakers at the round table discussion attended by representatives of British business, financial and official circles were Russian ambassador to Great Britain Alexandr Yakovenko, Russian Central Bank First Deputy Chairman Alexei Uluykaev, Board Member - Vnesheconombank First Deputy Chairman Nikolai Kosov. Alexei Ulykaev told the round table discussion’s participants in great detail about main lines of the Central Bank’s monetary policy, microeconomic and financial stability in Russia. Representatives of the British business community were informed on the reforms being carried out by the Russian Government to boost Russia’s investment appeal and set up an international financial center as well as on sustainable national economic indicators and plans for Russia’s infrastructure development.

Alexandr Yakovenko informed the participants on the results of British Prime Minister David Cameron’s visit to Moscow in September of 2011 and on the accords reached at the talks with the Russian leadership on deepening bilateral cooperation in specific areas including the creation of an international financial center in Russia, a new important role of such Russian institutions as the Agency for Strategic Initiatives and the Russian Direct Investment Fund.

Nikolai Kosov told the round table discussion’s participants about establishing Russia’s Export Credit and Investment Insurance Agency and its role in boosting the Russian economy and Russian-British cooperation. A conceptual decision on setting up a specialized financial institution responsible for insuring export credits and investments by Vnesheconombank was made by the Bank’s Supervisory Board in July of 2010.

The Agency’s charter and governing bodies were approved in September of 2011. The Agency is expected to start operating in 2011.

The Russian delegation held a number of talks with the management of London-based financial institutions and representatives of British official circles. At a meeting with Alderman David Wootton (he is to take office as Mayor of the City on November 11, 2011) and the management of TheCityUK we reached accords on our further cooperation, identified plans and priorities of the Russian-British Working Group on Creating an International Financial Center in Moscow.

The Russian-British Working Group was established in June of 2011 to help set up an International Financial Center in the Russian Federation. The first meeting of the Working Group took place at Vnesheconombank on June 27, 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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Russian-German Conference on Small and Medium-Sized Enterprises Held

2 november 2011 года
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A Russian-German conference on small and medium-sized enterprises “Programs of Supporting Small and Medium-Sized Enterprises: Development and Prospects. A Role of development Institutions was held in Saint-Petersburg. State Corporation ‘’Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, Banking Group KfW Bank and Open Joint Stock Company SME Bank acted as organizers of the conference.

The conference was held with the assistance of the German Federal Ministry of Economics and Technology (under the TRANSFORM Program) and the Office of the Presidential Envoy to the North-West Federal District as well as with the organizational support of LLC OST-EURO-Consult.

The main theme of the conference was the promotion of Russian-German business relations and informing the banking and business community on Vnesheconombank’s and KFW’s joint programs in providing support for SMEs.

The Presidential Deputy Envoy to the North-West Federal District opened the conference and then German Deputy Consul General in Saint-Petersburg Ferdinand von Weyhe gave a welcoming address.

Among the speakers at the first podium discussion devoted to issues of government for small and medium-sized enterprises through development institutions in Russia as well as to Vnesheconombank’s programs of funding SMEs were Director of Vnesheconombank’s SME Promotion Department, Director of the Russian Economic Development Ministry’s SME Development Department Natalia Larionova, Director General of the Russian SME Promotion Agency Natalia Smirnova, the Chairman of SME and Consumer Market Development in the Leningrad region, representatives of Saint-Petersburg’s government.

Alexei Eskindarov said that Vnesheconombank cooperates actively with KfW in providing support for Russian small and medium-sized enterprises and implementing joint programs designed to provide SMEs with wider access to financial resources. To this end, Vnesheconombank raised 300 million euros from KfW and 100 million euros of these funds were used to implement innovation and modernization projects.

The second round was devoted to discussing Vnesheconombank’s and KfW’s practical experience in funding SMEs as well as to cooperation with foreign development institutions. Among the main speakers at the conference were: Director for CIS countries and Eastern Europe at KfW Eva Witt, Board Member-SME Bank First Deputy Board Chairman Dmitry Golovanov, Head of Institutional and Banking Division, Structured Finance at Eurasian Development Bank Victoria Chentsova. Representatives of the banks that organized the Forum told its participants about Russian-German cooperation in implementing projects aimed at supporting SMEs, new initiatives  and instruments for financing projects, above all, innovation and modernization ones. In his address D. Golovanov said, “SME Bank has moved to a new stage of supporting small and medium-sized enterprises, that is, those enterprises that promote new technologies, master thoroughly new methods of doing business.” In our opinion these small and medium-sized enterprises are involved in implementing modernization, innovation, energy-efficiency and resource-saving projects. These enterprises are sure to become standard-bearers of the Russian economy. And as far as they are concerned, development institutions would always have sufficient capabilities to support them”.

