The Shanghai Cooperation Organization Interbank Consortium Council meeting held

23 june 2016 года
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Vnesheconombank Deputy Chairman Sergei Vasiliev participated in the 12th meeting of the Shanghai Cooperation Organization Interbank Consortium Council timed to coincide with a SCO Heads of State Council meeting in the city of Tashkent (the Republic of Uzbekistan).

In the course of the meeting, heads of SCO Interbank Consortium banks discussed key issues of the current and future multilateral cooperation including joint funding of investment projects, relationships with development institutions operating in the SCO area and in the Asian region.

As part of enhancing relations with financing institutions of observer states and partners in the SCO dialogue they signed a Resolution by the SCO Interbank Consortium Council to assign a partner bank of the consortium status to the Mongolia Development Bank.

In accordance with the rotation principle approved by the SCO Interbank Consortium, Chairman of the Kazakhstan Development Bank Bolat Zhamishev was elected as Chairman of the SCO Interbank Consortium Council for the next year (from October 2016 to October of 2017).

The Shanghai Cooperation Organization Interbank Consortium of SCO member states authorized state banks and credit institutions specializing in foreign economic activity was established on October 26, 2005. The Interbank Consortium incorporates State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Kazakhstan Development Bank, the China State Development Bank, RSK Bank (Kirgizia), State Savings Bank of the Republic of Tajikistan “Amonatbank” and the Uzbekistan National Bank for Foreign Economic Affairs. The Uzbekistan National Bank for Foreign Economic Affairs is to preside over the SCO Interbank Consortium in 2015-2016.


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Results of VEB’s participation in the St. Petersburg International Economic Forum-2016

17 june 2016 года
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In the course of the St. Petersburg International Economic Forum- 2016, Vnesheconombank Chairman Sergei Gorkov participated in a business lunch given by Sberbank of Russia and spoke at a session organized by Vnesheconombank “New Economy of Growth: A Role of Development Institutions. Fulfilling Ambitions”, participated in a plenary sitting “On the Threshold of a New Economic Reality”.


Speaking at the session S.Gorkov stated that development banks and not only in Russia de-factor proved to be unprepared for market changes. “Fluctuation of markets occurs much more often than a life of credits granted by development banks. A tenure of a credit granted by a development bank is 10 years and even more. But in the last 10 years Russia has seen two crises which changed the economic situation significantly. In the first place, emerging economies are in need of development banks”, VEB’s Chairman said.

As part of the Forum there was a ceremony to present the winners of the Development Award Competition instituted by VEB. The Award to the initiators of investment projects was presented by Chief of Staff of the Presidential Administration of the Russian Federation Sergei Ivanov and Vnesheconombank Chairman Sergei Gorkov.


In the course of the Forum Vnesheconombank signed the following agreements:

  • memorandum on cooperation with the world’s largest producer of synthetic sapphire - Monopcrystal company - in order to organize export supplies of the company’s products to foreign countries;
  • memorandum on further cooperation with JSC Sukhoi Civil Aircraft and Russia-Italian enterprise Superjet International S.p.A in order to implement the project on the supplies of Sukhoi Superjet 100 aircraft;
  • agreement on cooperation with AFK Sistema. The parties agreed to develop and enhance mutually beneficial cooperation to provide support for AFK Sistema’s investment projects designed to manufacture and export non-raw materials high-technology Russian products and develop innovative technologies;
  • memorandum of understanding on joint investment projects with Italian export agency SACE. The memorandum is aimed at enhancing Russian-Italian economic ties and provides for cooperation between the parties in funding joint projects with high added value.


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Vnesheconombank concluded a memorandum of understanding with SACE, the italian export credit agency

16 june 2016 года
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In the course of the St. Petersburg International Economic Forum State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and the Italian export credit agency SACE (Cdp Group) have concluded a Memorandum of Understanding. The Italian company Danieli Officine Meccaniche S.p.A. took part in the signing ceremony.

On behalf of Vnesheconombank, the document was signed by First Deputy Chairman - member of the Board Nikolay Tsekhomskiy, on behalf of SACE – by Chief Business Officer Alessandra Ricci and on behalf of Danieli – by Representative of Danieli Group in Russia Antonello Colussi.

