Vladimir Dmitriev participates in the opening of the Kaluga-Dalian railway corridor
Vnesheconombank Chairman Vladimir Dmitriev participated in the ceremony to welcome the first container train as part of the New Silk Road project. The Kaluga-Dalian railway corridor was opened in the course of implementing a major project in the Kaluga region to build advanced facilities of multi-modal transport-logistics infrastructure of Freight Village Rosva logistics park.
Vnesheconombank is the project’s principal creditor.
At present, a cargo railway park, automobile and container terminals, storage integrated facility, motorways have been built.Approach lines adjoining the Vorsino railway station were put into constant operation.
The Kaluga region Government and Samsung Electronics Co. Ltd (the Republic of Korea) acted as initiators in implementing the Eurasian Silk Road project. The project provides for using the following railway route - the Port of Dalian (the People’s Republic of China) - Zabailkalsk (Russia) – the Kaluga region (Vorsino)instead of shipping route for importing and exporting container freight to Asia. They also propose to use this route for transit freight delivery to Europe through the Kaluga region and to this end they plan to set up a distribution center on the territory of the Freight Village Vorsinoterminal.
Moreover as part of implementing the project “Development of Industrial Parks Infrastructure in the Kaluga Region”: “Forming an Automobile and Auto-Component Manufacturing Cluster”, Vnesheconombank has completed funding engineering preparatory work on creating industrial sites on the territory of the Vorsino industrial park deploy various production facilities of investors under investment agreements concluded by the Kaluga region Government.
The project’s contractor is the Kaluga Region Development Corporation (JSC) (hereinafter – the Corporation). It is an authorized organization in creating and developing industrial parks’ infrastructure.
At present. The total value of costs for developing Vorsino industrial park’s infrastructure is 2 433 million rubles including by funding sources:
- 63 million rubles – budgetary funds of the Kaluga region;
- 644 million rubles – the Corporation’s own funds;
- 1 726 million - Vnesheconombank’s participation (credit facilities).
Due to the fact that 35 industrial companies started their operation in the industrial park, with the main companies being Samsung and NLMK, 220 billion rubles worth of investments were raised and 5.5 thousand new jobs were created. Budgets of all levels received more than 25 billion rubles worth of tax payments.
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A regular meeting of Vnesheconombank’s Expert Council on “Climate Agreement: New Terms and Conditions for Business and Prospects” was held on January 26, 2016.
The meeting was attended by representatives of Vnesheconombank management, federal ministries and institutions, representatives of Russian business and non-governmental organizations operating in the environmental sector.
The speakers at the meeting were Adviser to the President, Special Presidential Representative on Climate Issues Alexander Bedritsky, coordinator of the program «Climate and Energy» of the World Wildlife Fund (WWF), Sberbank’s Director for Project Management in the Energy Conservation Sector, Head of Projects Management Department in Energy Saving and Nature Management at Sberbank Vsevolod Gavrilov, Deputy Chairman of round-table discussion” Russia’s Business – EU” Oleg Pluzhnikov.
In the course of the meeting its participants discussed changes in the world’s economy as well as changes in approaches to investment projects evaluation. Experts stressed increased importance for investors of such criteria as socio-economic effect, energy efficiency, carbon intensity. Special attention was given to considering business experience of Sberbank and Gazprom in selecting and funding “green” projects”.
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Regular issue of the quarterly bulletin “Principles of Sustainable Development in the Activities of Financing Development Institutions and International Organizations” published (RUS)
1.PROMOTION OF SUSTAINABLE DEVELOPMENT PRINCIPLES IN THE BUSINESS COMMUNITY
According to the results of the 21st session of the Parties to the UN Framework Convention on Climate Change, 196 countries approved on December 12, 2015 in the city of Parisa new agreement to replace the Kyoto Protocol. (page 8)
2. DEVELOPMENT OF RUSSIA’S GREEN ECONOMY
At a session of Vnesheconombank’s Expert Council on January 26, 2016, its participants are to discuss an issue “A new Agreement on Climate: New Conditions for Business and Prospects”.
