A session of the Federation Council passed legislation to change the name of State Corporation Vnesheconombank to VEB.RF, introducing several new functions, such as its role as a development institution coordinator.
The amendments are to be made to the Federal Law On the Bank for Development and certain legislative acts of the Russian Federation.
The law changes the name of State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” to State Development Corporation VEB.RF.
The law also assigns new functions to VEB.RF to coordinate the development institutions’ activities as resolved by the Russian Government.
Another law amends the Budget Code. The Government will approve resolutions concerning the authorised capital of VEB.RF in the form of paid-in capital and the amount of its authorised capital that should subsequently additionally be contributed by the Russian Government (callable capital).
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" redeemed its Eurobonds Series 9 issue on November 21, 2018.
The Eurobonds for a nominal amount of US$ 850 mn were issued on the Irish Stock Exchange in 2013 with a five-year maturity period and an annual coupon rate of 4.224%.
The redemption of the Eurobond issue and coupon payments were executed in full and in accordance with the terms of the prospectus.
Irish Stock Exchange cancelled listing of Eurobonds Series 9 with effect from 21st November 2018.
KuibyshevAzot Production Site Visited by Vnesheconombank’s Development Projects Team
Vnesheconombank’s First Deputy Chairman and Member of the Board Nikolay Tsekhomskiy has met with KuibyshevAzot’s management at the production site in Tolyatti, Samara Region. KuibyshevAzot is a leader in the Russian chemical industry.
«KuibyshevAzot’s project to build and operate a production facility with an annual capacity of 140,000 tonnes of
The memorandum of intent to involve the Project Financing Factory in carrying out the project was signed by KuibyshevAzot and Vnesheconombank at SPIEF 2018.
According to KuibyshevAzot CEO Alexander Gerasimenko, the sulphuric acid and refined oleum project is aimed at providing feedstock, expanding the existing manufacturing capability and maintaining competitiveness for Russia’s only
Nikolay Tsekhomskiy and Vnesheconombank’s Deputy Chairman Yuriy Korsun were shown the company’s production processes and products and discussed prospects for future cooperation.
KuibyshevAzot operates in two core areas: 1) caprolactam and derived products (polyamide 6, durable technical and textile fibres, cord fabrics, industrial plastics); 2) ammonia and nitrogen fertilisers. The Company also has a joint venture producing industrial gases such as nitrogen, oxygen and argon.
Igor Shuvalov Takes Part in Plenary Session of Small Business – National Project! Forum
In his speech, Igor Shuvalov told the forum participants about the involvement of Vnesheconombank and other development institutions in implementing the development agenda outlined in the May presidential decree.
Vnesheconombank’s Chairman said: «We are currently creating a uniform platform to demonstrate common tools of development institutions. We are concentrating our efforts on ensuring that all measures of administrative and financial support will be consolidated by March. This will be an
An important objective at this stage is to develop a modern urban economy. «A comfortable urban environment is dependent primarily on micro and small businesses. The government and a municipality can invest in the infrastructure needed by a town. But the comfortable urban environment proper depends on small businesses. In cooperation with Russian Small and Medium Business Corporation, SME Bank and other participants (Sberbank, VTB) we are currently considering what we can give to those involved in Russia’s urban infrastructure modernisation programme. This is what will help Russian towns to grow faster, ensure new quality of life through the growth of a local economy. This is high on our list of priorities," Igor Shuvalov emphasised.
Vnesheconombank Successful in Completing Project to Finance Modern Pig Farming Facility in Bashkortostan
Vnesheconombank has been successful in completing the project to finance the construction of a pig farming facility with a total annual capacity of 42,000 tonnes of
«With Vnesheconombank’s support, the company built a modern animal production facility. The project contributes to the sustained development of agricultural production, import substitution for meat products and the country’s enhanced food security. Vnesheconombank accomplished its objective as a development institution, ensuring the completion of a project in a strategic industry on the principles of return on investment and
The Bank became involved in the project in 2012, when Vnesheconombank and Bashkir Meat Company entered into a loan agreement for 5 billion roubles. Bashkir Meat Company ranked among Russia’s 20 largest pork producers in 2017 (source: http://www.nssrf.ru).
In the second quarter of 2018, the company sold 25,200 tonnes of pork, with its net profit reaching 400.5 million roubles. With Sberbank’s support, the borrower is currently carrying out a project to create a genetic selection centre worth 3.7 billion roubles.