Top 100: Fourth Batch of Regional Managers Selected by Vnesheconombank
Twenty-five winners joined Vnesheconombank’s team of regional managers in April 2018. Together with the fourth batch of managers selected from 26 January to 26 April, the number of regional managers representing Vnesheconombank in Russian regions exceeded 100.
The new 25 regional managers come from 20 Russian regions, including 11 regions not previously covered by the project. These are the Bryansk, Volgograd, Kirov, Kurgan, Kursk, Murmansk, Pskov, Yaroslavl Regions; the Primorie Territory and the Republics of Sakha (Yakutia) and Tuva.
The candidates were selected in the following stages: they sent applications to the Leader ID platform of the Agency for Strategic Initiatives; the applicants were preliminarily evaluated and had video interviews; the most successful candidates were called for face-to-face interviews; the winners were selected. The finalists will subsequently receive training and become regional managers of Vnesheconombank.
“Congratulations to the finalists of the fourth batch of managers. You have come a long way to prove that you deserve to be part of Vnesheconombank’s team and join with us in developing Russia, working for the benefit of your own regions. I am confident that you will make a significant contribution to our common cause,” Vnesheconombank’s Deputy Chairman and Member of the Board Alexey Ivanchenko said. “However, not all regions were able to provide suitable candidates for the first four batches of managers, so we will continue looking for regional managers in 2018. At the same time, we are not going to lower our expectations of candidates, because their status as the Bank’s representative will authorise them to be a link between Vnesheconombank and a Russian region and will help them to reach a totally new level of interaction with regional senior officials and the business community as well.”
When the winners receive regional manager certificates, they will begin a proactive search for investment projects and submit them to the Bank. Their functions will also include assisting project initiators in preparing the necessary documents for submission to Vnesheconombank. Regional managers and Vnesheconombank communicate through the online platform created by Vnesheconombank to submit investment projects to the Bank and track applications for financing.
The four batches of regional managers selected by Vnesheconombank are a total of 104 people from 61 regions. Overall, the Bank received more than 1,000 applications from candidates across Russia.
Supervisory Board Defines Vnesheconombank’s Functions as Project Financing Factory’s Operator
The Supervisory Board of Vnesheconombank, chaired by Russian Prime Minister Dmitry Medvedev, has discussed the performance by Vnesheconombank of functions as the Project Financing Factory’s operator. The Government of the Russian Federation approved the Project Financing Factory programme in February 2018. Vnesheconombank performs the functions of the Factory’s operator.
In his opening remarks, Russian Prime Minister and Chairman of Vnesheconombank’s Supervisory Board Dmitry Medvedev said: “Today we will also discuss financing for the project to build the transhipment facility at the seaport of Vanino in the Khabarovsk Territory. This project is one of the priorities for the development of the Far Eastern economy. When completed, the project will substantially increase the export of coal to the Asia-Pacific Region. The total construction project value is more than 36 billion roubles. A quarter of this amount, nearly 10 billion, has already been invested by private companies. Vnesheconombank will provide the financial resources necessary for the completion of the project. This involves the Project Financing Factory.”
“The Project Financing Factory is new jobs in the regions, new high-tech manufacturing, new opportunities for economic growth acceleration. It is important that the Factory’s mechanism makes it possible to effectively keep a balance between the borrowers, who get large and long-term loans, and the lenders, who share risks with Vnesheconombank. At present, the Factory’s new transactions are worth 180 billion roubles. The value will increase in the near future,” Vnesheconombank’s Chairman Sergey Gorkov said.
Vnesheconombank is preparing a new pool of projects for the Factory, totalling over 360 billion roubles, in the following sectors: infrastructure (roads), chemistry, municipal solid waste management. The project agreements are expected to be signed at the St. Petersburg International Economic Forum.
The Factory’s main idea is to provide syndicated loans for projects with government subsidies and government-backed bonds. The syndication mechanism will allow Vnesheconombank to additionally get 3 or 4 roubles for the country’s economy in exchange for every rouble of its investment. We already find it promising to launch a fully fledged investment pipeline.
The transactions are subsequently subject to approval in accordance with legislation and the Bank’s bylaws.
The Factory’s project financing is structured as follows. The project initiator invests at least 20 per cent of the project value, and 80 per cent is financed by the Factory out of Tranches A and B.
In addition, the Supervisory Board considered the transformation of Vnesheconombank’s subsidiary banks, GLOBEXBANK and Sviaz-Bank. Vnesheconombank, the subsidiary banks and independent experts studied several scenarios of such transformation. Vnesheconombank is taking measures to enhance the managerial efficiency of the financial institutions and increase their value, which will make them more attractive to potential investors in the future. The merger of the subsidiary banks will predictably produce a synergistic effect, primarily by bringing down costs. The banks will not have additional capitalisation. The subsidiary banks are stable, and it is necessary to generate synergy and make the subsidiary banks more involved in Vnesheconombank Group’s activities and projects.
The Supervisory Board considered the action plan and key indicators in respect of the project to purchase and lease Moscow Metro carriages under a life-cycle contract. The project involves supplying 768 advanced carriages to the Moscow Metro. Attracting investment in infrastructure projects, including the rapid transit system, is high on Vnesheconombank’s list of priorities within its new strategy. Vnesheconombank has already provided financing in 2017 for the supply of 664 carriages under the initial project under a life-cycle contract.