VEB repaid 500 mio CHF Eurobonds

19 february 2016 года
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State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) fulfilled its obligation to redeem Eurobonds amounting to 500 million CHF on February 17, 2016.

Debut 5-year CHF Eurobonds Series 4 were issued on February 17, 2011 at the coupon rate of 3.75%.


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Vladimir Dmitriev participates in the ceremony to open Ammonia chemical complex

12 february 2016 года
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Vnesheconombank Chairman Vladimir Dmitriev participated in the ceremony to open an ammonia, methanol and granulated carbamide production complex in the city of Mendeleevsk. A ceremony to open the production facility took place in a tele bridge format.

VEB participates in funding a number of major investment projects on the territory of the Republic of Tatarstan. The Ammonia plant is one of VEB’s largest investment projects with a high innovative component that was implemented on the principles of project finance. The construction of the ammonia, methanol and granulated carbamide production complex started in 2011 from scratch, after JSC Ammonia, consortium of Japanese and Chinese companies - Mitsubishi Heavy Industries, Ltd (MHI, Japan), Sojitz Corporation Ltd (Japan) и China National Chemical Engineering Group Corp (CNCEC, China) signed a turnkey contract for the construction of a combined ammonia, methanol and granulated carbamide production complex. Besides the construction of a new integrated production facility there were plans to reconstruct the functioning production facility to produce ammonia nitrate which is widely used by Russian agricultural producers as a mineral fertilizer.

The project’s total value was 2.2 billion US dollars, with VEB’s participation share being 1.9 billion US dollars. This credit transaction was funded through using borrowed funds provided to Vnesheconombank by such financing institutions as Japan Bank for International Cooperation (JBIC), Sumitomo Mitsui Banking Corporation, Mizuho Bank и The Bank of Tokyo Mitsubishi with the participation of export insurance agency Nippon Export and Investment Insurance (NEXI), Japan on a commercial basis.

The plant’s production facilities are designed to manufacture 717.5 thousand tons of ammonia per year (without methanol production); 483.7 thousand tons of ammonia and 233.8 tons of methanol per year as a result of combined production as well as to manufacture 717.5 thousand tons of granulated carbamide per year.

The production facility project was implemented and within the established time limit and within the project’s approved budget.

In 2015, JSC Ammonia carried out guarantee tests of the integrated production facility. In pursuance of implementing the credit agreement with VEB, contracts were concluded with the world’s leading traders for the sale of carbamide in the amount of 500 thousand tons per year to countries of Europe, Latin America and the Middle East. Export transaction certificates were opened in Vnesheconombank for the said amount of supplies. The new plant’s operational commissioning made it possible to create about 500 new jobs and as a result of the project’s implementation, tax and other mandatory payments were transferred to budgets of all levels and to non-budgetary funds in the amount of more than 1 billion rubles.


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Vladimir Dmitriev participates in the opening of the Kaluga-Dalian railway corridor

5 february 2016 года
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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.


Media Relations Office
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On a meeting of Vnesheconombank’s Expert Council

27 january 2016 года
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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”.


Media Relations Office
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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)

25 january 2016 года
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CONTENTS OF THE ISSUE

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)

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