Vnesheconombank Enters into a Memorandum of Understanding with Italian Mediobanca

26 november 2013 года
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In the course of Russian President Vladimir Putin’s working visit to Italy Vnesheconombank and Mediobanca signed a Memorandum of Understanding. The Memorandum was signed in the presence of Russian President Vladimir Putin and Italian Prime Minister Enrico Letta as part of Russian-Italian summit interstate consultations underway in the city of Trieste.

On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of Mediobanca - by Deputy Director General and Board of Directors Member Massimo Di Carlo and Managing Director Maria Luisa Cicognani.

The Memorandum of Understanding is aimed at expanding cooperation between the two banks in the field of Russian-Italian trade and economic activity including through providing funds by the Italian bank against insurance coverage of export insurance agency SACE as well as on a commercial basis. The parties also agreed to jointly implement public private partnership projects and cooperate in carrying out treasury operations.

 

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 Makes a Successful Placement of Eurobonds worth 2 Billion US Dollars

22 november 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ made a successful placement of two Series of eurobonds for a total amount of 2 billion US dollars:

- 5-year eurobonds worth 850 million US dollars at a coupon rate of 4.224% (280 basis point over mid-market swap rate);

- 10-yaer eurobond worth 1 150 million US dollars at a coupon rate of 5.942% (320 basis point over mid-market swap rate);

Citigroup, HSBC, J.P. Morgan и Mitsubishi UFJ acted as organizers of the placement.

More than 330 investors submitted bids for the placement; the total amount of submitted bids exceeded supply by 3.6 times. In the course of the marketing and as a result of a meaningful dialogue with investors Vnesheconombank managed to reduce premium with regard to the new bond issue to a minimum level for issuers from developing countries in the second half-year of 2013. A coupon rate for five-year eurobonds was fixed at a level of Vnesheconombank’s current investment curve and with respect to ten-year eurobonds excess yield curve was only 5 basis points. Both series are characterized by a wide diversification with respect to the type of investors and geographical distribution.

According to Deputy Chairman – Member of Vnesheconombank’s Board Alexandr Ivanov the issue that has become the largest one in terms of placing eurobonds in dollars for Russian financial institutions since 2008 set new benchmarks not only for Vnesheconombank but also for other issuers in Russia. “A marketing strategy chosen by Vnesheconombank made it possible to complete the bond placement with regard to Series 9 and 10 at substantially lower rates than the initially announced benchmark. Vnesheconombank not only made the largest placement of its eurobonds in US dollars on international capital markets but also set the lowest coupon rate for its eurobonds denominated in US dollars (4.224% for five-year eurobonds). A great demand for Vnesheconombank debt instruments testifies to the fact that international investors recognize the importance of Vnesheconombank’s role in developing the Russian economy. We are grateful to investors and organizers of the placement and hope for further fruitful cooperation”, he said.

The funds raised through placing eurobonds are to be used for funding top-priority projects of the Bank for Development.

 

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 and the International Finance Corporation (IFC) Agree to Co-Finance Projects in Russia

18 november 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and IFC (the International Finance Corporation which is a member of the World Bank Group) signed a Memorandum of Understanding designed to expand cooperation in various sectors.

On behalf of Vnesheconombank the Document was signed by Chairman Vladimir Dmitriev and on behalf of IFC – by Executive Vice President and Chief Executive Officer Jin –Yong Cai.

The parties agreed to explore the possibilities to jointly fund (directly or through subsidiary institutions) projects to be implemented on the territory of the Russian Federation. The parties expressed their intention to focus primarily on developing high-technology ecologically clean and safe production facilities as well as on projects on waste processing and waste-water treatment. Top priority is also to be given to projects designed to develop power engineering, increase energy efficiency, modernize infrastructure and improve quality of communal services.

The parties believe that projects could be financed through using various financial instruments including loans and extending guarantees. Decisions on funding projects are to be made on the basis of expert evaluations and approvals by the corporations’ corporate governance bodies.

