Vnesheconombank Deputy Chairman Irina Makieva Participates in the Forum “Global Solutions for Russian Cities”

14 december 2011 года
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Vnesheconombank Deputy Chairman Irina Makieva took part in the First Moscow International Urban Forum “Global Solutions for Russian Cities”. The Forum took place in the city of Moscow.

In her speech “Best Practices in Regional Development” Irina Makieva discussed issues of regions’ responsibility for creating conditions for improving investment environment, gave examples of successful regional economic modernization as well as Vnesheconombank’s participation in sustainable development of regions and mono-cities.

The Forum’s participants were informed about Vnesheconombank’s potential and instruments in the comprehensive development of territories aimed at creating conditions for sustainable economic growth, boosting investment appeal of the regions and making their economies more competitive.

The First Moscow International urban Forum was initiated in order to help develop Russian cities and make them more competitive. The Forum’s participants were given a chance to discuss the most topical trends in modern urbanistics and study the most advanced technologies and the best world practices of urban environment development.

 

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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Rating Agency Standard & Poor’s Upgrades and Confirms Ratings of Vnesheconombank Group’s Banks

13 december 2011 года
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International Rating Agency Standard & Poor’s upgraded ratings of the following banks which are memberss of Vnesheconombank Group:

  • OJSC Svyaz-Bank long-term credit rating from ‘BB-” to “BB” and rating on national scale from “ruAA-“ to “ruAA”. The Bank’s short-term rating is confirmed at “B”. The Rating Outlook is stable.
  • CJSC Globexbank long-term rating from “BB-“ to “BB” and rating on national scale – from “ruAA-“ to “ruAA”. The Bank’s short-term rating is confirmed at “B”. The Outlook is stable.

Long-term rating of OJSC VEB-Leasing is confirmed at “BBB”, short-term rating “A-3” remained unchanged. The Outlook is stable.

 

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 Group to Support Small and Medium-Sized Enterprises in the Republic of Tatarstan

13 december 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Agency for Investment Development of the Republic of Tatarstan approved a Plan of Joint Actions on Cooperating in Supporting Small and Medium-Sized Enterprises (SMEs).

A signing ceremony was held in the presence of Tatarstan’s President Rustam Minnikhanov on the territory of Khimgrad technopark (the city of Kazan) as part of a conference on working out general standards for creating and managing industrial technoparks and formulating special programs of supporting SMEs.

On behalf of Vnesheconombank the Document was signed by Board Member –Vnesheconombank Deputy Chairman Mikhail Kopeikin and on behalf of the Agency for Investment Development of the Republic of Tatarstan – by Linar Yakulov.

This project’s implementation would help to expand access of SMEs and innovation infrastructure facilities – clusters (technoparks, science parks, innovation-technological centers, business-incubators etc) to financial resources as well as to develop mechanisms for supporting SMEs involved in clusters’ production chains.

In the course of the conference a credit agreement was signed between OJS SME Bank (a member of Vnesheconombank Group) and the Investment Venture Fund of the Republic of Tatarstan. The agreement aims not only to increase the amount of resources intended for supporting the SME innovation sector of the Republic but also to participate in investment funds to be created with the participation of the Investment Venture Fund and ensure access to international practices of funding innovation projects.

In attendance of the conference were representatives of Vnesheconombank, the Russian Ministry of Economic Development, the All-Russian Non-governmental Organization Delovaya Rossia and others.

 

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 to Commit 250 million US Dollars to the Fund for the Capitalization of Russian Banks

12 december 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the IFC (the International Finance Corporation which is a member of the World Bank Group) signed an Agreement on Financing the Fund for the Capitalization of Russian Banks (the FCRB).

Under the Agreement Vnesheconombank is to commit 250 million dollars to the Fund for the Capitalization of Russian Banks. Vnesheconombank’s participation in the FCRB was approved by the Bank’s Supervisory Board in July of 2011.

The Fund to be established is to invest in the capital of Russian universal second echelon banks actively operating in the regions funding small and medium-sized real-sector businesses.

“The Fund for Capitalization of Russian Banks is to expand access to financing for Russian companies operating in the regions thereby helping to diversify the economy and raise employment”, said Dimitris Tsitsiragos, IFC Vice President for Europe, Central Asia, the Middle East, and North Africa. ‘We hope that the Fund would not only provide banks with required capital but also would contribute to improving corporate governance and increasing their business’ sustainability”.

“The Fund will become an efficient instrument for funding Russia’s real economy including small and medium-sized enterprises”, thinks Vnesheconombank Chairman Vladimir Dmitriev. “We are glad to support this initiative and join our forces and resources to create an instrument to mobilize new capital for Russia’s banking sector”.

Earlier in the course of the Saint-Petersburg International Economic Forum in June of 2011 an Agreement was signed between the Russian Federation and the IFC on the Russian Federation’s participation in funding the FCRB in the amount of 50 million US dollars. At the same time Vnesheconombank and the IFC signed a Memorandum of Understanding on Creating a FCRB.

The IFC which is a member of the World Bank Group is the largest global development institution focusing its activity on private sector in the countries with developing and transition economies. The IFC contributes to sustainable growth in developing countries through funding investments, offering consulting services to companies and governments and mobilizing capital in international financial markets. In the 2011 financial year, despite the continuing global uncertainty, the Corporation helped its customers create new jobs, improve activity ecological indicators and provide support for local residents. The IFC’s amount of investments for this year was an all-time high of $19 billion. Additional information is available at www.ifc.org.  

State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” was established in 2007 under the Federal Law “On the Bank for Development” by means of reorganization of the Bank for Foreign Economic Affairs of the USSR. Vnesheconombank is a key instrument for implementing the state economic policy that is primarily focused on removing infrastructure restrictions on economic growth, enhancing natural resources utilization efficiency, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs), as well as ensuring support for exports of industrial products and services. Vnesheconombank participates in implementing projects that are of priority importance for the development of Russia’s economy, but in view of their large-scale character, complexity and long payback periods experience resource shortage coming from the private sector.

 

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

1 december 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 December 1, 2011

The Reserve Fund

The aggregate amount of the Reserve Fund was 801.77 billion rubles, which is equivalent to 25.60 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 November 31, 2011, was 0.40 billion US dollars, which is equivalent to 12.50 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to November 31, 2011 was a positive value of 26.86 billion rubles.

The National Wealth Fund

The aggregate amount of the National Wealth Fund was 2 .764.40 billion rubles which is equivalent to 88.26 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.

The aggregate income from placing the Fund’s monetary resources on Vnesheconombank’s deposits from January to November of 2011 was 30.03 billion rubles which is equivalent to 1.01 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 November 30, 2011, was 1.04 billion US dollars, which is equivalent to 32.69 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to November 30, 2011 was a positive value of 67.00 billion rubles and the exchange rate difference from recalculating funds placed on Vnesheconombank’s deposits in US dollars was 5.28 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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