Agenda: New methods of calculating VEB’s key financial indicators, restructuring of Olympic facilities loans.
Dmitry Medvedev’s opening address:
Good afternoon. This is the second meeting of VEB's Supervisory Board this year. We have summed up banks’ performance for the last year, including their consolidated financial statements under IFRS. The VEB Group did this too, and posted a net profit of more than 8.5 billion rubles, its equity increased by 45 billion to 577 billion rubles. But there are also certain problems.
One of the issues on our agenda today is the restructuring of loan agreements on Olympic projects. VEB became a main creditor of a whole number of Olympic construction projects. The Winter Games were held at the highest level, everyone is happy. But now we need to count money, we need to address post-Olympic issues.
Some investors have come up against serious problems and asked me for help me. After discussing several possible measures, we decided to restructure VEB’s loans. We will do this by rescheduling interest and principal payments. VEB has prepared its proposals to this effect. We’ll take individual decisions on each loan agreement on the Olympic facilities construction.
VEB helped our developers and investors a lot. Now we need to decide on how to use this post- Olympic legacy properly, so that both investors are happy and the bank’s interests as a specialised lending institution are served.
Furthermore, today we’ll approve new methods for calculating VEB’s financial indicators and discuss a whole number of other issues. One of them deals with exports and lending for exports - an issue we discussed at a Government meeting today. Therefore, we will have to add this issue to our agenda.
Origin: Internet-Portal of the Government of the Russian Federation
The First Stage of FORT Innovation Integrated Production Facility Launched
A ceremony to open an innovation-integratedfacility to develop, introduce and manufacture medications on the basis of biotechnologies was held in the Ryazan region.
Governor of the Ryazan region Oleg Kovalev, Russian Industry and Trade Deputy Minister Sergei Tsyb and Vnesheconombank Deputy Chairman Anatoly Ballo attended the ceremony.
The project aims to create a pharmaceutical production facility in line with GMP standards. The production facility will have a full-cycle production of original innovation medications ranging from manufacturing substances to producing finished pharmaceutical products. More than 700 new jobs will be created. During a forecast period of 2010-2020 budget revenues will amount to 4.995 billion rubles.
Investments will amount to 4.8 billion rubles, with Vnesheconombank’s participation share being 4.3 billion rubles.
Under the project,they plan to manufacture 14 types of products including vaccines, bacteriophages, medications for treating multiple sclerosis, renal insufficiency, degenerative joint diseases, leucosis, hepatitis B and C. Some products to be manufactured are domestic analogues to expensive imported products. Most medicinal forms are basedon radically new production technology or a product itself is innovative in terms of its composition and pharmacological effect.
Installed capacities of the first stage will make it possible to manufacture more than 40 million doses of seasonal flu vaccine and if required - up to 120 million doses of vaccine on the basis of pandemic strains ,20 million doses of other antiviral vaccines, 500 million doses of special medicinal forms of bioproducts.
This new integrated production facility to manufacture medicinal biotechnological products based on high technologies in line with international production quality standards would help to develop domestic market and would ensure the country’s security in terms of import substitution of pharmaceutical products.
Under the Memorandum on Vnesheconombank’s Financial Policies medical equipment and pharmaceutics are one of the Bank’s activity sectoral priorities.
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