Vnesheconombank to Set up VEB-Innovations Fund

28 december 2011 года
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Vnesheconombank Chairman Vladimir Dmitriev held a business meeting with representatives of development institutions in order to assist in implementing development projects in the innovation sphere.

The meeting’s participants discussed issues of setting up a VEB-Innovations Fund (the Fund for Financial Promotion of Skolkovo Projects). Vnesheconombank is undertaking this line of activity in accordance with the recently approved Strategy of Russia’s Innovative Development for a period of up to 2020. The Fund is scheduled to provide support for the already existing innovation programs as well as to work out new initiatives aimed at creating an innovation sector in the Russian economy.

For the most part, the Fund’s activity is designed to contribute to the development of the Russian Government’s innovation programs, create an innovation infrastructure, raise high-risk (venture) investments for Russian innovation companies, assist in attracting foreign advanced technologies to Russia, promote Russian innovations to the world market and raise direct investments from international investors for Russia’s industrial-technological sector.

Vnesheconombank’s Supervisory Board approved the creation of a VEB-Innovations Fund in April of 2011. The Fund is expected to start operating as early as in January of 2012.

In the course of the meeting its participants discussed Vnesheconombank’s cooperation with development institutions in implementing development projects on the territory of the Russian Federation. Top priority was given to implementing Vnesheconombank’s Program to Assist in Funding Development Projects as well as to the Far East and the Baikal Region Development Fund.

In the attendance of the meeting were Director General of the Federal Project Finance Center (OJSC) Maria Kalugina, Director General of the Far East and the Baikal Region Development Fund Gennady Alexeev as well as Head of the working group on creating a VEB-Innovations Fund Alexei Morozov, Board Member-Vnesheconombank Deputy Chairman Anatoly Ballo, Director of Vnesheconombank’s Public Private Partnership Center Alexandr Bazhenov.

Open Joint Stock Company The Federal Project Finance Center was set up under the Resolution of the Russian Government dated June 2, 1995 in order to prepare and implement projects provided for by the agreement between the Russian Federation and international financial institutions as well as projects funded through using funds raised from other foreign sources. The Company’s shares are wholly owned by the Russian Federation. Under the Order of the Russian Government dated April, 21, 2010 and the Order of the Federal Property Management Agency dated October 29, 2010, 10% of shares were contributed to Vnesheconombank’s charter capital. The Federal Project Finance Center is an operator of Vnesheconombank’s Program to Assist in Funding Development Projects.

OJSC The Far East and the Baikal Region Development Fund was set up under the decision  of Vnesheconombank’s Supervisory Board dated September 29, 2011 in order to assist in developing investment activity  in constituent entities of the Far East and the Baikal region as well as to prepare quality projects of regional and urban development . The Fund was registered in the city of Khabarovsk in November of 2011. It will have its representative offices in Moscow, Vladivostok and in one of the regions of the Pre-Baikal Territory (Trans-Baikal Territory, the Republic of Buryatia, the Irkutsk region).

 

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 to Fund the Construction of a Peeled Veneer Production Facility in the Khabarovsk Region

23 december 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and the Japan Bank for International Cooperation (JBIC) signed a credit agreement on extending credit resources worth 38.25 million dollars for a period of 10 years to Vnesheconombank.

The credit agreement provides for extending financing to Vnesheconombank from the JBIC and the Bank of Tokyo-Mitsubishi UFJ, Ltd, Japan, against the coverage of the Nippon Export and Investment Insurance (NEXI), Japan.

Long-term funds to be provided by the financial institutions will be used by Vnesheconombank to finance a part of the project to construct a peeled veneer production facility with a capacity of 300 thousand cubic meters per year in the city of Amursk of the Khabarovsk region. The project is being implemented by OJSC Dallesprom. Earlier, as part of the project a foreign trade contract on supplying equipment and performing work was signed with Japan’s company Hashimoto Denki Co. Ltd.

The credit agreement concluded with the JBIC testifies to improved business ties between Russia’s and Japan’s financial institutions, a high level of trust in Vnesheconombank and foreign companies’ interest in operating on the Russian market.

The construction of a peeled veneer production facility with an annual capacity of 300 thousand cubic meters in the city of Amursk (the Khabarovsk region) is the first stage of the project to create a Far Eastern Timber Deep Processing Center.

The concept of creating a Far Eastern Timber Deep Processing Center in the Khabarovsk region worth 150.2 million US dollars provides for building complementary timber processing integrated production facilities that ensure the non-waste use of timber logged by OJSC Dallesprom.

 

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 Joins the UN Global Compact

23 december 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ joined the UN Global Compact confirming its intentions to contribute to sustainable and open economy and sustainable development. A decision to join the Treaty was taken by Vnesheconombank’s Board.

The UN Global Compact’s activity is designed to disseminate in the business community ten principles in human rights, labor, the environment and anti-corruption. The UN Global Compact’s principles are based on the Universal Declaration of Human Rights, declarations of the International Labor Organization, the Rio Declaration on Environment and Development, the UN Convention against Corruption.

The UN Global Compact is a platform for joint actions by companies – the world’s leaders of corporate social responsibility to address topical social and ecological problems. Vnesheconombank’s participation in the UN Global Compact will provide it with a unique opportunity for promoting principles of corporate social responsibility in the Russian business community and will make it possible to further improve the practice of sustainable development.

Vnesheconombank also undertook to annually report on the progress made in implementing the UN Global Compact’s principles in its activity.

The UN Global Compact is the largest international initiative in the field of sustainable development and establishing global partnership between state and corporate sectors. The Global Compact is comprised of more than 8 thousand organizations from 135 countries including leading foreign financial institutions. More than 50 Russian organizations joined the UN Global Compact.

 

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 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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