A pill from VEB

5 october 2015 года
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Vedomosti
Moscow, October 5, 2015
Anastasia Demidova

Vnesheconombank (VEB) reported that it would extend a credit worth 14.6 billion rubles to pharma company R-Pharm. A credit agreement was signed at the International Investment Form in Sochi on October 2, in the presence of Prime Minister Dmitry Medvedev. According to VEB, funds are to be used for the construction of a pharm-substances plant in Rostov the Great and the second stage of the finished pharmaceutical products plant in Yaroslavl. Moreover, a part of the credit is to be used to complete R&D work on seven original medications of R-Pharm, the state corporation reported.

According to VEB, investments in all projects of R-Pharm amount to 19.7 billion rubles. Out of them, 5 billion rubles are to be invested by the by company; VEB Chairman Vladimir Dmitriev was cited by TASS as saying. 9 billion rubles out of the credit amount are to be invested in research and development, he said.

VEB does not disclose the terms of extending the credit. R-Pharm’s representative declined to comment.

Who will get the money?

R-Pharm is involved in developing, manufacturing and distributing pharmaceuticals. The company is owned by its Board Chairman Alexei Repik. It has three functioning plants in Russia, with one plant being under construction. There are three subsidiaries in Turkey (a plant is also under construction here), and a plant bought from Pfizer in Germany. In 2014, CJSC R-Pharm’s earnings amounted to 55.9 billion rubles and its net profit was 7.7 billion rubles (data by SPARK-Interfax).

An issue of opening a credit line for R-Pharm to fund these projects was discussed at a meeting of VEB’s Supervisory Board (Dmitry Medvedev heads it) on September 24, as it follows from the transcript at the Government site. Providing support for R-Pharm’s projects will be highly instrumental in developing our own pharmaceutical sector in Russia, creating high-tech production facilities, new jobs and of course saturating the market, explained Mr. Medvedev at the time. “The money is provided as part of project finance, the Government site said.

In August of 2015, R-Pharm already received 500 million rubles worth of credit from the Industry Development Fund of the Industry and Trade Ministry for manufacturing substances in the Yaroslavl region to treat cancerous and bone tissue diseases. The company invested 548.7 million rubles in this project; scheduled expenses including the credit from the Industry Development Fund are another 740.5 million rubles. Production of two types of substances are to start in 2017 and 2021, the company’s Director General Vasily Ignatjev told Vedomosti earlier. A bio-analogue is to be manufactured on the basis of one of them and an original medication - on the basis of the second one, he also said at the time.

Such significant investments are propitiate to R-Pharm’s scale of business, believes Director of the Center for Social Economy David Melik-Guseinov. The company is dynamically developing and is entering the international market, so it needs funds for a large-scale integrated full-cycle production facility, explains the expert. R-Pharm synthesizes molecules for manufacturing high-margin original medications, knows DSM Group Director General Sergei Shulyak.

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Klepach: factual dynamics of GDP is lower than a potential one

3 october 2015 года
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TASS
Sochi, October 3, 2015

SOCHI, October 3. /TASS/. Factual dynamics of Russian GDP is a lot lower than a potential one and economic potential is diminishing. This is an opinion voiced by VEB Deputy Chairman Andrei Klepach in the course of the International Investment Forum in Sochi.

“Factual dynamics of GDP is lower than a potential one. As a result of what is happening now our potential GDP is dwindling, that is, conditions for a future economic growth are deteriorating”, he said.

Mr. Klepach believes that in order to change the situation for the better we need to loosen monetary policy. “A more difficult question is how to do it. It is one of dilemmas and not only of the Russian Central Bank but also of others. In my opinion, to soften the policy head-on by way of reducing interest rates sharply in all directions would be wrong”, he said.

Such a step won’t result in easing credits to enterprises and in bringing about economic recovery but in a strengthened currency exchange rate. “Then we can start raising a question of toughening a regime of currency operations, introducing currency control, so a long chain of problems will follow”, continued Klepach.

In his opinion, the Russian Central Bank should go along a path of using non-traditional instruments for supporting investments and small-sized enterprises. He added that they were being used but not in sufficient volume.

