Regular meeting of Vnesheconombank’s Supervisory Board Held

23 june 2016 года
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On the agenda: Vnesheconombank’s development strategy up to 2021, VEB’s draft financial plan for a period of up to 2018, the Russian Export Center’s activity.

Before a meeting of VEB’s Supervisory Board meeting, Dmitry Medvedev visited VEB’s laboratory for the development of a new customer service model Sky Lab and took a look at the way it works.


Vnesheconombank’s Supervisory Board meeting

Dmitry Medvedev’s opening address:

Today, we are discussing VEB’s new strategy for a period of up to 2021. It is a whole package of innovations which is supposed to change the state corporation’s business model and adapt it to new conditions, new challenges. At the same time, the Bank’s strategic goal remains unchanged – providing support for the development of our economy as well as Vnesheconombank’s main status and mission (we call it a bank but it’s a development institution).


The document has been prepared by a new team in a short period of time. It was discussed at various meetings at the Government, at my office and of course with the Bank’s customers. This work resulted in adding a whole number of interesting proposals.

What can we say about the current status of the document? The strategy prepared proved to be easy to discuss. In preparing it, they used advanced managerial methods that are applied both by financing institutions and technological leaders. At the moment, we have good grounds to take it as a basis but we should continue to work on it.

I hope that Vnesheconombank would be able to do all necessary work in a short period of time and Vnesheconombank’s development strategy up to 2021 will be brushed up (if we finally agree on it) and will be finally approved as early as at the start of September.

This work should focus on three lines of activity that are now most pressing for our economy and hence for VEB too. They include support for high technology industries, support for infrastructure projects and support for non- raw materials exports that need such support badly.

As a development institution VEB should lend shoulder to those sectors where they don’t have enough development institutions and in this case significant financial resources, which I hope VEB will be able to raise in the coming several years, will yield tangible results.

VEB’s draft development strategy provides not only for changing VEB’s structure but also Vnesheconombank Group’s entire structure. Methods, approaches including methods of providing money should be changed. In the long run, the state corporation should be more of a moderator than a creditor, that is, it should help business to structure transactions and of course, engage commercial banks in implementing projects and simply raise money from the market.

The strategy provides for basic and optimistic scenarios. I suggest that we shouldn’t now fixate on figures because we have to make a whole number of decisions including a decision on the future of VEB’s assets. But in any case, under the basic scenario the Bank should be able to provide significant loan facilities worth hundreds of billions of rubles to fund various projects.

There are also other important issues on our today’s agenda for example VEB’s draft financial plan for the second half of 2016 and for a planned period of 2017-2018. The new team studied the state corporation’s weak and strong points. They performed asset recognition, optimized expenses (I hope to a sufficient degree), reconsidered a number of decisions specifying high priority objectives for VEB’s stable operation now and in the future. All this made it possible to make a decision to support VEB this year. VEB received a subsidy worth 150 billion rubles. About half of it has been already transferred to the Bank. The Bank’s balance sheet is balanced in the mid-term.

Another objective is to support and expand exports. Import substitution policy enables our economy to apply a new model. And this sets a task of increasing non-raw materials exports substantially. VEB is supposed to accomplish this task.

Today, we’ll deal with a whole number of issues associated with the Russian Export Center’s activity. It is a member of Vnesheconombank Group. This Center should become a window to provide credit, insurance, guarantee and non-financial support for projects of any sizes.

We also have to discuss a whole number of issues which are in the competence of VEB’s Supervisory Board including issues of great social significance, for example, creating a medical cluster on the territory of Caucasus Mineral Waters. And this is not the only issue today, let’s get down to discussing points on the today’s agenda.


Origin: Internet site of the Government of the Russian Federation

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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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E-mail: press@veb.ru

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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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