On Completing the Transaction on Transferring Roseximbank’s Sharesby Vnesheconombank into EXIAR’s Ownership

28 november 2014 года
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As part of forming up a Credit-Insurance Exports Support Center on the basis of the Export Credit Insurance Agency of Russia (EXIAR, VEB Group) in accordance with the Russian President’s Instruction dated June 24 2014, a transaction on transferring by Vnesheconombank a package of 100%-1 share of CJSC State Specialized Russian Export-Import Bank (Roseximbank) into the ownership of the Agency.

At present, they are developing a strategy for developing an integrated exports credit-insurance support institution (the document is scheduled to be submitted to Vnesheconombank’s Supervisory Board approval in December of 2014). The Strategy provides for creating a unified range of credit-insurance products, consolidating EXIAR’s and Roseximbank’s corporate profile, forming up stable processes of operational cooperation between the two institutions. Along with projects on providing joint support by EXIAR-Roseximbank, the Agency is to continue its activity on enhancing cooperation with federal and regional banks and its active interaction with Russian exporters.

Forming up a centralized export financial support institution on the basis of EXIAR that unifies credit and insurance components is to become a key incentive for developing Russia’s non-raw materials exports, creating conditions for increased amounts of Russian industrial exports in the long term. As a result, a full-fledged export agency will come into being and it will offer extremely flexible instruments for providing financial support for non-materials exports.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established in 2007 under the Federal Law “On the Bank for Development” through reorganization of Vnesheconombank of the USSR. Vnesheconombank is one of the key instruments of government investment policy. Under the Federal Law “On the Bank for Development” VEB participates in providing financial and guarantee support for exports of Russian industrial products manufactured by Russian companies in order to boost the Russian economy competitiveness, diversify it and stimulate investment activity. The Russian Government appointed Vnesheconombank as coordinator for providing comprehensive support for exports of Russian products, works and services. The activity is designed to qualitatively upgrade the national system to support Russian industrial exports and make it more accessible for all categories of Russian institutions. The creation of an integrated exports credit and insurance support centeron the basis of EXIAR and Roseximbank will become another important step in expanding the national exports support system.

The Export Insurance Agency of Russia (EXIAR, Vnesheconombank Group) was established in October of 2011 in the form of an open joint stock company. For the most part, the Agency’s main objective is to support high-technology exports through insuring credit and political risks under export credits and insure Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is 30 billion ruble. As of today, the Agency has provided insurance for export supplies of Russia’s non-raw materials exports for an amount of 200 billion rubles. The geography of supplies includes all the world’s regions.

State Specialized Russian Export-Import Bank (Roseximbank, VEB Group) was established by the Russian Government in 1994. Roseximbank is an agent bank for the Government in providing government financial (guarantee) support for Russian industrial exports. Since 2007-2014 Roseximbank has been subsidiary (100%) of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’. Since November 28, 2014,Roseximbnank has been OJSC EXIAR’s subsidiary.

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 China Development Bank mark ten years of cooperation

14 november 2014 года
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Vnesheconombank and the China Development Bank (CDB) marked ten years of cooperation.

Being national development banks, Vnesheconombank and CDB have similar top-priority lines of activity.

Cooperation between VEB and CDB ranges from funding major investment projects to sharing business experience and information. VEB is one of the largest borrowers from CDB among Russian financing institutions. As of today, the amount of credits raised by Vnesheconombank from the China Development Bank is 3.451 billion US dollars.

At present, credit facilities raised from CDB are being used to fund five projects through VEB. The projects are designed to develop smelting industry, construction and timber processing integrated production facilities, power engineering industry including in CIS countries. A number of projects planned to be financed through using CDB’s credit facilities are now being examined by experts at Vnesheconombank. Vnesheconombank Chairman Vladimir Dmitriev says, “Ten years of cooperation between the two banks demonstrated mutual understanding upon our joint implementation of development projects and assisted in creating such multilateral formats as SCO and BRICS Consortiums. I believe that we have huge potential for promoting further cooperation”.

VEB and CDB together with other financial institutions are members of the Long-Term Investors Club, the International Development Finance Club (IDFC). They are also members of the Association of Development Financial Institutions of Asia and Pacific (ADFIAP). The banks cooperate with G 20 countries financial institutions as part of D20.

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 China Development Bank confirm their interest in organizing financing of Housing Mortgage Finance Agency programs

10 november 2014 года
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In the presence of Russian President Vladimir Putin and President of the CPR Xi Jinping, Vnesheconombank (VEB), the China Development Bank (CDB), The Agency for Housing Mortgage Lending (AHML) and VEB Asia Limited (VEB Group) signed a Memorandum of Understanding in the city of Beijing.

On behalf of VEB the Memorandum was signed by Chairman Vladimir Dmitriev, on behalf of CDB – by Mr. Zheng Zhijie, on behalf of AHML - by Director General Alexandr Semenyaka and on behalf of VEB Asia Limited – Managing Director Petr Selivanov.

Under the Memorandum VEB and CDB confirm their interest in organizing financing of AHML programs and are ready to cooperate with the Agency as financial consultants and potential creditors.

AHML is responsible for funding the construction of housing and infrastructure facilities under the Program “Housing for the Russian Family” approved by the Russian Government’s Resolution in May of 2014. Under the Resolution, 25 million square meters of affordable quality economy-class housing is to be built by July 2017. Such housing is to be sold at a price that is 20% lower than a market one but no more than 30 thousand rubles for a square meter. The Agency is also implementing the Program “Leased Housing” designed to form an affordable leased housing sector for general public. AHML’s financing needs amount to 135.5 billion rubles with a credit tenure of up to 25 years.

