Vnesheconombank and Adams Street Partners Sign Agreement on Cooperation

9 july 2013 года
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State Сorporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and International Investment Group Adams Street Partners (ASP) entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Deputy Chairman – Board Member Alexandr Ivanov, on behalf of ASP by Director General - Board Member T. Bondurant French.

The Agreement provides for establishing partner relations in expanded access of Russian companies’ to long-term financial resources in the form of direct investments in their charter capital. The parties intend to give high priority to the development of direct investments’ infrastructure in the Russian Federation including the establishment of mutual investment funds.

Top-priority lines of cooperation are in line with the Memorandum on Vnesheconombank’s Financial Policies and ASP standards and provide for implementing projects in infrastructure, energy and resource efficiency, providing support for SMEs, pharmaceutical and medical industry, technologies and innovations as well as other projects that require direct investments.

Adams Street Partners was established in 1972 in the United State of America. The company makes various investments in companies’ capital. In doing this, Adams Street Partners uses private and institutional investors’ funds that are in trust management. Adams Street and Partners’ investors include major pension and sovereign funds, international corporations and private persons. As of early 2013, 22 billion US dollars were managed by Adams Street Partners

 

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

 

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Vnesheconombank and OJSC the United Shipbuilding Corporation (OJSC USC) Agree on Strategic Cooperation

3 july 2013 года
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In the course of the International Naval Salon in the city of Saint Petersburg, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and OJSC the United Shipbuilding Corporation entered into an agreement on strategic cooperation.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of OJSC USC – by President Vladimir Shmakov.

The parties agreed to cooperate in addressing top-priority objectives of implementing government defense procurement contracts as well as measures of federal programs aimed at boosting the defense industrial complex (DIC), modernizing and retooling defense enterprises and helping DIC enterprises to fulfill their obligations on supplying defense products as part of military-technical cooperation with foreign states.

Under the agreement Vnesheconombank and OJSC USC also agreed to cooperate in the following lines of activity:

  • to provide investments required for implementing technological modernization and developing a full life cycle of producing advanced models of military and special equipment as well as competitive military products;
  • to assist in enhancing public private partnership in the defense industry as part of DIC economic and technological modernization;
  • to provide support for the import of the most advanced production equipment required for manufacturing competitive military products;
  • to ensure the re-equipment of the Armed Forces with new models and types of armaments, military and special equipment.

In its turn Vnesheconombank is ready to explore the possibility of funding projects and investment programs of OJSC USC as well as assist in raising non-budgetary sources for funding investment projects aimed at developing DIC. VEB is also ready to fund projects in order to implement government procurement contracts and federal programs in defense and security sectors and extend guarantees and warranties as a security of defense enterprises’ obligations as well as participate in financial rehabilitation of OJSC USC enterprises.

In order to coordinate their interaction the parties agreed to establish a working group.

Under the Memorandum on its Financial Policies Vnesheconombank is responsible for funding organizations participating in implementing government defense procurement contracts and measures of federal target programs in defense and security sectors. The Bank is also responsible for extending guarantees and warranties as a security of the said organizations’ obligations.

 

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

 

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Vnesheconombank and OJSC Sredne-Nevsky Shipyard Agree on Strategic Cooperation

3 july 2013 года
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In the course of the International Naval Salon in the city of Saint Petersburg, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Sredne-Nevsky Shipyard entered into an agreement on strategic cooperation.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of OJSC Sredne-Nevsky Shipyard – by Director General Vladimir Seredokho.

The parties agreed on strategic partnership and on promoting long-term and effective cooperation in funding investment projects.

The agreement provides for the parties’ cooperation in providing mid-term and long-term funding as part of implementing investment projects.

Cooperation between OJSC Sredne-Nevsky Shipyard and Vnesheconombank would enhance the development of Russia’s navy as a whole and increase the share of products exported to foreign markets.

 

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

 

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Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

1 july 2013 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 from January 1 to June 30, 2013.

The Reserve Fund

 As of July 1, 2013, the aggregate amount of the Reserve Fund was 2 770.92 billion rubles, which is equivalent to 84.71 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 38.08 billion US dollars
  • 29.40 billion euros;
  • 5.40 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to June 30, 2013 was a negative value of (-)0.01 billion US dollars, which is equivalent to (-)0.22 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to June 30, 2013 was 171.77 billion rubles.

The National Wealth Fund

As of July 1, 2013, the aggregate amount of the National Wealth Fund was 2 828.23 billion rubles which is equivalent to 86.47 billion US dollars including:

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

  • 27.58 billion US dollars;
  • 24.09 billion euros;
  • 4.38 billion pounds sterlings;

2)   474.02 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

Incomes from placing the Fund’s financial resources on Vnesheconombank’s deposits in the amount of 1.56 billion rubles were transferred to the federal budget in June of 2013. The aggregate income from placing the Fund’s financial resources  from January to June of 2013 was 15.17 billion rubles which is equivalent to 0.49 billion US dollars.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to June 30, 2013, was a negative value of (-)0.01 billion US dollars, which is equivalent to (-)0.30 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to June 30, 2013 was a positive value of 128.70 billion rubles. The exchange rate difference from recalculating funds placed on Vnesheconombank’s deposits in US dollars was 14.61 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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Head of the Presidential Administration Sergei Ivanov Presents VEB’s Development Award to First Laureates

24 june 2013 года
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In the course of the Forum there was a ceremony to present the contest winners with Development Award instituted by Vnesheconombank.

The Development Award is presented to legal entities for their outstanding merits in implementing nationally significant investment programs and projects.

The laureates of the first Development Award are:

  • In the nomination “the Best Infrastructure Project – the project “Development of Industrial Parks Infrastructure in the Kaluga Region”: “Forming an Automobile and Auto-Component Manufacturing Cluster, OJSC the Kaluga Region Development Corporation”;
  • In the nomination “the Best Project in Industrial Sectors” – the project “Launching the Production of New Generation Freight Wagons”, CJSC the Tikhvin Wagon Works;
  • In the nomination “the Best Project on the Comprehensive Development of Territories’ – “Construction of a Satellite Town of Kemerovo “Lesnaya Polyana”, Association of Construction Organizations Promstroy;
  • In the nomination “the Best Project of Small and Medium-Size Enterprises” – the project “Reconstruction of the Heating System the City Bakal, the Satkinsky District of the Chelyabinsk region, LLC Ural Energo Development”. 

The contest was held in two stages. All the applications (220 applications were submitted) were evaluated by the contest committee which was comprised of 28 experts – competent specialists in economics and investments. In the course of the contest 14 nominee projects were selected. They represented various regions and economic sectors of the country. In May of 2013, VEB’s Supervisory Board approved 4 laureates of the Development Award out of them.

Opening the ceremony Head of the Presidential Administration Sergei Ivanov said, “It’s highly symbolic that we honor laureates as part of this Form which united politicians, public figures, heads of leading companies and scientists in order to address key economic problems. Economic progress is possible due to new innovative approaches and onward movement. For Russia it means moving away from raw materials economic model, developing our vast territories and addressing crucial social demographic issues”.

VEB Chairman Vladimir Dmitriev thanked all the Contest’s participants, “A great number applications for the Award is a demonstration of positive trends in the development of our economy. It was extremely difficult to choose the best 4 projects that are the most efficient and significant for their regions’ investment portfolios”.

 

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

 

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