Russian President Vladimir Putin met Vnesheconombank Chairman Sergey Gorkov

3 august 2016 года
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President of Russia Vladimir Putin: Mr Gorkov, it appears you have been successfully handling the tasks facing you as the bank’s new head.

Vnesheconombank Chairman Sergei Gorkov: We have a new team, and I can assure you that the bank’s operation is back to normal. We have restored our investors’ trust and attracted over $1 billion from the market. I can say that the liquidity issue has been resolved for this year, although it was not an easy task.

We continue to issue loans to industrial companies. However, it is a limited offer because our resources are insufficient at the moment. But we are working on it.

What is important is that we developed a new strategy within an extraordinarily short period. This strategy is quite unique and even McKinsey admitted they would like to use our case as an example for other development banks.

On the whole, I think that this year we will be able to regenerate our main processes and in 2017 will return to stable operation. We expect to see our first revenues in 2018.

Vladimir Putin We assume that it will remain a development institution.

Sergei Gorkov: Yes, absolutely. The bank will remain a development institution with its main objective being funding the high-tech sector of the economy, industry, infrastructure, exports (especially manufacturing), and support of innovations.

Vladimir Putin: Good.

...

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Statement on Investment Management of Reserve Fund and National Wealth Fund’s Assets

2 august 2016 года
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Russia’s Finance Ministry hereby reports on investment management of the Reserve Fund and the National Wealth Fund’s assets over the period from January 1 to July 31, 2016.

Reserve Fund

As at 1 August 2016, the Reserve Fund’s assets totaled RUB 2,560.28bn, or USD 38.18bn in equivalent. The balances of the Reserve Fund separate accounts comprised:

  • USD 17.42bn;
  • EUR 15.61bn;
  • GBP 2.62bn.

Total estimated return on the Reserve Fund’s assets placed in foreign currency accounts with the Bank of Russia as denominated in US dollars for the period from January 15 to July 31, 2016 came to USD 0.26bn, or RUB 17.23bn in equivalent. The exchange rate difference from revaluation of balances of the said accounts for the period from January 1 to July 31, 2016 was a negative value of RUB (-)300.29bn.

National Wealth Fund

As at 1 August 2016, the NWF assets totaled RUB 4,842.00bn, or USD 72.21bn in equivalent, including:

  • USD 19.56bn;
  • EUR 20.76bn;
  • GBP 3.83bn held in the NWF separate accounts with the Bank of Russia.

2) RUB 195.03bn and USD 6.25bn deposited with Vnesheconombank;

3) USD 3.00bn invested in debt securities of foreign states based on an ad hoc decision by the Russian Government and subject to no long-term credit rating requirements.

4) RUB 112.63bn and USD 4.11bn invested in debt securities issued by Russian legal entities to deliver sustainable infrastructure projects included in the list approved by the Russian Government;

5) RUB 278.99bn invested in preferred shares in credit institutions;

6) RUB 164.43bn deposited with VTB Bank and Gazprombank to finance sustainable infrastructure projects included in the list approved by the Russian Government.

Total estimated return on the NWF assets placed in foreign currency accounts with the Bank of Russia as denominated in US dollars for the period from January 15 to July 31, 2016 came to USD 0.27bn, or RUB 18.28bn in equivalent. The exchange rate difference from revaluation of the Fund’s assets for the period from January 1 to July 31, 2016 was a negative value of RUB (-)378.40bn, including:

  • RUB (-)300.44bn of the balances on foreign currency accounts with the Bank of Russia;
  • RUB (-)36.47bn deposited with Vnesheconombank in US dollars;
  • RUB (-)17.49bn invested in debt securities of foreign states based on an ad hoc decision by the Russian Government and subject to no long-term credit rating requirements.
  • RUB (-)23.99bn invested in foreign currency-denominated debt securities issued by Russian legal entities to deliver sustainable infrastructure projects included in the list approved by the Russian Government.

In July 2016, the federal budget received the return on investment of the NWF assets:

a) RUB 2.36bn, or USD 0.04bn in equivalent, in deposits with Vnesheconombank;

b) RUB 2.49bn, or USD 0.04bn in equivalent, in preferred shares of credit institutions;

c) RUB 1.03bn, or USD 0.02bn in equivalent, in deposits with VTB Bank;

d) RUB 5.00mn, or USD 0.08mn in equivalent, in debt securities issued by Russian legal entities to deliver sustainable infrastructure projects included in the list approved by the Russian Government.

