Vnesheconombank was given first place in the category “High Transparency” of the National Procurement Transparency Rating
According to the 2014 National Procurement Transparency Rating, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was given first place in the category “High Transparency” among customers placing orders under Federal Law № 223-FZ.
Vnesheconombank received relevant certificate that certifies its high transparency in the corporate procurement sector. In order to evaluate procurers placing orders under Federal Law № 223-FZ, they used data on the extent of a company’s information disclosure and due process with regard to its procurement activity including availability of information on rules for conducting procedures, scheduled procurements, forthcoming tenders and concluded contracts on the participant’s official site and other open sources as well as data on the extent of using competitive procedures.
As compared to the 2013 rating, Vnesheconombank showeda significant procurement transparency growth dynamics: last year the Bank for Development took second place in the category “Median Transparency” among the largest state-run companies.
As part of upgrading its procurement activity, VEB established during the said period an independent subdivision responsible for organizing procurement activity at Vnesheconombank, reviewed the structure of procurements and increased the proportion of competitive procedures in the total number of procurements; the number of procurements in electronic format was significantly increased.
The National Procurement Transparency Rating is an annual project of the National Association of E-Trade Participants. The rating has been held since 2005 with the assistance of the Federal Anti-Monopoly Service (FAS), the Economic Development Ministry,the Russian Audit Chamber, the Russian Commerce and Industry Chamber,relevant committees of the State Duma.
The object of the study is the Russian market for government and commercial procurements, it is designed to produce transparency rating among executive authorities, regional and municipal customers as well as the largest state-run and private companies.
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Vnesheconombank Deputy Chairman Irina Makieva reelected as Chairman of OJSC SME Bank’s Supervisory Board
A meeting of OJSC SME Bank’s Supervisory Board in the new composition was held at VEB. Vnesheconombank Deputy Chairman Irina Makievawas reelected as Chairman of OJSC SME Bank’s Supervisory Board.
The meeting approved a Strategy of OJSC SME Bank’s Development for a period of up to 2020. The document provides for providing long-term financial support to small and medium-sized enterprises in the non-trade sector as well as increased amounts of support for SMEs in mono-cities and in top-priority development regions (the Far East, the North Caucasus and Crimea).
New lines of strategy include funding of SMEs involved in manufacturing products for large enterprises among other things as part of government procurement contracts. Support is also to be provided for managing companies of industrial parks upon the construction of engineering infrastructure facilities.
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Vnesheconombank intends to participate in funding the project on the construction of the Moscow-Saint Petersburg toll highway (km 543-km 684)
As part of the “Transport Week” VEB and Two Capitals Highway LLC signed a Memorandum on cooperation and interaction in implementing the project on the construction and operation of a toll highway “The High-SpeedMotorway Moscow – Saint Petersburg at sections km 543 –km 646 and km 646 – km 684”.
On behalf of Vnesheconombank the document was signed by Deputy Chairman – Member of the Board Sergei Lykov and on behalf of Two Capitals Highway LLC – by first deputy president – board chairman of VTB Bank VasilyTitov (by proxy).
Under the Memorandum VEB intends to explore the possibility of participating in funding the project through extending credit facilities to Two Capitals Highway LLC. Removal of economic growth restrictions including development of transport infrastructure is one of the Bank for Development’s top-priority lines of activity. VTB Bank is also planning to participate in funding the construction of the motorway.
The project worth 88.6 billion rubles is being implemented on the principle of public private partnership. In order to coordinate the work on the project’s implementation, the parties have agreed to set up a working group.
Two Capitals Highway LLC - a consortium formed by VTB Bank and VINCI Concessions S.A.S., represented by State Company Russian Automobile Roads signed a concession agreement with the Russian Federation represented by State Company Russian Automobile Roads on funding, construction and operation on a paid basis of “The High-Speed Motorway Moscow – Saint Petersburg at sections km 543 –km 646 and km 646 – km 684”. Under the concession agreement, the consortium undertakes to build sections of the motorway, operate and maintain them, collect road toll at the sections that are to be leased out to the company.
The High-Speed Motorway Moscow – Saint Petersburg – M11 will run from the Moscow Automobile Ring Road to the automobile ring road around Saint Petersburg and it will run parallel to the existing M10 (Russia) – an alternative free of charge motorway. At present, they have completed the construction of the km 258-km 334 section bypassing VyshnyVolochek. The section was opened to traffic on November 28, 2014. The current project is to become the second section of M11and it will be implemented on the terms of concession. Construction of the first section (km 15 – km) in the Khimki and Solnechnogorsk districts of the Moscow region bypassing Khimkiis being carried out on the basis of the concession agreement signed with North-West Concession Company LLC in 2009, the construction is scheduled to be completed in 2014. Construction of a new high-speed highway Moscow - Saint Petersburg is scheduled to be completed until 2018.
