Vnesheconombank and the Russian Technological Development Fund Agree to Support Innovative SMEs
In the course of the Second Annual Forum “Small and Medium-Sized Enterprises – Contribution to the New Economy” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Russian Technological Development Fund entered into a Memorandum of Strategic Partnership and Cooperation.
On behalf of Vnesheconombank the Memorandum was signed by Board Member – Vnesheconombank Deputy Chairman Mikhail Kopeikin and on behalf of the Russian Technological Development Fund – by its Director Mikhail Rogachev.
The parties agreed to develop instruments of financial and non-financial support for SMEs that are implementing innovation, modernization and energy efficiency projects including at research and developmet stages, and ensure continuous funding of SME innovation projects among other things under the Agreement on Cooperation between Development Institutions in Ensuring Continuous Funding of Innovation Projects, participate in operating technological platforms as well as provide expert, consulting and engineering support for projects aimed at developing and introducing innovations.
Strategic partnership and long-term cooperation between the parties aim to support and participate in pursuing the government policy of the Russia’s economy scientific and technological development, help to formulate a balanced and sustainable national system of financial support for projects and programs in top-priority scientific and technological sectors.
The Russian Technological Development Fund was set up to assist in pursuing government policy in research-technological and innovation activity. The Fund provides financial and consulting assistance in implementing research and technological projects and experimental developments including within international research and technological cooperation. The Fund is responsible for coordinating the most important and integration projects with the participation of medium and big private businesses, professional groups of developers and small innovation enterprises as part of technological platforms. The Fund is responsible for conducting research-technological, legal, financial-economic examination of research and technological projects and experimental developments and it also funds promising R & D on the basis of loans. The Fund is cooperating with educational institutions providing support for their participation in implementing research and technological projects as well as their efforts to improve curricula.
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Vnesheconombank to Consult the Government of the Astrakhan Region on Forming a Project to Build Kindergartens on the Region’s Territory
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Astrakhan region entered into a state contract on providing investment consulting services for state needs of the Russian constituent entity.
On behalf of Vnesheconombank the contract was signed by Board Member– Vnesheconombank Deputy Chairman Anatoly Ballo and on behalf of the Astrakhan region’s Economic Development Ministry – by Deputy Prime Minister - Economic Development Minister Askar Kabikeev.
Under the state contract Vnesheconombank is to provide investment consulting services on forming a Project “Construction of Kindergartens on the Astrakhan Region’s Territory on the Conditions of Public Private Partnership”.
Under the contract Vnesheconombank is to formulate a concept of this Project, take necessary measures to implement it and prepare documents needed to identify an investor by way of holding tenders and raise non-budgetary financing.
The Project’s implementation would make it possible to increase the number of places in pre-school educational institutions by 6.5 thousand by 2023, increase the proportion of children aged from 1 to 7 out of the total amount of children in need of pre-school education from 70.4% to 77.9%, reduce the number of children being on the waiting list for enrolling in pre-school educational institutions from 17 thousand to 12.2 thousand, create about 644 new jobs, to ensure the region’s budget savings of 302.88 million rubles and increase tax revenues in the Astrakhan region’s budget by 1, 479 million rubles.
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Vnesheconombank is Interested in Developing a Project to Construct an Integrated Economic City and Creating a Special Economic Zone in the Baikal Territory
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Government of the Baikal Territory, the Olympic City Group of Companies and OJSC the Far East and the Baikal Region Development Fund entered into a Memorandum of Intent.
On behalf of Vnesheconombank the Memorandum was signed by Board Member- Vnesheconombank First Deputy Chairman Nikolai Kosov, on behalf of the Baikal Territory Government – by Governor Ravil Geniatulin, on behalf the Olympic City Group of Companies – by Director General Alexei Semenyachenko, on behalf of OJSC the Far East and the Baikal Region Development Fund – by Director General Gennady Alexeev.
The Memorandum provides for establishing cooperation between the parties in forming a project aimed at constructing an integrated economic city “Economic City” as part of creating a special economic zone in the Baikal Territory. The project is expected to be implemented on the principles of public private partnership including raising non-budgetary funds.