It’s of crucial importance today to assist small and medium-sized enterprises in implementing modernization, innovation and energy-efficient projects. SME Bank’s strategy is aimed at funding this sort of enterprises. In order to unlock Russian SMEs potential they need to be funded adequately provided with incentives by the state. They also have to apply the world’s best practices including in the monetary policy.

The third round was devoted to finance and credit support for business and investment activity as well as to overcoming administrative barriers to entrepreneurial activity. Sergei Zimin acted as a moderator of the round-table discussion. Among the speakers at the third round of discussions were representatives of SME Infrastructure Support Institutions as well as heads of small and medium-sized enterprises of Saint-Petersburg, the Leningrad region and other regions of the North-West Federal District. They told about various aspects of supporting businessmen and about the current problem and way of addressing them.

In the opinion of most speakers the conference became a platform for sharing experience in providing support for SMEs in Russia and Germany. And further cooperation would make it possible to address issues of creating a favorable environment for promoting small and medium-sized enterprises.

In the course of the Forum, Banking Group KfW and OJSC Spurt signed a Credit Agreement. Under the Agreement credit resources worth 30.0million US dollars are to be used to fund SME energy-efficiency projects. The said funds are provided by KfW against Vnesheconombank’s guarantee as part of implementing the Agreement on the German-Russian Initiative on Supporting SMEs signed between Vnesheconombank and KfW.

In the attendance of the Forum were representatives of government authorities of the North-West Federal District including the Government of the Leningrad region, and the Government of Saint-Petersburg, the German General Consulate in Saint-Petersburg , SME infrastructure support institutions of Saint-Petersburg and the North-West Federal District, representatives of partner banks – Banking Group KfW and SME Bank, as well as representatives of small and medium-sized enterprises of Saint-Petersburg and the North-West Federal District and regional mass media.

 

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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Information Report on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

1 november 2011 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund as of November 1, 2011

The Reserve Fund

The aggregate amount of the Reserve Fund was 790.02 billion rubles, which is equivalent to 26.42 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 11.08 billion US dollars
  • 9.04 billion euros;
  • 1.58 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund recalculated in dollars in the Bank of Russia’s foreign currency accounts for a period from January 15, 2011, to October 31, 2011, was 0.40 billion US dollars, which is equivalent to 11.94 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to October 31, 2011 was a positive value of 15.12 billion rubles.

The National Wealth Fund

In October of 2011 in accordance with Federal Law dated October 13, 2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” and Resolution of the Russian Government dated January 19, 2008 № 18 monetary resources of the National Wealth Fund in the amount of 14.00 billion rubles were placed on Vnesheconombank’s deposit in order to extend credits to OJSC Housing Mortgage Lending Agency.

The aggregate amount of the National Wealth Fund was 2 .726.42 billion rubles which is equivalent to 91.19 billion US dollars including:

1)     In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 27.99 billion US dollars;
  • 24.41 billion euros;
  • 4.43 billion pounds sterlings;

2)     455.02 billion rubles and 6.25 billion US dollars are deposited with Vnesheconombank.

In October of 2011, incomes from placing the Fund’s monetary resources on Vnesheconombank’s deposits in the amount of 7.19 billion rubles which is equivalent to 0.22 billion US dollars were transferred to the federal budget. The aggregate income from placing the Fund’s monetary resources on Vnesheconombank’s deposits from January to October of 2011 was 29.68 billion rubles which is equivalent to 1.00 billion dollars.

The aggregate calculated income from placing funds of the National Wealth Fund recalculated in dollars in the Bank of Russia’s foreign currency accounts for a period from January 15 to October 31, 2011, was 1.05 billion US dollars, which is equivalent to 31.46 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to October 31, 2011 was a positive value of 37.93 billion rubles and the exchange rate difference from recalculating funds placed on Vnesheconombank’s deposits in US dollars was a negative value of (-)3.62 billion rubles.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

 

Origin: Press Service of Russia’s Finance Ministry

 

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On Payments to Repay Foreign Debt of the Russian Federation

31 october 2011 года
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In accordance with the terms of issuing eurobonds and on the Russian Finance Ministry’s instructions Vnesheconombank  transferred to Citibank N.A. London Office funds in the total amount of 123 million 750 thousand US dollars to make a payment to repay the government foreign debt of the Russian Federation including: 

  • in the amount of 36 million 250 thousand US dollars to pay coupons on eurobonds with a final maturity date of 2015 issued in the amount of 2 billion US dollars in 2010;  
  • in the amount of 87 million 500 thousand US dollars to pay coupons on eurobonds with a final maturity date of 2020 issued in the amount of 3.5 billion US dollars in 2010. 

The payment was made in a single currency.

 

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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