Vnesheconombank Participates in the Eighth Ministerial WTO Conference
As part of Russia’s delegation Vnesheconombank participated in the Eighth Ministerial WTO Conference. The Conference took place in Geneva (Switzerland)on December 15-17, 2011.
In accordance with its agenda the Ministerial Conference – the WTO’s supreme body composed of member states representatives took a decision on Russia’s accession to the WTO. The WTO is designed to liberalize international trade and regulate trade and political relations between its member states.
Foreign trade state regulation policy is coordinated within the WTO including state funding of foreign trade and export – import insurance. Regulations and rules provided for by the WTO agreements are in line with principles of fair competition and free trade.
Russia’s accession to the WTO aims for the most part to expand capabilities to export Russian products and services to world markets among other things by way of taking measures to financially support Russian exports. In this respect, a large-scale project associated with developing the state exports support system on the basis of the Russian Export Credit and Investment Insurance Agency (OJSC) set up by Vnesheconombank would make it possible to launch an export credit insurance mechanism in line with the WTO’s regulations and rules.
The World Trade Organization was established in 1995. It is a successor to the General Agreement on Tariffs and Trade (GATT) concluded in 1947. In 1990, the USSR was given the status of GATT observer and in 1993 Russia filed an official application for joining GATT. Russia had been holding negotiations on joining the WTO since 1995.
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Vnesheconombank Conducts a Workshop Devoted to Development Projects of the North-West Federal District
Under the educational project “Training of Specialists – Participants in Investment Projects Implemented with the Assistance of Development Institutions” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ conducted a workshop “Vnesheconombank: Development Projects of the North-West Federal District” for specialists working in government and municipal authorities of the North-West Federal District’s constituent entities and for representatives of business structures.
A welcoming address and reports on investment activity in the region and on implementing economic investment policy in Saint-Petersburg were given by Deputy Presidential Envoy to the North-East Federal District Sergei Zimin and Chairman of the Committee on Saint Petersburg’s Investments and Strategic Projects Alexei Chichkanov.
The workshop’s participants were informed by Vnesheconombank Group’s specialists about main lines of Vnesheconombank’s activity in the North-West Federal District, principles and criteria of selecting investment projects, specific features of financing export credits, terms of projects’ financial organizational support with the use of public private partnership mechanisms, programs of supporting small and medium-sized enterprises, application of leasing mechanism, objectives and functions of the Russian Direct Investments Fund
As part of the workshop a round-table discussion “Investment Potential of the North-West Federal District” was held. Its participants presented some investment projects at various stages of preparation to be discussed and commented on by specialists from Vnesheconombank Group.
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Vnesheconombank Deputy Chairman Irina Makieva Participates in the Forum “Global Solutions for Russian Cities”
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.
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Vnesheconombank Holds International Conference “Investment in Sustainable Development. The Role of Financial Sector”
An International Conference “Investment in Sustainable Development. The Role of Financial Sector” was held in Moscow. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank) acted as an organizer of the Conference.
The Conference’s participants discussed issues of changing the financial sector in the post-crisis period and the role of corporate and social responsibility in achieving a new level of responsibility, new risks for financial institutions and the role of responsible financing, financial institutions’ contribution to sustainable development and instruments for forming trust in financial institutions. As part of the Conference Vnesheconombank presented its report on sustainable development for 2010.
In his welcoming address to the Conference’s participants Board Member – Vnesheconombank Deputy Chairman Sergei Vasiliev said “The demand for “green” projects is extremely high. The country needs investments in energy efficiency, development of renewable sources of energy, secondary waste recycling and reduction in greenhouse gas emissions. So, financial institutions’ important objectives are to increase natural resources utilization efficiency, protect environment and radically improve ecological situation”. S. Vasiliev also said that “introduction of voluntary mechanisms of ecological and social responsibility into financial institutions activity should contribute to creating the so-called “green” financial system and to making significant socio-economic changes”.
For the first time during its preparations for the Conference Vnesheconombank studied for the first time practices of corporate and social responsibility among its partners in investment projects. OJSC The Moscow United Electronetwork Company, the Miratorg Agro-Industrial Holding and OJSC Avtodiesel (the Yaroslavl Engine Plant) were recognized as the best companies implementing the best socio-ecological practices.
In the attendance of the Conference were Vnesheconombank’s partners from the European Bank for Reconstruction and Development, the International Finance Corporation , the China State Development Bank, Germany’s KfW Bank, representatives of line ministries and departments, leading non-government organizations, experts on international initiatives in the field of social and ecological responsibility (the UNEP Finance Initiative, the Accountability Institute, the Global Reporting Initiative (GRI) and the UN Global Treaty.
Vnesheconombank’s Report on Sustainable Development for 2010.
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Rating Agency Standard & Poor’s Upgrades and Confirms Ratings of Vnesheconombank Group’s Banks
International Rating Agency Standard & Poor’s upgraded ratings of the following banks which are memberss of Vnesheconombank Group:
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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.
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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
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