After entering into a state contract, Vnesheconombank is scheduled to provide investment consulting services on forming this project with the use of PPP mechanisms and explore the possibility of its participation in funding the project.
The Memorandum is to be implemented in two stages: at the first stage Vnesheconombank is to consider the project’s economic, financial and legal feasibility as well as conditions for forming the project on PPP principles on the basis of information provided by all the parties. Upon the completion of the first stage the Government of the Baikal Territory is to take a decision on whether it is worthwhile implementing the second stage. During the second stage the parties are to make arrangements for holding a tender for the right to conclude a PPP agreement on implementing the project including preparing contractual and tender documentation. They are also to take measures for engaging funding institutions.
A working group is to be set up to coordinate the parties’ efforts.
Open Joint Stock Company the Far East and the Baikal Region Development Fund was registered in the city of Khabarovsk on November 3, 2011. The Fund’s main lines of activity are to enhance the development of investment activity in the constituent entities of the Far East and the Baikal region as well as to prepare top quality regional and urban development projects. Earlier Vnesheconombank approved the terms of the Bank’s participation in funding investment projects in the Far East and the Baikal region.
The Olympic City Group of Companies is specializing in the field of real estate and comprehensive development of territories. As of today, the volume of territories being developed under the Group’s projects is 100 million is sq meters.
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OJSC the Far East and the Baikal Region Development Fund’s Board of Directors First Meeting Held at Vnesheconombank
The first meeting of the Board of Directors of the Far East and the Baikal Region Development Fund – a subsidiary of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was held at Vnesheconombank. The Board of Directors was formed by a decision of Vnesheconombank - the sole founder of the Fund. It is comprised of representatives from the Russian Regional Development Ministry, the Russian Economic Development Ministry as well as from the Office of the Presidential Envoy in the Far Eastern Federal District.
In the course of the meeting its participants discussed issues of forming governance bodies of OJSC the Far East and the Baikal Region Development Fund. Vnesheconombank Chairman Vladimir Dmitriev was elected as Chairman of the Board of Directors.
In September of 2011, Vnesheconombank’s Supervisory Board approved founding documents of OJSC the Far East and the Baikal Region Development Fund. The Fund was registered in the city of Khabarovsk in November of 2011. It is the second largest regional development institution set up by Vnesheconombank after OJSC the North Caucasus Development Corporation. The Fund is to operate on the territory of 12 constituent entities occupying almost half of the Russian territory.
As a development institution Vnesheconombank participates in implementing 13 investment projects on the territory of the Far Eastern Federal District. The projects’ total value is 156.6 billion rubles, with the Bank’s participation share being 71.1 billion rubles out of which 35.0billion rubles were already invested as of November, 2011.
Given the fact that that the Fund’s main line of activity is to assist in developing investment activity in the Russian constituent entities being part of the Far Eastern and the Siberian (the Baikal) Federal Districts and promote products, instruments and mechanisms developed by the Bank to be used on the said territories, Vnesheconombank’s participation share in investment projects in the Far East could at double in the mid-term.
Raising investments from non-budgetary sources for the construction of infrastructure facilities as part of large-scale projects aimed at a comprehensive socio-economic development of territories in the Far East and the Baikal region is to become one of instruments.
The Board of Directors meeting made a decision that the Fund would become a member of the Inter-Regional Economic Cooperation Association of Russia’s Far East and the Baikal Region. A decision was on issuing securities was also taken.
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Vnesheconombank Holds a Workshop on Banking Risks Management for a Delegation of the China Development Bank (CDB)
Vnesheconombank held a workshop for a delegation of the China Development Bank (CDB) on banking risks management.
Board Member – Vnesheconombank Deputy Chairman Sergei Vasiliev gave a welcoming address to the workshop’s participants. In the course of the workshop the CDB delegation was briefed on Vnesheconombank’s history, its main lines of activity, methods applied by Vnesheconombank and its experience in banking risks management.
The workshop’s participants acknowledged the efficiency of regular contacts between the banks in sharing experience on upgrading the organizations’ internal procedures, establishing necessary ties and promoting cooperation between CDB and Vnesheconombank both on a bilateral basis and within the SCO Interbank Consortium and BRICS.
Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34