VEB to finance the construction of a synthetic sapphire manufacturing plant

27 june 2014 года
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Vnesheconombank and Ltd Kama Crystal Technology (the Republic of Tatarstan) entered into a Credit Agreement to fund the construction of a plant to manufacture synthetic sapphire for optoelectronics. The Agreement was signed in the city of NaberezhnyeChelny in the presence of Tatarstan’s President RustamMinnikhanov.

On behalf of Vnesheconombank the Agreement was signed by Chairman Vladimir Dmitriev and on behalf of the company – by Project Manager Leonid Anisimov.

The total value of the project “Manufacturing of Synthetic Sapphire for Optoelectronics” in the city of NaberezhnyeChelny is 6.3 billion rubles. The Bank’s funds in the amount of 4.55 billion rubles are to be used to finance capital investment related to completing the construction of production facilities and purchasing equipment.

The project provides for creating an innovation production facility whose technological capabilities will make it possible to carry out a synthetic sapphire full production cycle: raw materials manufacturing,sapphire growingand finished products output. Finished products – cylinders and polished plates from sapphire of various diameters (from 2 to 8 inches) to be used in optoelectronics and microelectronics (fabricated parts for manufacturing fiber waveguidesand integrated circuits) as well as products used in optics, medicine, watchmaking and chemical industries as well as in other sectors. Geography of potential consumers numbers about 40 countries in the world, with the largest consumers of sapphires being South-East Asian countries (China, Taiwan, South Korea, and Japan).

The project also provides for constructing a plant to manufacture raw materials for growing synthetic sapphire – extremely pure aluminum oxide and this will make it possible to eliminate dependence on foreign supplies. Ltd Kama Crystal Technology plans to use its own funds to finance the construction of aluminum oxide manufacturing plant.

This project is designed to develop multi-profile municipality – the city of NaberezhnyeChelny of the Kama Innovation Territorial-Production Cluster. As a result of this project’s implementation revenues in budgets of all levels are to amount to 2.2 billion rubles, more than 400 new permanent qualified jobs are to be created.

Investment projects’ implementation designed to develop multi-profile municipalities and territorial clusters as well as implementation of innovation development projects is one of VEB’s main lines of activity.

Ltd Kama Crystal Technology is an innovationvertically integrated production facility applying knowledge-intensive and high technologies in synthesizing leucosapphiremonocrystals for electronic, optoelectronic, chemical, aviation, watchmaking and other industries. Nowadays, Kama Crystal Technology is implementing an innovation project “Manufacturing of Synthetic Sapphire” in the city of NaberezhnyeChelny in the Republic of Tatarstan.

 

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 Republic of Khakassia intend to cooperate in investment activity

26 june 2014 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Republic of Khakassia entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Chairman Vladimir Dmitriev and on behalf of the Government of the Republic of Khakassia – by Head of the Republic Victor Zimin.

The Agreement provides for establishing partnership and enhancing long-term and effective cooperation in investment activity.

Under the Agreement the parties intend to cooperate in developing mechanisms for implementing investment projects including those to be carried out on the terms of public private partnership as well as in providing support for small and medium-sized enterprises.

The parties give high priority to projects aimed at developing infrastructure and industry.

This Agreement’s implementation would help to address high-priority objectives of the Khakassia Republic’s socio-economic development and strengthen its economic and industrial potential.

 

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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Russian President V.V. Putin’s instruction to create a unified export credit-insurance support center

26 june 2014 года
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Vladimir Putin signed a list of instructions after a meeting with members of the Government that was held on June 11, 2014

...

I hereby instruct the Russian Government together with State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and open joint stock company the Export Insurance Agency of Russia to ensure the creation of a unified export credit-insurance support center on the basis of the said joint stock company and transfer to its ownership 100 percent of shares in the State Specialized Russian Export-Import Bank.

Date - November 1, 2014
Responsible persons: D.A. Medvedev, V.A. Dmitriev, Fradkov P.M.

In accordance with Federal Law dated May 17,2007 № 82-FZ “On the Bank for Development», Vnesheconombank is to participate in arranging for providing financial and guarantee support for industrial exports of Russian companies in order to make the Russian economy more competitive, diversify it and encourage investment activity.

The Russian Government appointed Vnesheconombank as a bank responsible for providing comprehensive support for exports of Russian products, works and services. The objective is to create a national Russian industrial exports support system. This work is being performed by Vnesheconombank Group, VEB itself where an export-financing department was created in June of 2013, theExport Insurance Agency of Russia (EXIAR), OJSC VEB-Leasing and CJSC the State Specialized Russian Export-Import Bank. The creation of a unified export credit insurance support center on the basis of EXIAR and Roseximbank will become an important element in expanding the national export support system.

