Business Councils of Russia and Slovakia enter into an agreement on cooperation

2 june 2015 года
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In the course of a meeting between Prime Minister of the Slovak Republic Robert Fico and Prime Minister of the Russian Federation Dmitry Medvedev, the Business Council for Cooperation with Slovakia and the Slovak-Russian Business Council entered into an Agreement on Cooperation. On the part of Russia the Agreement was signed by Vnesheconombank Deputy Chairman – Chairman of the Business Council for Cooperation with Slovakia Irina Makieva and on the part of Slovakia - by Chairman of the Slovak-Russian Business Council Igor Ledetsky.

The Agreement provides for mutually beneficial cooperation on rendering all-round assistance to Russian and Slovak companies and organizations in establishing and enhancing direct contacts between them, engaging members of the business councils for implementing joint projects to be carried out on the territories of the two countries. Specifically, the two sides intend to provide support for projects on manufacturing, exporting, importing and purchasing equipment and component parts among other things through credit and leasing products of SME Bank and Eximbanka SR. The two sides also plan to cooperate in implementing investment projects on the territory of industrial parks in Russian mono-cities and industrial parks of the Slovak Republic as well as in the field of culture and education and carry out an exchange of university students between the two countries.

The document was signed as part of Slovak Prime Minister Robert Fico’s formal visit to the Russian Federation.


In the course of events timed to coincide with this visit a round-table discussion was held at the International Investment Bank. Its participants discussed advanced investment projectsthat are being supervised by the Business Councils of the two countries. In the attendance of the round-table discussion were Slovak Prime Minister Robert Fico, Slovak Vice Prime Minister for Foreign and European Affairs Miroslav Laichak, Extraordinary and Plenipotentiary Ambassador of the Slovak Republic to the Russian Federation Peter Priputen, Extraordinary and Plenipotentiary Ambassador of the Russian Federation to the Slovak Republic Alexei Fedotov, Vnesheconombank Deputy Chairman Irina Makieva, representatives of federal government authorities, Slovak ministries and agencies, the business community of the two countries.

This Agreement’s implementation would help to promote and expand trade-economic, scientific-technical and other business ties between Russian and Slovak enterprises.


During two years business councils for cooperation with Slovakia and Russia held 30 meetings including those in the format of teleconferences, 5 joint visiting sessions (2 in Russia: Astrakhan and Moscow; 3 in Slovakia: Modra, StrbaStrbskePleso, Bratislava). In the course of the business councils’ meetings, its participants made presentations of investment projects for potential investors planning to take part in implementing projects on the territory of the two countries.

Moreover, they made a presentation of industrial parks in the old industrial Russian cities (mono-cities) and analyzed industrial parks of the Slovak Republic.

Members of the Business Councils took an active part in exhibitions, exchanges, presentations and forums.

At a joint session of the business councils in the city of Astrakhan they made a presentation of a brief version of the musical film-play “Shammi”, and on the eve of the Great Victory Day in May 2015, the Slovak-Russian Business Council was presented with unique archive materials on the USSR’s fraternal assistance rendered to the rebellious Slovak people in 1944.

As part of cooperation between the business councils, students of the Slovak Technical Universit (the city of Bratislava) and the Technical University (the city of Kosice) are to arrive in Moscow in June to participate in the All-Russian Robotic Olympics in the city of Kazan.


Press Office of VEB
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

1 june 2015 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 May 31, 2015.

The Reserve Fund

As of June 1, 2015 the aggregate amount of the Reserve Fund was 4 039.27 billion rubles which is equivalent to 76.25 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 37.26 billion US dollars
  • 28.27 billion euros;
  • 5.25 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 May 31, 2015 was 0.06 billion US dollars, which is equivalent to 2.97 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to May 31, 2015 was a negative value of (-)406.22 billion rubles.

The National Wealth Fund

As of June 1, 2015, the aggregate amount of the National Wealth Fund was 4 018.51 billion rubles which is equivalent to 75.86 billion US dollars including:

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

  • 20.98 billion US dollars;
  • 21.99 billion euros;
  • 4.03 billion pounds sterlings;

2) 195.03 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) in bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 112.63billion rubles and 1.21 billion US dollars;

5) in preferred shares of credit institutions – 278.99 billion rubles;

6) on deposits of OJSC Bank VTB and Bank GPB (JSC) in order to fund infrastructure projects a list of which is approved by the Russian Government - 164.43 billion rubles.

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 May 31, 2015, was 0.04 billion US dollars, which is equivalent to 1.99 billion rubles. The exchange rate difference from recalculating monetary resources of the Fundfrom January 1 to May 31, 2015 was a negative value of (-) 360.14 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – (-)318.67 billion rubles;
  • funds deposited with Vnesheconombank in US dollars –(-) 20.55 billion rubles;
  • funds placed in debt instruments of foreign states without placing demands on long-term credit ratings –(-)9.86 billion rubles.
  • foreign-currency denominated bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – (-)11.06 billion rubles.

The aggregate income from placing financial resources of the Fund on Vnesheconombank’s and Bank VTB’s deposits from January to May of 2015 was 8.32 billion rubles which is equivalent to 0.14 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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VEB’s Supervisory Board approves basic parameters for corporate bonds in 2015

28 may 2015 года
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At its meeting on May 21, 2015, VEB’s Supervisory Board approved basic parameters for purchasing by the state managing company (SMC) in 2015 corporate bonds in line with reliability parameters through using pension savings funds (PSF) in the extended investment portfolio.

