VEB and Italian Development Bank Cassa Depositi e Pestiti (CDP)Agree to Promote their further Cooperation

4 july 2014 года
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As part of Group of Twenty (G20) financing development institutions events, VEB and Cassa Depositi e Prestitiinto a Memorandum of Understanding in the city of Rome.

On behalf of Vnesheconombank, the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of the Italian Development Bank – by President Franco Bassanini.

The two parties have agreed to cooperate in implementing projects in infrastructure, sustainable development, exports promotion, working together on capital markets as well as sharing business experience and information.

A similar document was signed between the development institutions of Italy and Russia in February of 2011 in the city of Rome. The document expired in December of 2013.

Cassa Depositi e Pestiti (CDP) is an Italian development institution created in the form of a joint stock company under government control with an authorized capital of 3.5 billion euros: the Italian Government’s stake is 80.1% of capital, 18.4% is owned by a wide group of banks and financial holdings, the remaining stake of 1.5% is comprised of treasury shares. CDP is responsible for managing the most part of Italian citizens’ savings placed in postal-savings that form the main source of funding for CDP. CDP plays a key role in supporting the Italian economy and government enterprises. Like Vnesheconombank, it is a member of the Long-Term Investors Club.

 

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

2 july 2014 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National WealthFund from January 1 to June 30, 2014.

The Reserve Fund

As of July 1, 2014 the aggregate amount of the Reserve Fund was 2 937.00billion rubles which is equivalent to 87.33 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, 2014 was0.26 billion US dollars, which is equivalent to 8.90 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to June 30, 2014 was 77.28 billion rubles.

The National Wealth Fund

As of July 1, 2014, the aggregate amount of the National Wealth Fund was 2 957.38 billion rubles which is equivalent to 87.94 billion US dollars including:

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

  • 24.46 billion US dollars;
  • 24.00 billion euros;
  • 4.36 billion pounds sterlings;

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

3) under an individual decision by the Russian Government 3.00 billion US dollars were placed in debt instruments of foreign states without placing demands on long-term credit ratings.

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, 2014, was 0.20 billion US dollars, which is equivalent to 6.68 billion rubles. The exchange rate difference from recalculating monetary resources of the Fundfrom January 1 to June 30, 2014 was66.11 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – 57.77 billion rubles;
  • funds deposited with Vnesheconombank in US dollars – 5.64 billion rubles;
  • funds placed in debt instruments of foreign states under a separate decision of the Russian Government without placing demands on long-term credit ratings – 2.70 billion rubles.

In June of 2014, incomes from placing financial resources of the National Wealth Fund on Vnesheconombank’s deposits were transferred in the federal budget in the amount of1.56 billion rubleswhich is equivalent to 0.05billion US dollars.The aggregate income from placing financial resources of the Fund on Vnesheconombank’s deposits from January to June of 2014 was 15.19 billion rubles which is equivalent to 0.45 billion US dollars.

b)in debt instruments of foreign states under a separate decision of the Russian Government without placing demands on long-term credit ratings in the amount of 73.33 million US dollars which is equivalent to 2.51 billion rubles.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes (losses) 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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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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