The document foresees cooperation between Vnesheconombank and SACE on financing projects with high added value aimed at promotion of Russian-Italian economic ties, on supporting investment projects of mutual interest for the Russian Federation and the Italian Republic in third countries. The parties have also agreed on establishing joint training programs and exchange of experiences.

SACE, a Cdp Group company, offers export credit, credit insurance, foreign investment protection services, financial guarantees, sureties and factoring. With operations worth €81 billion insured in 198 countries, SACE supports the competitiveness of Italian and foreign businesses, guaranteeing more stable cash flows and transforming risks into development opportunities.

Danieli Officine Meccaniche S.p.A. – one of the leading Italian companies specialized in engineering and manufacturing of steel making equipment supplied, particularly, to the Russian market.


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New corporate values of Vnesheconombank formulated

16 june 2016 года
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Vnesheconombank’s employees have formulated the following new corporate values: Development, Leadership, Partnership, Team, Honesty and Patriotism.

The formulated values were presented and approved by way of voting on June 15 at Et Cetera theatre.

In his video address to VEB’s employees, Russian Prime Minister, Chairman of Vnesheconombank’s Supervisory Board Dmitry Medvedev said, “Essentially, we are now upgrading our leading development institution. Vnesheconombank’s Development Strategy has become a milestone in the Bank’s history. The Strategy was developed and created in a short period of time. This Strategy is based on your new corporate values leadership, development and love for Motherland. But a main value in any structure is a team, personnel. It is you who every day make your Bank stronger and more reliable. I know that in the last three months, thousands of VEB’s employees participated in various questionnaires, debated at face to face sessions and in online format discussing new guidelines. So, these values won’t be any theoretical models but a real expression of your professional aspirations. In the long run, they are going to form the basis for VEB’s activity”.

Speaking before the Bank’s team at a presentation, Vnesheconombank Chairman Sergei Gorkov said that “from now on our corporate values would become guidelines for the Bank’s life and activity. The values are to be included in the Bank’s Development Strategy. A new era of Vnesheconombank is starting: VEB 2.0”. VEB 2.0 is a new result-oriented corporate culture focusing on the needs of internal and external customers.

It took more than 3 months to formulate new values. In the course of six days the Bank’s employees shared their vision of corporate values at a forum of the Bank’s internal portal, voted for more exact definitions of each value. In April, a big briefing with the participation of Sergei Gorkov was held where all the opinions and proposals were summed up and final values and a list of principles for each of them were formulated. The next stage of formulating principles was rating voting conducted at VEB Group; 4500 employees of VEB Group chose those principles that in the fullest extent were in line with the Bank’s corporate values.


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Vnesheconombank and JSC Monocrystal intend to organize interaction as part of Russia’s high-tech company’s exports of products

16 june 2016 года
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In the course of the 20th St. Petersburg International Economic Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and JSC Monocrystal signed a Memorandum on Cooperation.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank First Deputy Chairman – Member of the Board Nikolay Tsekhomskyi, on behalf of JSC Monocrystal - by Director General Oleg Kachalov.

Under the Memorandum the parties intend to organize interaction as part of export supplies to foreign countries by a global leader – JSC Monocrystal – on the synthetic sapphire market.


For its part, Vnesheconombank is ready to explore the possibility of its participation in making export supplies by way of providing funding with the use of a credit scheme. In order to implement specific projects, VEB and Monocrystal company will have to conclude individual agreements.

Main products of the company:

  • epitaxially polished sapphire plates (they are used upon manufacturing high brightness light diodes, large and medium batch optics, mobile electronics, Swiss watches and etc);
  • composite pastes for metallization of solar elements (they are used in alternative energy industry).

Monocrystal Group of Companies (a subsidiary of JSC Concern Energomera) is one of the world’s leading manufacturers of synthetic sapphire for high-tech applications in electronics, optical devices and metallization of pastes for solar cells. The Group has two production sites in Russia (the city of Stavropol) and one production site in China. The sites are equipped with their own equipment for growing synthetic sapphire and the world’s most advanced equipment to process it. The company exports more than 98% of its products to more than 25 countries in the world.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is one of the key instruments for implementing the state economic policy aimed at removing infrastructure restrictions that impede economic growth, enhancing efficient utilization of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs) and ensuring support for exports of industrial goods and services, implementing projects in special economic zones and in environmental protection.


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