Vnesheconombank to Participate in Financing the Project on the Construction of the Western High-Speed Diameter Toll Motorway

23 december 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ VTB Kapital, Gazprombank (Open Joint Stock Company), the European Bank for Reconstruction and Development (the EBRD) and the Eurasian Development Bank (the EDB) signed a Memorandum with LLC Northern Capital Highway on the main principles and conditions for funding the project on the construction of the Western High-Speed Diameter Toll Motorway.

Under the Memorandum the banks are working out terms of extending credit resources to the borrower – LLC Northern Capital Highway. The Memorandum determined main preliminary parameters to fund the project by creditor banks. These credit resources are to be used to finance expenses on the construction of the central segment of the Western High-Speed Diameter Toll Motorway.

The project is also to be financed from the Russian Investment Fund.

The project is being funded on the principles of public private partnership (PPP) and it provides for concluding a PPP agreement between the Government of Saint-Petersburg, OJSC the Western High-Speed Diameter, LLC Northern Capital Highway. LLC Northern Capital Highway is a consortium of investors comprised of OJSC Bank VTB and Gazprombank and the winner of the tender for the right to conclude an agreement in accordance with applicable legislation of Saint-Petersburg.

“Implementation of the largest infrastructure projects including those based on PPP principles is a top-priority objective of VEB”, said Vnesheconombank Chairman Vladimir Dmitriev.

Vnesheconombank is ready to extend about 40% of the whole amount of credit resources at a minimally possible effective interest rate and for a longer period compared with other financial institutions thus boosting the project’s commercial appeal for other participants and providing substantial support for building a motorway needed by Saint-Petersburg.

Under the PPP agreement, LLC Northern Capital Highway undertakes to build a central segment of the Western High-Speed Diameter Toll Motorway, operate and maintain  central, northern and southern segments of the Western High-Speed Diameter as well as charge tolling fees on the segments to be transferred  to LLC Northern Capital Highway for a long-term leasing of 30 years.

Southern and northern segments of the Western High-Speed Diameter are being built by OJSC the Western High-Speed Diameter (100% subsidiary of Saint-Petersburg). Since late 2010 auto traffic started on the southern segment of the motorway, by 2012 the northern segment’s construction is scheduled to be completed. This project is included in the Federal Target Program “Development of Russia’s Transport System” (2010-2015)”. The project’s implementation would make it possible to substantially relieve traffic congestion on transport routes in the central city during rush hours, open high-speed access to main transport routes, develop transport infrastructure of the city and include the Saint-Petersburg Big Port and the Marine Passenger Terminal on Vasilievsky island into it.

 

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 Support Projects in Non-Raw Materials Sectors of Economy

21 december 2011 года
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In the course of the Tenth Congress of the All-Russian Nongovernmental Organization Delovaya Rossiya, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vneshweconombank)’, the Russian Economic Development Ministry, the All-Russian Nongovernmental Organization Delovaya Rossiya and the Autonomous Nonprofit Organization “The Agency for Strategic Initiatives on Promoting New Projects entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Economic Development Ministry – by Elvira Nabiullina, on behalf of Delovaya Rossiya – by its President Alexandr Galushka and on behalf of the Agency – by its Director General Andrei Nikitin.

The Agreement aims to coordinate and support large-scale territorial-industrial clusters and other investment projects in non-raw materials sectors of the national economy.

The Document identifies the following main lines of activity: working out mechanisms and principles for implementing a strategy of Russia’s new industrialization including working out criteria and a procedure for examining and selecting projects, preparing proposals for amounts and forms of financing projects as well as sources of their financing, approaches, principles and a management system to assist in implementing selected projects.

As part of implementing the Agreement the Parties intend to work out proposals for setting up an Industrial Development Administration.

Measures to be taken by the Parties under the Agreement would make it possible to move to a new stage of the Russian economic development, improve the government policy aimed at encouraging economic development by way of introducing a management system based on advanced project principles, improve the country’s business climate, create favorable conditions for raising investments and for developing free and competitive market.

There are plans to set up a working group with the participation of the parties’ responsible representatives as well as to engage other interested agencies and organizations.

 

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 the Eighth Ministerial WTO Conference

16 december 2011 года
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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.

 

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 Conducts a Workshop Devoted to Development Projects of the North-West Federal District

15 december 2011 года
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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.

 

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

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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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