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Vnesheconombank, the Federal Project Finance Center (FPFC), Avtodor and the Finance University join forces to train specialists in the field of PPP
The Federal Project Finance Center (Vnesheconombank Group), State Company Russian Automobile Roads (SC Avtodor) and the Finance University under the Government of the Russian Federation signed agreements on their joint activity on training specialists in public private partnership.
The agreementswere signed by Head of the University Mikhail Eskindarov, SC Avtodor Board Chairman Sergei Kelbach, OJSC FPFC Director General AlexandrBazhenov in the presence of Vnesheconombank’s Chairman–Head of Department “Public Private Partnership” of the Finance University Vladimir Dmitriev.
The agreements provides for the further development of the basic Department “Public Private Partnership”, created by Vnesheconombank in 2010 at the Finance University. Specifically, cooperation will make it possible to join forces and intellectual capitalof the largest players in the market for PPP projects in order to train highly qualified personnel to successfully implement PPP projects. FPFC involved in preparing projects of regional and urban development for them to be later on implemented with the use of non-budgetary investments is to be responsible for the content of the PPP Department’s educational, scientific and research activities. Business experience gained by State Company Russian Automobile Roads in applying PPP mechanisms will make it possible to engage highly qualified specialists in road infrastructurefor the PPP Department’s teaching and research activities, create an additional base for students of the PPP Department to do practical training as well as implement sectoral educational and research projects.
Brief overview of the participants
The Bank for Development operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment activity. VEB does not compete with commercial credit institutions and participates only in those projects that cannot receive funding from private investors. Vnesheconombank is responsible for funding major investment projects designed to remove economic growth infrastructure restrictions.
The Finance University under the Government of the Russian Federation (Finance University) is a Federal State Budgetary Educational Institution of Higher Professional Education. It is one of the country’s leading universities. It implements 13 lines of bachelor’s degree training (22 training profiles), 11 lines of master’s degree training (47 master’s degree programs). (9 basic educational programs of secondary vocational education as well as 10 MBA programs and 108 retraining and refresher course programs for specialists.
The Public Private Partnership Department was established in 2010 on the basis of the Finance University on the initiative of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, in March of 2012, the Department was given basic status. The Department is headed by Vnesheconombank Chairman V.A. Dmitriev.The PPP Department’s activity is designed to expand the range of educational programs related to public private partnership, training, retraining, professional development of managers and specialists in the field of PPP, doing research in order to provide support for developing PPP in the Russian Federation.
OJSC the Federal Project Finance Center (FPFC) is 100% subsidiary of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and is a member of Vnesheconombank. FPFC provides financial and expert support in preparing projects of regional and urban development, the implementation of which is planned with the use of non-budgetary investments as well as on the terms of public private partnership.
State Company Russian Automobile Roads was established by Federal Law № 145-FZ. Its mission is to form up an infrastructure basis for modernizing the economy, transfer to innovative (post-industrial society development model), reduce budgetary expenses by way of boosting efficiency of road activities, form up a non-budgetary basis for funding the sector, carry out a comprehensive structural reform of the road sector and the Russian economy as a whole through improving management, creating new markets and new forms of economic activity. The State Company is actively using PPP mechanisms in the road sector, which is of primary importance for our country and it plans to organize more than 20 projects in the total amount of 1, 447 billion rubles until 2020.
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Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund
Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National WealthFund from January 1 to November31, 2014.
The Reserve Fund
As of December 1, 2014 the aggregate amount of the Reserve Fund was 4 386.91billion rubles which is equivalent to 88.94 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;
- 5.75 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 November 30, 2014 was0.59 billion US dollars, which is equivalent to 29.15 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to November 30, 2014 was 1 310.11 billion rubles.
The National Wealth Fund
As of December 1, 2014, the aggregate amount of the National Wealth Fund was 3 944.12 billion rubles which is equivalent to 79.97 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) 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.
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 November 30, 2014, was 0.43 billion US dollars, which is equivalent to 21.28 billion rubles. The exchange rate difference from recalculating monetary resources of the Fundfrom January 1 to November 30, 2014 was1 055.9 billion rubles including:
- balances in foreign exchange accounts with the Bank of Russia – 902..36 billion rubles;
- funds deposited with Vnesheconombank in US dollars – 103.77 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 – 49.78 billion rubles.
The aggregate income from placing financial resources of the Fund on Vnesheconombank’s deposits from January to November of 2014 was 22.01 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