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VEB accounts for 364 billion rubles in import substitution projects

3 october 2015 года
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RIA Novosti
Moscow, October 3, 2015

MOSCOW, Oct 3 – RIA Novosti. Vnesheconombank approved participation in 26 investment projects contributing to import substitution in the amount of more than 500 billion rubles, with VEB accounting for 364 billion rubles, RIA Novosti reported at the state corporation’s press office.

“As of today, VEB has approved participation in 26 investment projects contributing to import substitution in the amount of more than 500 billion rubles, with VEB accounting for 364 billion rubles. Out of all import-substitution projects agro-industrial complex accounts for 213 billion rubles, with VEB accounting for 167.3 billion rubles”, they explained to the agency at the state corporation. Projects in aviation industry, engine-building as well as in smelting industry, electronics, chemistry, medical equipment manufacturing and pharmaceutical industry account for a significant proportion of the Bank’s loan portfolio.

At an expert examination stage, VEB is examining 15 import-substitution projects in the total amount of 164 billion rubles, with VEB’s expected participation share being 122 billion rubles. Projects in the new sectors in the list of import-substitution projects now include projects in the defense – industrial and rocket and space complex, they added at VEB’s press office.

Prime Minister Dmitry Medvedev conducted a session of the Governmental Commission for Import Substitution in Sochi on Saturday. Its participants stressed domestic developments and products should be created in import-substitution sectors such as aviation industry, agriculture, radio electronics and mechanical engineering.

“It’s very important that for the first time we managed to link two concepts, namely, import substitution and export orientation. It is very important that import-substitution projects should have at the same time export potential”, VEB First Deputy Chairman Petr Fradkov said to RIA Novosti after the session of the Commission.

“An export-oriented project a priori means that we deal with quality, competitive and marketable products”, he said. The main thing is that import-substitution products should be of top quality”, Fradkov stressed.

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At least 5 years are needed to implement innovation projects successfully – VEB

3 october 2015 года
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TASS
Sochi, October 3, 2015

SOCHI, October 3. /TASS/. At least 5 years are needed to implement innovation projects successfully. First Vnesheconombank Deputy Chairman, Andrei Sapelin told about it at a round-table session “Development Institutions. What did we manage to achieve?” The session took place in the course of the International Investment Forum Sochi-2015.

The round-table session’s participants discussed the first results of innovation development institutions’ operation as an instrument for carrying out long-term priorities.

“Vnesheconombank differs from commercial financing institutions because it is designed to invest in ideas that can generate profits in the long term”, said Sapelin. VEB was set up 8 years ago to fund major industrial and infrastructure projects, provide support for import substitution production facilities as well as for small and medium-sized enterprises”, he said.

“The main result is that we have already implemented dozens of projects. An average investment phase of a serious project, whether it be an industrial or an infrastructure one is 3-5 years today. Most of our projects became budget-forming ones in the regions. As a rule, enterprises and businesses funded by us start to operate they are among three largest taxpayers”, said First VEB Deputy Chairman.

Discussion of Innovation development institutions’ efficiency is to be continued at a forthcoming forum “Open Innovations-2015 to be held in Moscow from October 28 to November 1. The discussion will be built around the following theme "The man at the junction of technological revolution trends." Five thematic days reveal five spheres of human life, dramatically changing under the influence of technology -productivity, environment, education, health, and entertainment.

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V. Dmitriev: “By supporting big business we shouldn’t forget about developing small and medium-sized enterprises”

2 october 2015 года
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The National Banking Magazine
Moscow, October 2, 2015
Anastasia Skogoreva

A key priority in VEB’s operation should be to support major investment projects aimed at introducing advanced technologies to increase our country’s export potential. This is a crucial task now, given that the amount of long money in our economy is decreasing under the influence of restrictive measures taken against Russia.

This is an opinion that Vnesheconombank Chairman Vladimir Dmitriev voiced in his address at the International Investment Forum Sochi-2015. “At the same time, by supporting big business we shouldn’t forget about developing small and medium-sized enterprises. In our activity we always keep this in mind and to this end for example we created a single window system for owners of SMEs. We hope that this system, to be more exact, the Export Center will play a key role in supporting SMEs”, explained Vladimir Dmitriev.

“I’d like to stress that this initiative is important because it is designed to create investment lift. It is aimed at reducing tax burden on SME companies through entering into their capital by the Credit Guarantee Agency”, added Vnesheconombank’s Chairman.

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