The following basic parametershave been established for transactions on purchasing bonds of OJSC RZHDin the amount of 37 billion rubles with a maximum maturity of 20 years, Federal State Unitary Enterprise (FSUE) the Post of Russia in the amount of 3 billion rubles with a maturity of 15 years, OJSC Rosseti in the amount of 6 billion rubles with a maturity of 30 years, OJSC KAMAZ in the amount of 10 billion rubles with a maturity of 15 years and five-year bonds of OJSC VEB-leasing for an amount of 4 billion rubles.

VEB’s Supervisory Board made a decision on purchasing up to 100% of the said companies’ long-term bonds taking into account that they are in full compliance with reliability parameters as well as insufficiency of funds for meeting their needs for raising long-term investments.

A decision was also made to use as a basis rate a key rate of the Bank of Russia multiplied by 1% per annum besides consumer prices growth index upon determining minimum level of floating coupon rate. In order to minimize a possible conflict of interests a minimum required level of yield for bonds of OJSC VEB-leasing as Vnesheconombank’s affiliated company was established at a level of OFZ issue with a similar period till maturity increased by 2.35%.

A total volume of bids for purchasing of up to 100% of the said companies’ bond issues through using PSF received by VEB amounted to 110 billion rubles. The rated amount of the extended PSF portfolio for investing in bonds of infrastructure and production companies in 2015 amounts to 60 billion rubles.

SMC long-term investments provide new opportunities for developing and upgrading infrastructure as one of the key elements for boosting long-term global competitiveness of the Russian economy. It is pension savings funds managed by SMC are practically the onlyreal source of long money in the economy.


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vladimir Dmitriev participates in the D20 meetings

26 may 2015 года
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Vnesheconombank Chairman Vladimir Dmitriev participated in the third meeting of the Heads of the G20 financial development institutions – the D20 and a conference devoted to development of infrastructure as a main instrument for long-term development (the city of Istanbul, the Turkish Republic).


The Heads of the G20 financial development institutions discussed issues of cooperation between the G20 development banks and their interaction with international financing institutions and regional banks and a role of financing institutions in developing social infrastructure. A special emphasis was placed on development banks’ capabilities to raise long-term investments for infrastructure projects.

The heads of the G20 financial development institutions approved a final statement.

The fourthmeeting of the G20 financial development institutionsis scheduled to be held in China in 2016.

A meeting of the Long-Term Investors’ Club(LTIC) Coordinating Committee was also held in the course of which they discussed main lines of the Club’s and its management bodies’ activity. VEB is a member of LTIC.

As part of the D20 meetings, VEB’s management and executives of partner banks: theEuropean Investment Bank, Italian Bank CassaDepositi e Prestiti, the Development Bank of South Africa, the Industrial Development Bank of Turkeyheld meetings in a bilateral format.

Vnesheconombank initiated meetings of the G20 financial development institutions in the D20 format. The first meeting held in 2013 resulted in a joint D20 statement on the role of development institutions in improving the world’s financial and an economic system. At the second meeting of the heads of the D20 financial development institutions held in Rome in 2014, VEB put forward an initiative on including representatives of D20 format financial institutions in national delegations for them to participate in meetings of the D20 Investment and Infrastructure Working Group(IIWG).


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank and the Commercial International Bank of Egypt agree to cooperate

25 may 2015 года
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In the course of the Business Mission “TradeandIndustrial Dialogue «RUSSIA-EGYPT” in Cairo Vnesheconombank and the Commercial International Bank of Egypt entered into a Memorandum on Cooperation in Export Financing.

On behalf of Vnesheconombank the Memorandum was signed by Director of the Export Financing Department Daniil Algulyan and on behalf of the Commercial International Bank of Egypt – by Director of the Financing Institutions Group Mr. HossamRageh.


The financing institutions identified main lines of their cooperation in funding supplies of Russian products and services to Egypt.

Taking into account the current high potential for enhancing trade relations between Russia and Egypt the two sides expressed their confidence that the signing of this agreement would become another step in building up long-term mutually beneficial cooperation.

VEB and the Commercial International Bank of Egypt are interested in their joint implementation of advanced projects on the territory of the Arab Republic of Egyptassociated with exports of Russian products and services.

Under the Memorandum on Vnesheconombank’s Financial Policy, providing support for exports of agricultural and industrial products and services among other things in order to diversify national exports ison of VEB’s main lines of activity.

The Commercial International Bank of Egypt operates on the basis of the Charterand the banking license issued by the Central Bank of Egypt. The Commercial International Bank of Egypt is the third bank among Egyptian banks by the size of assets and the first commercial bank of Egypt by this indicator.

Business mission “TradeandIndustrial DialogueRUSSIA-EGYPT” makes it possible to demonstrate Russia’s investment and export potential and is designed to strengthen business ties, expand and diversify economic cooperation between the Russian Federation and the Arab Republic of Egypt.

The Russian delegation in Cairo is headed by Minister of Industry and Trade DenisManturov and the Egyptian side is headed by Egyptian Minister of Industry and TradeMounirFakhry Abdel Nour.


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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