OJSC the Far East and the Baikal Region Development Fund’s Board of Directors First Meeting Held at Vnesheconombank

28 november 2011 года
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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.

 

Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail; pres@veb.ru

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Vnesheconombank Holds a Workshop on Banking Risks Management for a Delegation of the China Development Bank (CDB)

25 november 2011 года
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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
E-mail: press@veb.ru

 

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LLC Fort and OJSC RT-Biotechprom Assisted by Vnesheconombank are to Implement a Project to Build a Modern Pharmaceutical Plant in the Ryazan Region on the Territory of more than 16.4 Hectares including Ecologically Clean Sanitary Protection Zone

17 november 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC RT-Biotechprom signed a package of documents for funding the project to build Russia’s largest biotech drugs manufacturing facility “FORT”. The project is being implemented by RT-Biotechprom together with LLC Fort.

The FORT project provides for the construction of a pharmaceutical integrated production facility in line with GMP standard. The project is unique and it provides for a full production cycle of original innovative biotech medicines starting from drug substances manufacturing stage.

 Solutions developed by scientists and specialists of the facility together with leading think tanks of the Russian Academy of Medical Sciences in the field molecular designing and biotechnology, formulation of officinal medicines of immobilized cytokines, vaccine for prevention and treatment of infectious diseases are original.

The total amount of investments in the project is estimated at more than 4.8 billion rubles. The facility is to be put in operation in 2013; rated capacity is scheduled to be achieved in 2015.

Vnesheconombank’s and State Corporation Rostechnologies’ participation in the FORT project is effected under the Protocol of Intent signed in September of 2010 at the Baikal Economic Forum. The Protocol provides for cooperation between the parties in implementing investment projects and programs including in biotechnological, medical and pharmaceutical areas.

The project enjoys support on federal and regional levels. Under the Ryazan region Government’s resolution the project was given a status of high-priority investment project.

“This project is a vivid example of Vnesheconombank’s activity in funding innovation projects. Pharmaceutics is one of Vnesheconombank’s high priority lines of activity. In order to make the Russian economy more competitive Vnesheconombank’s efforts are aimed at boosting innovation activity, developing import-substituting technologies”, said Board Member, Vnesheconombank Deputy Chairman Anatoly Ballo.

State Corporation Rostechnologies

State Corporation Rostechnologies was set up on November 23, 2007 under the Russian Federal Law. The Corporation’s activity is to assist in developing, manufacturing and exporting high technology industrial products through providing support on domestic and foreign markets for Russian companies – developers and manufacturers of high technology industrial products and raising investments for companies operating in various industrial sectors.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’

Vnesheconombank is a key instrument for pursuing government economic policy. The Bank for Development’s activity is aimed at overcoming economic growth infrastructure restrictions, boosting natural resources utilization efficiency, developing high-technology industries, encouraging innovations, exports of high-technology industrial products, implementing projects in special economic zones as well as carrying out environment protection projects, providing support for small and medium-sized enterprises and for exports of agricultural and industrial products and services and diversifying national exports. One of Vnesheconombank’s lines of investment activity is to implement projects designed to enhance innovations, one of the Bank’s sectoral priorities is medical equipment and pharmaceutics.

OJS RT-Biotechprom

OJSC RT-Biotechprom was established in 2009 and it is a strategically important holding of State Corporation Rostechnologies in industrial biotechnologies, pharmaceutics and medical equipment. The Company’s main goal is to become an effective instrument for the industrial development of the Russian medical and pharmaceutical industry.

LLC Fort

LLC Fort’s scope of activity under the project is to:

  1. Develop and manufacture medicines for treating and preventing socially important and rare diseases;
  2. Develop and manufacture drug substances;
  3. Develop cellular, nano and bio technologies in medicine.

 

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

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Vnesheconombank’s Board Member Petr Fradkov Participates in a Session of the Prague Club of Export Credit and Investment Insurers

15 november 2011 года
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Vnesheconombank’s Board Member Petr Fradkov participated in a session of the Prague Club of Export Credit and Investment Insurers in the city of Maskat (Sultanate Oman).

The session’s participants discussed insurance business trends within the Berne Union and the Prague Club, issues of insuring investments against political risks, the situation with the debt crisis in the Euro zone, the economic situation in the US, issues of cooperation between the World Trade Organization and export credit agencies.

In the course of the session Vnesheconombank’s Board Member, Director General of the Russian Export Credit and Investment Insurance Agency (OJSC) Petr Fradkov made a presentation of the Russian Export Credit and Investment Insurance Agency.

In September of 2011, Vnesheconombank’s Supervisory Board approved the Agency’s Charter and elected its governance bodies. The Agency was entered into the Unified State Register of Legal Entities on October 13, 2011. The Agency’s is to start operate till this year-end.

State Corporations ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ has been participating in the Prague Club’s sessions as an observer since 2008. Vnesheconombank has retained its observer status for the year 2012.

At present, 36 export credit agencies are members of the Prague Club.

 

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

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Vnesheconombank Participates in a Session of the OECD Working Group on Export Credits and Guarantees

15 november 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ participated in 128th session of the OECD Working Group on Export Credits and Guarantees on November 15, 2011.

In accordance with the session’s agenda and as part of promoting the Russian Federation’s entry into the OECD a presentation of the Russian Export Credit and Investments Insurance Agency set up by Vnesheconombank was made.

The presentation was made in accordance with the accords reached following the workshop organized in September of 2011 by the Russian Economic Development Ministry together with OECD with the participation of Vnesheconombank and leading foreign export credit agencies Coface (France), EGAP (the Czech Republic) and SACE (Italy).

The OECD Working Group on Export Credits and Guarantees was set up in 1963. The Group’s activity is aimed at formulating joint policy in the field of export credits with maturity periods of 2 or more years insured by export credit agencies operating with the assistance of or funded by governments of OECD member countries. The Group is composed of OECD member countries as well as organizations having observer status (the EC Commission, WB, the IMF and the EBRD).

State Corporation ‘Bank for Development and Foreign Economic Affairs 9Vnesheconombank)’ has been cooperating with the OECD Working Group on Export Credit and Guarantees since 2008.

 

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

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