At present, AHML is exploring an opportunity for cooperating with Chinese construction companies and it is determined to study CDB’s business experience in funding affordable housing construction in China.


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

5 november 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 Wealth Fund from January 1 to October 31, 2014.

The Reserve Fund

As of November 1, 2014 the aggregate amount of the Reserve Fund was 3 885.87 billion rubles which is equivalent to 89.55 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

- 40.82 billion US dollars

- 31.39 billion euros;

- 5.76 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 October 31, 2014 was 0.5 billion US dollars, which is equivalent to 21.50 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to October 31, 2014 was 809.08 billion rubles.

The National Wealth Fund

In October of 2014, under the Federal Law dated October 13, 2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” Vnesheconombank early returned financial resources of the Fund in the amount of 25.00 billion rubles placed on its deposits. Under Resolutions of the Russian Government dated January 19, 2008, № 18 “On the Procedure for Managing Funds of the National Wealth Fund”and dated August 22, 2014 № 839 “ On Purchasing Credit Institutions’ Preferred Shares through using Financial Resources of the National Wealth Fund”, the Fund’s financial resources in the said amount were used by the Russian Finance Minisatry to purchase by private subscription preferred shares of OJSC Rosselkhoz in quantity 25 000 pieces, at a par value of 1 000 000 rubles for one share which equals to 10.3% of OJSC Rosselkhozbank’s charter capital.

Moreover, in September of 2014, Vnesheconombank early returned financial resources of the Fund placed on deposits in the amount of 214.04 billion rubles in accordance with Federal Law dated October 13, 2008, № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation”. In accordance with Resolutions of the Russian Government dated January 19, 2008, № 18 “On the Procedure for Managing Financial Resources of the National Wealth Fund”, and dated August 22 2014, № 839 “On Using Financial Resources of the National Wealth Fund to Purchase Preferred Shares of Credit Institutions” the Funds of the Fund in the said amount were used by the Russian Finance Ministry to purchase by private subscription OJSC Bank VTB’s preferred shares in number of 21 403 797 025 000 at a par value of 0.01 ruble for one share which accounts for 62.3% of OJSC Bank VTB’s charter capital.

As of November 1, 2014, the aggregate amount of the National Wealth Fund was 3 547.02 billion rubles which is equivalent to 81.74 billion US dollars including:

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

- 24.42 billion US dollars;

- 23.97 billion euros;

- 4.35 billion pounds sterlings;

2) 234.02 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;

4) 239.04 billion rubles were placed in preferred shares of credit institutions.

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 October 31, 2014, was 0.37 billion US dollars, which is equivalent to 15.92 billion rubles. The exchange rate difference from recalculating monetary resources of the Fund from January 1 to October 31, 2014 was 658.81 billion rubles including:

- balances in foreign exchange accounts with the Bank of Russia – 560.11 billion rubles;

- funds deposited with Vnesheconombank in US dollars – 66.70 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 – 32.00 billion rubles.

In October of 2014, incomes from placing financial resources of the National Wealth Fund on Vnesheconombank’s deposits in the amount of 3.59 billion rubles which is equivalent to 0.09 billion dollars including incomes from deposits that were early returned by Vnesheconombank in the amount of 0.07 billion rubles which is equivalent to 0.002 billion US dollars were transferred to the federal budget. The aggregate income from placing financial resources of the Fund on Vnesheconombank’s deposits from January to October of 2014 was 44.38 billion rubles, which is equivalent to 1.22 billion US dollars.

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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The Federal Service for Supervising Natural Resources Use Approves a Project Developed by LLC VEB Engineering on Waste Disposal of the Baikal Integrated Pulp and Paper Mill

29 october 2014 года
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VEB Engineering (VEB Group) received a positive opinion of the State Environmental Expert Evaluation of the Russian Federal Service for Supervising Natural Resources Use on the project to eliminate negative impact of wastes accumulated as a result of the Baikal Integrated Pulp and Paper Mill’s (BPPM) activity.

The documentation submitted is recognized as being in line with environmental standards as well as technical procedures requirements and engineering surveys. According to the documentation there are plans to perform work on sub-slime waters treatment, slime lignin and ashes and slags encapsulation with subsequent burial under a fertile soil layer.

The project was developed as part of the Federal Target Program “Lake Baikal Conservation and Socio-Economic Development of the Baikal Natural Territory for 2012-2020 through the request of the Russian Ministry of Natural Resources and Environment. The project’s total value is more than 6 billion rubles. In the near future, the Russian Ministry of Natural Resources and Environment is to hold a tender for the right to take measures for reclaiming the Mill’s wastes.

In February of 2013, VEB became a major creditor of the Pulp and Paper Mill by opening a credit line worth 3.6 billion rubles and redeeming the Mill’s debts from Alfa-Bank. In September of 2013, operations at the Mill were stopped and the work was started on mothballing the equipment. At present, slime-lignin storages occupy a territory of 175 hectares and contain about 6.2 million tons of slime-lignin. Waste disposal might take at least 6 years, given stable funding and uninterrupted operation of the Mill’s waste treatment facilities. There are plans to engage 424 former workers of the Mill for this activity.

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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