From early 2013 to April of 2014, VEB increased export financing by 3.2 times to 160 billion rubles, its loan portfolio increased by more than 8.5 times and its guarantee portfolio – by almost three times. The Bank supported export contracts of Russian enterprises in the total amount of 710 billion rubles. In the first quarter of the current year, 18 new export credits have been approved. At present, the Bank is considering several dozens of large and medium-scale export projects with the Bank’s potential participation share of more than 300 billion rubles.

 

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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VEB is awarded for its contribution to promoting sustainable development and responsible lending practices

20 june 2014 года
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The results of the Competition for the award for promoting sustainable development and responsible lending practiceswere summed up in the course of the Global Sustainable Finance Conference (the city of Karlsruhe, Germany, June 12-14, 20-14). The Competition was organized by the Association of Development Financing Institutions in Asia & the Pacific (ADFIAP), the European Organization for Sustainable Development (EOSDD) and the World Federation of Development Financing Institutions (WFDFI). The organizers reviewed more 200 applications and selected 10 winners.

Vnesheconombank was among the winnersand was awarded an honorary diploma for funding a project on the reconstruction and construction of minor hydroelectric power plants in the Republic of Karelia. This project became a laureate in the nomination “The Best Project in Industry or Infrastructure Built on Sustainable Development Principles”.

CJSC Nord Hydro is responsible for constructing and reconstructing 108 minor hydroelectric power plants (MHPP) on the territory of the Russian Federation in several stages.

Vnesheconombank is funding the first stage of the project that provides for constructing eight MHPPs in Karelia. The project’s total value is 29.5 billion rubles. Under the credit agreement concluded in late 2011, VEB provided CJSC Nord Hydro with a credit line with a drawdown limit of 1.6 billion rubles for a period of up to the end of 2016. As of today, they completed the construction of two MHPPs “Lyaskelya” and “Ryumyakoski”. At present, the third MHPP “Kalliokoski” is being built. It is to be launched in late 2014. Other hydroelectric power plants are at a design stage.

Vnesheconombank intends to go on participating in funding projects in renewable sources of energy. These projects’ implementation is in line with objectives stipulated in the Strategy of Energy Development of the Russian Federation in so far as it relates to decentralized supply of energy-deficient regions, enhancing electricity supply reliability, developing and increasing the proportion of clean renewable energy sources in the energy balance.

Under Vnesheconombank’s Memorandum on Financial Policies the Bank’s main lines of investment activity include increased efficiency of utilizing natural resources, environmental protection and increased energy efficiency.

CJSC Nord Hydro was established in 2007 to implement projects of minor hydroelectric generation (up t0 25Mwatt). The company owns 4functioning minor hydroelectric power plants. Until the year 2020, the company plans to reconstruct and construct about 120 hydroelectric power plants with a total capacity of 130Mwattand with an electric power output of up to 900 million kWh per year.

 

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 construction of a methylchlorsilanes plant in Kazan

18 june 2014 года
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A ceremony to open a memorial sign to honor the beginning of a methylchlorsilanes plant construction was held in Kazan. In the attendance of the ceremony were Russia’s Minister of Industry and Trade Denis Manturov, President of the Republic of TatarstanRuslanMinnikhanov, Vnesheconombank Chairman Vladimir Dmitriev, First Vnesheconombank Deputy Chairman – Member of the Board Andrei Sapelin.

A project to construct a methylchlorsilanes plant is to be implemented by OJSC KZSK- Silicon with the financial assistance of the Bank for Development under the federal target program (Minpromtorg of Russia is a state customer). The project’s total value is 9.8 billion rubles.

A decision on VEB’s participation in funding the construction of the plant was made by the Bank’s Supervisory Board in March of 2014. Vnesheconombank is expected to provide OJSC KZSK Silicon with 7.8 billion rubles for a period of 12 years. A bulk of investments is scheduled to be used for creating new production facilities applying Russian technologies and on the basis of Russian equipment.

This project is of national significance. Its implementation would make it possible not only to create our own raw materials base to develop Russia’s main industrial sectors but also to overcome dependence on import supplies of strategic methylchlorsilanes raw materials. The plant is to produce a wide range of raw materials to manufacture special gluesand rubbers. At present, these materials are for the most part supplied to Russia by China, the US and Germany. As a result of the project’s implementation revenues in the budgets of all levels will amount to 13.5 billion rubles and more than 750 jobs will be created.

 

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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