Joint statement by Vnesheconombank and the Greek Ministry of Reconstruction of Production, Environment & Energy on the Development of Infrastructure in Greece

19 june 2015 года
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Joint statement regarding the development of infrastructure in Greece by the Greek Ministry of Reconstruction of Production, Environment & Energy on the development of infrastructure in Greece and State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank) of the Russian Federation.

Taking into account the strategic nature of relations between the Russian Federation and the Greek Republic and having intentions to expand mutually beneficial cooperation in investment projects on the territory of the Greek Republic;

After detailed discussions,Mr. Panagiotis Lafazanis, Greek Minister of Reconstruction of Production, Environment & Energy and Mr. Vladimir Dmitriev, Chairman of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ after their meeting in the course of the Petersburg International Economic Forum-2015:

  1. Declare that the two sides are committed to a decision on rendering any assistance in implementing a gas infrastructure project “the South European Pipeline “ (hereinafter referred to as SEP) on the territory of Greece.
  2. Welcome the establishment of a new holding enterprise (the Joint Engineering Company) to immediately implement the SEP project with the participation of such strategic investors (or founders) as Vnesheconombank (VEB Capital) and Energy Investment Public Enterprise S.A. (EIPE S.A.) -a company newly established in accordance with a special legislative act of the Greek Republic and owned by the Greek Governmentin order to promote investments in infrastructure projects in the gas and other sectors.
  3. State that the mentioned Joint Engineering Company would be an owner of the SEP project and would be responsible for funding, developing, constructing, operating and maintaining the project consisting of pipelines, compressor stations and any other linear infrastructure required for its operation. Intensive work on implementing the project is to start immediately with preparing a feasibility study, engineering and other forms SEP project management.


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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VEB to extend a credit to the Development Bank of Mongolia to fund a project on upgrading combined heat and power plant-4 (CHPP-4) in Ulan Bator

18 june 2015 года
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In the course of the Petersburg International Economic Forum and in the presence of Mongolia’s Prime MinisterChimedinSiakhanbileg, Vnesheconombank and the Development Bank of Mongolia signed a credit agreement aimed at funding a project on upgrading CHPP-4 in Ulan Bator, Mongolia.

On behalf of Vnesheconombank the agreement was signed by First Deputy Chairman Member of the Board Petr Fradkov and on behalf of the Mongolian Development Bank by Chief Executive Officer Mr. MunkhbatNanjid.


VEB also signed an insurance agreement with JSC EXIAR (VEB Group), with insurance coverage under the agreement being a collateral under the transaction.


The Urals Turbine Plant acted as the general contractor under the export project. The Plant supplied the first steam turbine and accessory equipment; it also performed all ancillary work on a turnkey basis.

This is a landmark project for both countries’ energy sector and it symbolizes renewed active technological cooperation between the Russian Federation and Mongolia.

The Development Bank of Mongolia (DBM) was founded in March of 2013 under the Mongolian Government’s resolution. The Bank’s activity is governed by the Law on the Bank for Development. The Development Bank of Mongolia is specializing in funding special development projects (construction of municipal roads, free motorways, granting subsidized mortgage credits. It also deals with commercial projects. The Bank’s Office is located in the city of Ulan-Bator.


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 Federal Agency for Research Organizations agree to cooperate in order to create favorable conditions for enhancing PPP

18 june 2015 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Federal Agency for Research Organizations (FARO) entered into an agreement on cooperation.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of FARO - by its Head Mikhail Kotyukov.


The agreement provides for developing all-round and efficient cooperation to enhance public private partnership that is instrumental in implementing investment projects. The parties identified the following basic lines of their cooperation:

  • developing innovation activities thatmake it possible to identify technological innovationsas a result of research and development;
  • enhancing research activities focused on developing new products and technologies;
  • creating conditions for introducing research and development results in the real economy.

The Federal Agency for Research Organizations (FARO)is a federal executive authority responsible for regulatory and legal regulation and for providing government services on organizing activities undertaken by its subordinate organizations in such sectors as science, education, healthcare, agro-industrial complex as well as in managing federal property of its subordinate organizations. The Agency performs functions and exercises powers of the founder and the owner of federal property vested in its subordinate organizations. The Agency is run by the Government of the Russian Federation.


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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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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