VEB Supervisory Board addresses funding for investment and export projects

27 july 2017 года
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Today, the House of the Government of the Russian Federation hosted a meeting of Vnesheconombank’s Supervisory Board. The meeting was chaired by the Russian Prime Minister Dmitry Medvedev. The Supervisory Board reviewed VEB’s performance in 2016 and addressed funding for the Bank’s investment and export projects.

In his opening speech, the Prime Minister said, “Recently, the Government has taken a number of decisions to revamp and modernize the VEB Group. We expect that it would help us accomplish our prime objective, i.e. to make VEB efficiently operate as a national development institution, and the most important one at that. This involves long-term projects in manufacturing, power industry, transport, innovation, and small business - projects designed to improve the labour market environment and, of course, boost our exports. Last year, the Bank contributed to delivering almost one hundred and fifty such projects. It’s worth noting that, even despite the challenges of liquidity issues and distressed assets, not only has the Bank successfully completed ongoing projects but also launched new ones. Today, the Bank’s loan portfolio exceeds one trillion rubles.”

The Supervisory Board considered a loan to VEB-Leasing (VEB Group) to finance the delivery of twenty new Sukhoi Superjet 100 aircrafts to be leased to Aeroflot. The loan amounts to USD 700,920,000. Each plane will be leased for twelve years. VEB-Leasing will deliver the first aircraft as early as summer 2017.

The new airliners will make flights to destinations in Russia, Europe and the CIS. VEB’s Strategy views the aviation industry as a key investment priority.

Yet another issue on the Supervisory Board’s agenda is the opening of the Bank’s representative office in Abu-Dhabi, UAE. VEB has been very active in attracting investors from the Middle East to the Russian economy and promoting Russian exports in the region.

Furthermore, the Supervisory Board considered debt restructuring for a number of projects. The Supervisory Board approved a change of the first principal repayment date for Angstrem-T and debt restructuring terms and conditions for Elgaugol. The Supervisory Board also made a decision to bring Vnesheconombank’s Deputy Chairman Pyotr Zolotarev onto the Management Board. His responsibility will be to coordinate the bank business units’ activities in strategic investment planning and structuring, restructuring of assets, and expert analytics for industry business solutions. Tatyana Sakharova was dismissed from the post of Member of Vnesheconombank’s Management Board.

The Supervisory Board agreed on the appointment of Kirill Bulatov as Director General of VEB-Innovations. VEB Innovations’ mission is to ensure a qualitatively new approach and to provide a major platform for the identification and selection of unique and much-needed projects for the Russian economy, with funding not to be confined to lending.


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Vnesheconombank and Novgorod Region Government to consider over 20 areas of cooperation on investment projects

26 july 2017 года
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The Novgorod Region Government represented by Provisional Governor Andrey Nikitin and Vnesheconombank represented by Chairman Sergey Gorkov signed a memorandum on cooperation. The signing ceremony took place in the run-up to the Agency for Strategic Initiatives Supervisory Board Meeting due to take place today in Petrozavodsk.


According to Gorkov, a road map for VEB participation in the Novgorod Region development will give a boost to the regional infrastructure. Future plans include the construction of an industrial park in the Novgorod Region as well as timber industry and tourist clusters, and conversion of idle production facilities into industrial sites. VEB will entice new industrial businesses and investors into the region and help introduce high technologies in transport and electronic document management.

VEB’s pilot blockchain project is one of those to be delivered in the Novgorod Region some time soon. By way of a reminder, on 18 July, in conjunction with the exhibition National Technological Initiative: Promising Projects for Novgorod Region, VEB presented to the Russian Prime Minister Dmitry Medvedev a blockchain-based prototype for performing the transfer of title.

Andrey Nikitin said, “It is a good sign that we execute this agreement in Karelia. For the Novgorod Region, it is a strategic partnership. We have identified some 20 areas of cooperation. Before the end of September, we must look into various cooperation options and arrive at specific decisions. Undoubtedly, we should engage both Russian and foreign investors in these areas of cooperation.”

Vnesheconombank Deputy Chairman – Member of the Management Board Alexey Ivanchenko pointed out, “VEB is introducing a new regional model, with the Novgorod Region being one of the twenty-three pilot regions. More than 500 candidates from Russian regions have applied to become Vnesheconombank’s certified managers. The applicants have a good grasp of regional economic environment and competitive strengths. The Novgorod Region is represented by three strong applicants. It would be safe to say that at least one certified manager has made it through the selection process and will get started with work in September. Eventually, it may be two managers in place. They will engage in the selection and investment evaluation of potential projects and on-site project monitoring.”


