On Making Payments on Government Foreign Currency-Denominated Bonds

23 january 2012 года
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In accordance with the terms of issuing Eurobonds and on the Russian Finance Ministry’s instructions State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ made a payment to Citibank N.A London Office for a total amount of 190 651 890.00 US dollars to pay interest on the 1998 Eurobonds. The 1998 Eurobonds were issued for an amount of 3 466 398 000.00 US dollars for a period of 20 years.

The payment was made in a single currency.

 

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 Fund the Timber Deep Processing Plant Project in the Far East

17 january 2012 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and BTMU (Europe) Limited, London signed an individual credit agreement on extending 49 million US dollars for a period of 5 years to Vnesheconombank.

Under the Agreement the credit resources are to be used to fund the project on building a production facility to manufacture peeled veneer 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. The project’s total value is 150.2 million US dollars, with Vnesheconombank’s participation share being 97.3 million US dollars.

The construction of this production facility is the first stage of the project to create a Far Eastern Timber Deep Processing Center.

The Bank of Tokyo-Mitsubishi UFJ, Ltd. (hereinafter referred to as BTMU) is Japan’s leading bank set up in 2006 as a result of merging the Bank of Tokyo-Mitsubishi and UFJ Bank. In terms of assets amount the bank ranks first in Japan and is among the world’s ten largest banks. International rating agencies assigned the bank ratings of “A”. BTMU’s branch network is comprised of more than 800 subdivisions including its representative office and subsidiary bank in Moscow as well as its subsidiary institution in Great Britain – BTMU (Europe) Limited.

 

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 Launches a Site of the Coordinating Committee on Economic Cooperation with Sub-Saharan Africa (Afrocom)

13 january 2012 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ as presiding organization in the Coordinating Committee on Economic Cooperation with Sub-Saharan Africa (Afrocom) launched a special portal in the Internet devoted to Russian-African economic relations (http://www.afrocom.ru/).

The new resource is to become a credible and topical information source for Russian companies and organizations above all in order to receive data on investment and export capabilities in Sub-Saharan African countries.

The Afrocom site posts news, information on events, legislation, investment projects attractive in terms of Russian business’ participation in them. The internet-portal is developed as a practical instrument that allows businessmen to post on-line business information, commercial and export proposals.

There is a section “Russia Outlook. Doing Business in Russia” designed for foreign users. It posts macroeconomic reviews, statistics, regulations  and recommendations on doing business in Russia.

Thus, we have the new information resource - an internet site designed for effective interaction between Russian and African business communities.

The Coordinating Committee on Economic Cooperation with Sub-Saharan Africa is a non-government organization which helps to form foundations for infrastructure of business ties with African countries and promote interaction between the state and business in African countries. At present, the Committee is comprised of more than 90 Russian structures including ministries, agencies, organizations and companies representing big, medium and small business. The Committee is headed by Vnesheconombank Chairman Vladimir Dmitriev.

 

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

10 january 2012 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 January 1, 2012

The Reserve Fund

The aggregate amount of the Reserve Fund was 811.52 billion rubles, which is equivalent to 25.21 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 December 31, 2011, was 0.49 billion US dollars, which is equivalent to 15.62 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to December 31, 2011 was a positive value of 36.61 billion rubles.

The National Wealth Fund

In December of 2011, under Federal Law dated October 13, 2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” and the Russian Government’s Resolution dated January 19, 2008 № 18, financial resources of the National Wealth Fund worth 19.00 billion rubles were placed on Vnesheconombank’s deposits in order to extend a credit to the Mortgage Housing Lending Agency.

The aggregate amount of the National Wealth Fund was 2 .794.43 billion rubles which is equivalent to 86.79 billion US dollars including:

1)     In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 27.72 billion US dollars;
  • 24.20 billion euros;
  • 4.40 billion pounds sterlings;

2)     474.02 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 December 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 December 31, 2011, was 1.28 billion US dollars, which is equivalent to 41.10 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to December 31, 2011 was a positive value of 91.56.00 billion rubles and the exchange rate difference from recalculating funds placed on Vnesheconombank’s deposits in US dollars was 10.75 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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Vnesheconombank’s supervisory board regular meeting held

29 december 2011 года
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Vladimir Putin's Opening Address

Good afternoon esteemed colleagues. Today we are holding a final meeting of Vnesheconombank’s Supervisory Board in the outgoing year, and I would like first of all to thank the Bank's management and all its employees for their intensive and hard work in the outgoing year.. A great deal has been accomplished almost without fail. The scale of the work is impressive. I very much hope that the Bank will go on operating in a highly professional way..

