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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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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