3. INVESTMENT ACTIVITY IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT
UNEP Inquiry and the Climate Bonds Initiative presented a report “An Analysis of the Green Bonds Market – Guidance for the State Sector”. (page 14)
4. RATINGS AND RESEARCH IN SUSTAINABLE DEVELOPMENT
According to OECD’s new study, most countries need to mobilize their effortsand toughen their climate policies in order to achieve set goals in the fight against climate change.(page 16)
5. ACTIVITIES OF FOREIGN FINANCING ORGANIZATIONS AND DEVELOPMENT INSTITUTIONS
The Industrial Development Bank of India (IDBI) issued green bonds for an amount of 350 million US dollars for a tenure of five years. (page 19)
Vnesheconombank Chairman Vladimir Dmitriev participated in the annual World Economic Forum in Davos
Vnesheconombank Chairman Vladimir Dmitriev participated in the annual World Economic Forum in Davos on January 21-22, 2016
V. A.Dmitriev: “As usual, the Davos Forum’s agenda is extensive and emphasis is as a rule placed on relevant challenges faced by the global community and by individual countries. And in this respect, challenges related to the fourth technological revolution or industrial revolution have a bearing on almost all aspects of our life. Strange as it may seem, this is undoubtedly related to our financial sector, our economic development. As a development institution our bank is interested in the themes on the Forum’s agenda that are related to financial sector and development banks. In this respect, a very interesting session of financial institutions’ leaders was held yesterday - it was devoted to long-term financial resources that are used to fund long-term, expensive large-scale projects”.
V.A.Dmitriev: “We are not downshifters of course. We are a country that is unfortunately developing the way countries that rely on producing and exporting energy resources are developing”TASS,Economy and Business (Rus)
In his address in the course of the workshop “Forecast for Russia”V.Dmitriev said that we needed to try to see trends in our economy. Specifically, he stressed that VEB completed funding 10 major projects worth 800 billion rubles.
n the course of the Forum Vnesheconombank’s Chairman held a number of bilateral with partners from foreign financing institutions.
“Our foreign partners still demonstrate interest in us as a bank for development and in Russia as a whole. Undoubtedly, we use the Davos venue to hold talks with as many of our partners as possible and our discussions show that we as bank for development and Russia as a whole are of interest for them. Because of sanctions some of them do not maintain business relations with us, they do not fund our projects but we maintain contacts at various levels and here I mean not only national financing institutions but also international financing institutions such the European Bank for Reconstruction and Development, the International Finance Corporation, the European Investment Bank. This has never stopped and our conclusion from the conversations we had is that our foreign partners demonstrate their vivid interest in what is going on in Russia as well as their readiness to get down to implementing joint projects with Vnesheconombank in Russia as soon as sanctions are lifted”, said V.Dmitriev in his interview to TV Channel Russia 24.
Vnesheconombank’s First Deputy Chairman – Member of the Board Petr Fradkov and Vnesheconombank Deputy Chairman (Chief Economist) – Member of the Board Andrei Klepach took part in the Gaidar Forum-2016.
Speaking at a panel discussion “Russia and Europe: Economic Prospects” Petr Fradkov said that the need on the part of business for insuring exports to Europe had increased manifold. To my mind, this is not a favorable signal because the need to close this risk even in 2013 or in 2014 was not so significant, it was insignificant. Instruments for insuring political risks did not prevail over other instruments.
Experts placed special emphasis on discussing the connection between the economies of Russia and Europe, they also considered implications of mutual sanctions, conditions and prospects for resetting Russian-European relations in a post-sanction period.
Andrei Klepach took part in an expert discussion “China’s Economy: Potential Scenarios and Strategies for Russia”. In his opinion, Russia’s economy could grow at a rate of 4-5% but we could make it happen if we create a significant export potential and could expand our positions on China’s market substantially. Even if China’s economic growth rate is 5 or 6% it will become a serious driver for Russia’s economic growth.
The Forum’s participants discussed structural causes and long-term implications of China’s slowdown, China’s reaction to integration processes in the Asia-Pacific region and the Trans-Pacific influence on economic growth rates in China. Special emphasis was placed on China’s sectorial markets which are of interest for Russia under the new conditions as well as on raising capital fleeing China.
The Gaidar Forum is a major annual international academic event in economics which is held in Russia. The Forum has been held since 2010 in commemoration of Yegor Gaidar, an outstanding researcher, economist and the architect of Russian reforms of the early 1990s. The Gaidar Forum has become a central political and economic event in Russia. The Gaidar Forum is a unique intellectual venue which unites analysts, experts, the world’s leading researchers and politicians and representatives both of higher financial circles and the global business elite. Its participants discuss economic and political problems and maintain continuous expert dialogue on key political and economic issues, the Forum is designed to highlight main trends and key events of national and global economy and policy and work out strategic proposals and recommendation s for the development of Russian economy. The organizers of the Forum are the Russian Presidential Academy of National Economy and Public Administration and the Gaidar Institute for Economic Policy and the Egor Guidar Fund.
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