We face major challenges of modernizing our economy and making it more competitive and innovative. There are many challenges involved in developing territories. Vnesheconombank is actively working in practically all these areas.

I must say that VEB's loan portfolio has increased by almost 40% in the first eleven months of this year as a development institution - not just as a rank and file financial institution.

Moreover, Vnesheconombank is acquiring and has already practically acquired new instruments for achieving the tasks assigned to it. I mean above all the fact that the management company of the Russian Direct Investment Fund has started operating. It has been created quite recently, but the management company has projects worth 180 billion rubles in its loan portfolio. This is no mean achievement.

Esteemed colleagues, despite well-known difficulties and troubling  developments in the world economy, and they are indeed alarming,  some complicated processes are also taking place in advanced market economies and some countries are already in recession, that is, their economies have experienced a contraction in GDP for three consecutive months, and there are gloomy forecasts for some euro-zone countries and the States (things have improved a bit there, but on the whole the problems persist)  I would like to note that the Direct Investment Fund we have set up may be very much needed because there are not many promising and reliable projects  in the world, but we have some. Global investment funds have considerable resources: they are looking for places to spend these resources. As you know, most recently I’ve been at the launch of  the Kyzyl-Kuragino railway.  Here we have an example of such a project: huge deposits, top quality coal and an absolutely reliable sales market. There are not  many such projects in the world, and it is not the only one in Russia. So, I would like you to actively launch such projects and to work more energetically with our partners in the Investment Fund. Step up your efforts! I am sure that  we won’t  even  have  to use our reserves and budget resources. Why should we if those who have the money are looking for projects to invest in and we have them? All we need is to work more actively in this direction.

The North Caucasus Development Corporation, set up under your Bank's auspices, has started operating. The Russian Export Credit and Investment Insurance Agency also faces major tasks. We expect the Agency to take energetic steps to support our enterprises, above all of course, those in high-tech sectors. That is what it was created for. Oil and gas workers and metallurgists have their niches in world markets. We need to support high-tech exports.

I would like to stress once again that the tasks aimed at creating points of growth and supporting innovations are linked to supporting exports. I expect VEB’s team to go on working efficiently and consistently.

Now I’d like to say a few words about the current agenda. I see here some interesting projects that stand out not only in terms of their scale, but are in my opinion potentially very useful for improving our economy. The first of these is the project to develop the potassium and manganese salt deposits and to build a mining and concentration plant in the Perm Territory. Why did it catch my attention? Not only because VEB is committed to investing heavily in it (more than 40 billion rubles), but because it is a step that should eventually lead to demonopolization of that sector of our economy. Demonopolization is very important. This is not to say that we should eliminate someone, on the contrary, when a competitive environment is created, the situation improves and prices for a needed and important agricultural product are stabilize, the export potential increases, and in this case VEB does not only enter the capital worth 6.7 billion rubles, but also extends  a 33 billion ruble credit. That is a huge amount. The capacity of the mining and concentration plant will be about 2 million tones of potassium chloride, of which 600,000 tonnes should be sold on the domestic market. I am sure it will give an extra boost to our agro-industrial complex.

Second, a 25 billion-ruble credit line is to be opened for the construction of the middle segment of the Western High-Speed Diameter motorway in St Petersburg. It is a very important project for the northwest of our country, not only for the city of five million but for the entire northwest. There’s no doubt, it will mark a step forward in developing our infrastructure and in giving a second wind to this part of our country, giving it a new character that is in line with European standards, and it will free this city of five million people from an excessive number of heavy vehicles, many of which still pass through central parts of the city even after the ring road around Petersburg was built. The Western High-Speed Diameter is very important for the city.

I was in Petersburg on December 23 attending the ceremony of signing relevant documents. I would like to thank all those who worked actively in order to draw one more line and create necessary conditions for the work to start.

Finally, a 2.5 billion-ruble credit is to be extended for the "Film Club: Culture, Education, Communications" project involving the creation of a cluster of such clubs within the KinoCity project. At least 250 multimedia cinemas are to be built, above all in small and medium-sized towns. This kind of social infrastructure is in short supply in our small and medium-sized towns, and we should do our best to launch it. We have discussed it more than once. I know some agencies have their own ideas on that score, but I would like to stress that we must support this kind of projects. Such clubs are unevenly distributed throughout our country and they need to be supported. The situation is more or less normal in cities with a population of over a million, while in small and medium-sized cities the number of such clubs is diminishing. They must be supported.

Let's start our work.

 

Origin: Internet-Portal of the Government of the Russian Federation

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