IFC which is a member of the World Bank Group is the largest global development institution focusing its activity on private sector in countries with developing and transitional economies. IFC promotes sustainable development of developing countries through funding investments, extending consulting services to companies and governments and mobilizing capital in international financial markets.

 

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 Enters into a Memorandum of Understanding with the Export-Import Bank of Korea

13 november 2013 года
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In the course of Russian President Vladimir Putin’s official visit to the Republic of Korea Vnesheconombank and the Export –Import Bank of Korea (KEXIM) signed a Memorandum of Understanding. The Document was signed in the presence of Russian President Vladimir Putin and Korean President Park Geun-Hye.

On behalf of Vnesheconombank the Document was signed by Chairman Vladimir Dmitriev and on behalf of KEXIM – by Kim Yong Hwan.

The Memorandum of Understanding is designed to create a Russian-Korean investment platform to promote economic cooperation between the two countries and expand potential for joint funding of projects on the territory of the Russian Federation including the Far East and Siberia.

The Export-Import Bank of Korea (KEXIM) – the Korea Eximbank was founded in 1976. It is a specialized credit agency and at the same time an export insurance agency of the Republic of Korea. The Bank receives financial resources from the Government and extends services in export lending, project and trade financing to support Korean businessmen working on the international market.

 

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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The North Caucasus Development Corporation and the Korea Rural Community Corporation to Participate in Implementing Agricultural Projects in the Stavropol Territory

13 november 2013 года
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In the course of Russian President Vladimir Putin’s official visit to the Republic of Korea the North Caucasus Development Corporation (NCDC, Vnesheconombank Group), AVG Capital Advisory Limited and the Korea Rural Community Corporation (KRC) signed an agreement on cooperation.

On behalf of the North Caucasus Development Corporation the document was signed by NCDC Board Director, Vnesheconombank Chairman Vladimir Dmitriev, on behalf of AVG Capital Advisory Limited – by Managing Partner Rustem Mirgalimov and on behalf of the Korea Rural Community Corporation - by President Li Sangmu.

The parties intend to implement comprehensive projects in the Stavropol Territory as well as in other regions of the Russian Federation on the reconstruction of the existing and creation of a new advanced agricultural melioration infrastructure using innovative technologies in irrigation and water resources management as well as agricultural projects with the use of irrigation.

In order to implement this agreement the North Caucasus Development Corporation is ready to create conditions for implementing projects and participate in funding them. In its turn AVG Capital Advisory Limited intends to provide plots of land for implementing agricultural projects, create conditions for their implementation and participate in funding them.

As far as the Korean party is concerned KRC is ready to assist in raising and structuring financing needed for implementing projects including through export financing in addition to developing project and technical documentation, organizing supplies of equipment and managing construction of facilities.

OJSC the North Caucasus Development Corporation (Vnesheconombank Group) was established in 2010 in order to develop investment environment of the North Caucasus Federal District through engaging investors and participating in implementing production and infrastructure projects on the District’s territory. The Corporation’s mission is to create efficient investment business to stimulate economic development of North-Caucasian regions. At present the North Caucasus Development Corporation is implementing 7 projects – two infrastructure projects, two in the industrial sector, 2 projects on the development of intensive crop growing and one in the tourism sector.

The Korea Rural Community Corporation is a Korean state-run corporation involved in developing rural areas. It was established in 1908. Its main lines of activity are to provide the agricultural sector with water resources and infrastructure for intensive farming including through introducing water resources management technologies, using the most advanced technologies in green power engineering with the use of solar and wind energy as well as develop aquaculture industry (fish growing in artificial lakes). KRC is active in exporting its technologies, in the past ten years it has implemented more than 87 projects in 22 countries for a total amount of 88 billion US dollars.

AVG Partners is a private equity fund specializing in making investments in the Russian agricultural sector; it is also a controlling shareholder of one of the largest Russian agro-holdings – OJSC Razgulyai. AVG Partners is operating in a whole number of Russian agricultural sectors – from crop growing and animal breeding to manufacturing end-use products. The fund manages more than 200 million US dollars worth of investments in share capital.

 

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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