Vnesheconombank Supports Small Hydro-Electric Power Stations

26 january 2012 года
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One of several dozens of small hydro-electric power stations, namely, the Lyaskelya hydroelectric power station (Karelia) of closed joint stock company Nord Hydro (CJSC Nord Hydro), to be constructed under the project funded by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’has been granted the first in Russia certificate of qualifying the generation facility as a facility operating on the basis of a renewable source of energy.

The said certificate granrted to the power station is practical evidence of applying legislation in providing government support for the renewable energy industry. Having received the certificate, the hydroelectric power station is able to sell its energy on a higher priority basis at a separate green tariff to energy network companies to compensate for network losses.

“We hope sincerely that the path run by CJSC Nord Hydro jointly with Vnesheconombank will also open doors for implementing projects in the renewable energy industry (water, wind and the sun) for other private investors searching for opportunities to build efficient facilities in the alternative energy sector. We are determined to advance this kind of projects both in the Republic of Karelia and in other Russia’s regions”, said Vnesheconombank Deputy Chairman Mikhail Poluboyarinov.

“Vnesheconombank’s participation in its own right is a formal expert examination of our projects’ viability. One of the most important elements in the construction and reconstruction of such hydroelectric power stations are long-term credits and we receive them thanks to Vnesheconombank”, said CJSC Nord Hydro Managing Director Alexei Vinogradov.

Under the credit agreement concluded at the end of 2011, Vnesheconombank extended a credit line worth 1.6 billion rubles to CJSC Nord Hydro for a period of up to the end of 2016 to fund projects on the construction and reconstruction of small hydroelectric power stations in the Republic of Karelia.

These projects’ implementation is in line with objectives set forth in the Strategy for Energy Development of the Russian Federation in so far as it relates to decentralized electricity supply of electricity-deficient regions, increased electricity supply reliability as well as to development and increased proportion of ecologically clean renewable sources of energy in the energy balance.

This project fits into the Memorandum of Vnesheconombank’s Financial Policies in so far as it relates to funding investment projects aimed at removing Russia’s economic growth infrastructure restrictions including development of energy infrastructure, increased natural resources utilization efficiency, environment protection and increased energy efficiency

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is a key instrument for pursuing government economic policy. Vnesheconombank’s activity is aimed overcoming economic growth infrastructure restrictions, increasing natural resources utilization efficiency, developing high-technology industries, implementing projects in special economic zones, environmental protection projects, supporting small and medium-sized enterprises, providing support for agricultural and industrial exports and services, among other things, in order to diversify national exports. Electricity power engineering and projects in increased energy efficiency are among main priorities of Vnesheconombank’s investment activity.

CJSC Nord Hydro was set up in 2007 to implement small hydrogenation projects (up to 25 megawatts). The company owns 3 functioning small hydroelectric power stations. It plans to construct and reconstruct about 120 hydro-technical facilities with a total capacity of 130 megawatt with electricity production of up to 900 million kilowatt-hours per year until 2020.

 

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 Enhances Cooperation with the UN

24 january 2012 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and the United Nations Economic Commission for Europe (the UNECE) entered into an agreement on setting up an International Public Private Partnership Center (PPP) under the UNECE.

On behalf of Vnesheconombank the agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the UNECE - by its Executive Secretary Jan Kubis.

Under the agreement the parties are to cooperate in accordance with the Working Plan for 2012, which they approved earlier. The International PPP Center is designed to create conditions for developing PPP in the world and on the national level in the form of cross-country cooperation and country specialization.

As part of implementing Programme) the Project “Development of Public Private Partnership in Russia”  jointly with the UNDP, Vnesheconombank starts setting up a Donor Fund.

Under Vnesheconombank’s strategy for 2011-2015 a Donor Fund is to be set up to provide technical support for regional administrations in the form of providing target grants for personnel retraining, developing regulatory-legal framework, preparing pre-project documentation in order to address social issues on PPP principles in the regions with low budgetary capacity.

During the Strategy’s implementation period no less than 100 million rubles are scheduled to be raised from corporate donors and interested Russian and foreign organizations for providing grants to government and municipal authorities.

The Project “Development of Public Private Partnership in Russia” is designed to enhance Russia’s potential in PPP. The Project provides for improving federal and regional legal framework, introducing advanced managerial and financial instruments in PPP, raising the potential of existing regional PPP centers and also those to be created, implementing pilot (demonstrational) projects in Russian regions and CIS countries and sharing experience to be gained. In December of 2009, Vnesheconombank and the UNDP signed a project document on sharing expenses on their joint Project “Development of Public Private Partnership in Russia”.

The United Nations Economic Commission for Europe is one of five UN regional commissions. It was founded in 1947by the UN Economic and Social Council (ECOSOC) in order to promote economic activity and strengthen economic ties within the UNECE region and between the region and other countries.

The United Nations Development Programme (the UNDP) is the UN’s main network in the field of development. It operates in 166 countries cooperating with them in working out their own solutions to issues of global and national development. The UNDP Project Support Office in Russia focuses on providing technical support for projects, which the UNDP implements in cooperation with government authorities and 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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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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