Total return on investment of the NWF assets in eligible financial assets minus the assets held in the accounts with the Bank of Russia from January to July 2016 amounted to RUB 24.26bn, or USD 0.36bn in equivalent.

On 28 July 2016, The Law Debenture Corporation PLC as the Trustee for the US$3 billion Eurobond issued by Ukraine and held by the Russian Federation filed an application for a summary judgment against Ukraine in the English Court. The application requests that the Court award a judgment requiring Ukraine to repay the Eurobond in full with interest. A hearing on the summary judgment application is expected to take place toward the end of 2016 and a final judgment may be awarded by the Court in early 2017.

Figures for the amounts of the Reserve Fund and the National Wealth Fund, as well as estimated return on investment of the Funds’ assets are calculated at the official foreign exchange rates fixed by the Bank of Russia as of date preceding the reporting one, and at the cross rates calculated based thereon.


Origin: Press Service of Russia’s Finance Ministry

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Information statement

30 july 2016 года
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Contrary to some media reports, no loan agreement has been signed between Vnesheconombank and the Ministry of Treasury and Public Finances of Argentina to finance the construction of the Chihuido I hydroelectric project.

On 29 July 2016, Vnesheconombank held a working meeting with a delegation from the Ministry of Treasury and Public Finances of Argentina. The meeting was also attended by representatives from a consortium of the Argentine construction companies and Inter RAO – Export LLC who were the winning bidders for the Chihuido I hydroelectric project.

The Argentine party presented to Vnesheconombank a number of hydroelectric projects and expressed interest in raising Russian finance. The meeting also discussed the prospects for further cooperation on the Chihuido I project, which provides for supplies of Russian equipment. An agreement was reached that the Argentine party would be supplied with information as to the feasibility of such financing. Support for non-resource exports is one of Vnesheconombank’s core business lines.


Press Office
E-mail: press@veb.ru

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Payment on government securities of the Russian Federation denominated in foreign currency

27 july 2016 года
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State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” has transferred, on behalf of the Ministry of Finance of the Russian Federation, to Citibank N.A., London Office, USD 190,651,890 as contemplated by the terms and conditions of the Eurobonds issue.

The funds were transferred as an interest payment on a USD 3,466,398,000 20-year bond issued in 1998 with a coupon of 11%.

The payment was made in one currency.


Press Office
E-mail: press@veb.ru

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Vnesheconombank wins ADFIAP awards

26 july 2016 года
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Vnesheconombank has become the winner of the global awards run by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) and the European Organization for Sustainable Development (EOSD). The Bank was honored for its Sustainability Roadmap in the category of Outstanding Business Sustainability Achievement.

The award ceremony took place during the Sustainable Finance Conference (July 2016, Karlsruhe, Germany) attended by 100 delegates from 35 different countries.

Vnesheconombank's Sustainability Roadmap was prepared in conformity with global sustainability standards and initiatives and using best practices of foreign financial institutions. The Roadmap provides for a set of measures aimed at improving the Bank’s sustainability competencies to the level of global financial institutions. Integration of the principles established by the Vnesheconombank's Roadmap into the Bank's operations will contribute to the successful delivery of its functions as a national development institution.

The award is the fourth ADFIAP award won by the Bank. The VEB Group's sustainability report 2011 received the ADFIAP award in the 'Best Sustainability Report' category; in 2014, the Bank was awarded a diploma for participation in construction and renovation of small-scale hydro power plants in the Republic of Karelia; in May 2016, Vnesheconombank became the winner in the category 'Infrastructure Development' for its participation in the construction of the Boguchany Hydroelectric Power Plant.

Vnesheconombank has been actively supporting development projects relying on the sustainability principles, established by the Bank to ensure its efficient operation.

The Association of Development Financial Institutions of Asia and Pacific (ADFIAP) was established in 1976. Today, it is one of the biggest global associations comprising 131 member-institutions from 45 countries. Vnesheconombank joined ADFIAP in January 2013 and now is a member of ADFIAP's Board. The Association seeks to coordinate the activities of development financing institutions to secure social and economic development of the region.

The ADFIAP Awards Program started in 1997 when ADFIAP hosted the Summit on Development Finance in Manila. From then on, the awards ceremony has been held annually. The awards recognize both individual and institutional contributions to the national development.


Press Office
E-mail: press@veb.ru

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