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VEB proposes to establish elderly rights institution

26 july 2017 года
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Chairman of Vnesheconombank Sergey Gorkov took part in a meeting of the Agency for Strategic Initiatives Supervisory Board headed by the Russian President Vladimir Putin.

Speaking at the meeting, Gorkov emphasized the urgency of the elderly rights institution and presented VEB’s Never Too Old to Dream volunteer project.

In particular, he said, “I believe that nationwide volunteering is the cornerstone of all changes in this country. In VEB, we have created a culture of the right attitude to old age. Over 500 of our employees help the elderly in residential care homes on a regular and voluntary basis”.

Elizaveta Oleskina, Director of the Never Too Old to Dream Charitable Foundation said, “We are positive that attitude to old age in Russia needs to be changed. However, it would require active government support and a wider national volunteer movement. We have had a positive experience of cooperation with Vnesheconombank in promoting corporate volunteering. We will draw on this experience in our pilot project in Veliky Novgorod designed to test a comprehensive long-term elderly care system.”

The Bank’s volunteers are helping more than 850 patients in three sponsored senior homes: two residential care homes in Dubna, Tula Region, and Vyshny Volochok, Tver Region, and a nursing care department in Ostashevo Village, Moscow Region. Throughout the Never Too Old to Dream programme, Vnesheconombank’s employees have contributed over 6.5 million worth of their personal finances to help the elderly, to improve their living conditions and to create a care infrastructure in homes for the elderly. Overall, the Bank’s volunteers organized more than 10 events, concerts and meetings, spending more than 50 hours with the elderly.


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Vnesheconombank and Moscow Institute of Thermal Technology identify defense industry diversification projects

24 july 2017 года
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In conjunction with the International Aviation and Space Salon MAKS-2017, Vnesheconombank and JSC Corporation Moscow Institute of Thermal Technology (MITT) have signed a cooperation agreement.

On VEB’s behalf, the agreement was signed by Chairman Sergey Gorkov, whereas MITT was represented by Director General Sergey Nikulin.

The parties have defined the following areas of cooperation as mutual priorities:

  • Promotion and financing of investment projects that aim to diversify defense industry and rocket and space complex;
  • Promotion and financing of innovations and state-of-the-art technologies;
  • Participation in joint import-substitution projects;
  • Promotion and financing of Russian high-technology space goods and services exports.

Vnesheconombank’s Strategy 2021 views the promotion of national rocket and space industry and its latest inventions as one of the bank’s investment priorities.

“Military enterprises and missile and space companies that employ dual-use technologies need support in the promotion of their products in civil markets, primarily, in terms of sales and maintenance. Importantly, VEB is prepared to provide them with such support, both from a methodological and financial standpoint,” said Gorkov.

The State Corporation Moscow Institute of Thermal Technology is a research and production defense company, its principal product being armed strategic and tactical missiles. Throughout its existence, MITT has delivered over 60 rocket and other military and civil development projects, both completed and in progress, for the army, navy, air force and naval aviation.


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VEB and Roscosmos identify diversification projects for investment

24 july 2017 года
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During the International Aviation and Space Salon MAKS-2017, Vnesheconombank represented by Chairman Sergey Gorkov and State Space Corporation Roscosmos represented by Director General Igor Komarov signed a cooperation agreement.

The parties agreed to promote and finance investment projects that aim to diversify the defense industry and rocket and space complex for the manufacture and sale of high-tech civilian and dual-use goods in the domestic and global markets. For this purpose, Vnesheconombank’s financial instruments will include project finance and syndication, as well as various state aid measures for high-technology exports.

Vnesheconombank and Roscosmos have defined the following up-and-coming areas:

  • Support for innovations and state-of-the-art technologies;
  • Financing of development and manufacturing of leading-edge commercially viable rocket and space equipment and products;
  • Participation in joint import-substitution projects;
  • Promotion and financing of Russian high-technology space goods and services exports;
  • Development of ground space infrastructure;
  • Technological rearmament and revamping of production facilities;
  • Boosting energy efficiency and saving at branch enterprises;
  • Commercialisation and application of space products for the benefit of national economy.

Furthermore, the parties have agreed to facilitate stronger cooperation relations between international space actors, to jointly participate in themed events (exhibitions, salons, conferences, etc.) held under the auspices of Roscosmos, and to help popularize achievements in national cosmonautics and rocketry.


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