State Duma Gives Third Reading Approval to New Legislation on VEB Transformation

21 november 2018 года
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The State Duma passed a third reading of amendments to the federal law on the development bank and to the Budget Code, introducing the role of VEB.RF as a coordinator of development institutions.

Additionally, the new legislation changed the name of Vnesheconombank to State Development Corporation VEB.RF. The new name reflects the role of VEB in carrying out the tasks assigned by the Russian President and the Russian Government. An important part of the amendments approved by the lower house of the Russian parliament is also the allocation of public budget funds to VEB.RF, Russian Small and Medium Business Corporation and Russian Export Center for their subscribed capital, which will enable the development institutions to provide financing for major national projects in a timely manner.

According to Nadezhda Maksimova, a deputy of the United Russia faction, the State Duma passed the amendments to the federal law on the development bank and to the Budget Code at the right time, which will make it possible to attract as much as 3 trillion roubles to implement national innovation and investment projects without using public budget funds.

“The fact that the development bank will be supported with three functions—first, the accumulation of these resources; second, the coordination of all development institutions, including Russian Export Center, RSMB Corporation and other institutions—will make it possible to finance national projects so as to prevent them being abandoned but to complete them and in order to efficiently use the resources intended for such projects,” Nadezhda Maksimova said at a plenary session of the State Duma.

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Short-Term Exchange-Traded Bonds Issued by Vnesheconombank

16 november 2018 года
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Vnesheconombank issued short-term bonds in an additional placement to companies and corporations on 14, 15 and 16 November 2018.

The Bank raised 20.2 billion roubles, including 0.1 billion roubles from bonds with a maturity of 14 days and a coupon of 7.27% p.a., 20 billion roubles from bonds with a maturity of 15 days and a coupon of 7.27% p.a., and 0.1 billion roubles from bonds with a maturity of 28 days and a coupon of 7.27% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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State Duma Gives First Reading Approval to New Legislation on Subscribed Capital for VEB.RF and Other Development Institutions

13 november 2018 года
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A plenary session of the State Duma passed new legislation to allocate public budget funds to VEB.RF, Russian Small and Medium Business Corporation and Russian Export Center for their subscribed capital.

The relevant amendments to the federal law on the development bank and to the Budget Code had previously been approved by the specialist committees of the lower house of the Russian parliament on 8 November 2018. In addition, the changes to legislation introduce the role of VEB.RF as a coordinator of development institutions. For this purpose, VEB will participate in managing development institutions and formulate procedures for joint work on projects in order to ensure that instruments of support will be used in an integrated manner.

The draft legislation also concerns the name of Vnesheconombank; the renamed institution will become State Development Corporation VEB.RF. The new name reflects the role of VEB in carrying out the tasks assigned by the Russian President and the Russian Government.

Earlier today, the State Duma gave first reading approval to amendments to the 2018 federal budget, allocating an additional 20.45 billion roubles to VEB.RF for the settlement of its external debt.

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Dubai Summit Discusses Cities’ Global Economic Role

12 november 2018 года
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VEB.RF Chairman Igor Shuvalov took part in discussions at the Dubai summit of the Global Future Council on Russia. The participants discussed various aspects of global economic development, including the role of cities as centres of international cooperation and technological partnership.

Igor Shuvalov said: “Municipal economy projects produce many positive effects. The service sector is growing, while small and medium-sized businesses have an increasing share of the market. Cultural and social trends are changing. A more successful city attracts better professionals. Cities today make a substantial contribution to the country’s GDP. They help to create a competitive advantage for people.”

According to Igor Shuvalov, urban policy should be formulated and implemented at national level. This makes it necessary to understand which cities are growing, how and why. VEB.RF should ensure the coordination of development institutions’ involvement in the implementation of national projects, including aspects of city development.

VEB, DOM.RF and Russian Small and Medium Business Corporation are working in partnership with Strelka KB and Moscow School of Management SKOLKOVO to develop tools for supporting municipal economy projects. There are 1,114 towns and cities in Russia. Urban dwellers make up 74% of the country’s population.

Igor Shuvalov also attended a joint meeting of the Global Future Councils on Russia and Europe.

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Short-Term Exchange-Traded Bonds Issued by Vnesheconombank

9 november 2018 года
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Vnesheconombank issued short-term bonds in additional placements to companies and corporations on 7 and 8 November 2018.

The Bank raised 28 billion roubles, including 20 billion roubles from bonds with a maturity of 14 days and a coupon of 7.22% p.a. and 8 billion roubles from bonds with a maturity of 21 days and a coupon of 7.27% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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