Vnesheconombank’s Supervisory Board Regular Meeting Held

8 october 2009 года
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Russian Prime Minister v. V Putin Conducts a Meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board
v. V Putin’s Opening Address

Good afternoon, Esteemed Colleagues!

Let’s start a meeting of Vnesheconombank’s Supervisory Board

I’d like to remind you that at our previous Supervisory Board meeting in September we heard the information on the progress of reorganizing VEB’s subsidiary banks.

Today we’ll consider an issue on the strategy of managing VEB’s group of lending institutions.

And in this respect, I’d like to say the following: we believe that Vnesheconombank’s participation in the financial restructuring of a number of commercial banks is a forced project. This was VEB’s contribution to joint efforts to maintain sustainability and operability of the Russian financial system in the situation of the global crisis.

The end result of these efforts should be the full restoration of problem lending institutions’ solvency and their subsequent sale on the terms beneficial for VEB and of course for the country as a whole.

At the same time, in order to support small and medium-sized enterprises and encourage industrial exports, the Bank for Development will continue to participate in the capital of specialized banks and perhaps other institutions.

Another crisis management measure in which VEB participated was to extend credits to major domestic companies. This made it possible to refinance their debts to foreign financial creditors avoiding the sale of important strategic assets under the conditions of the crisis and at a knocked down price at that. In total, the amount of such loans was about 11 billion dollars.

I must say that borrowers are servicing VEB’s credits properly by making interest payments and repaying principal on schedule.

Nevertheless, a number of borrowers requested the Bank to roll their loans over. Today, we are to consider these requests. I was told that the situation differed from borrower to borrower. Some borrowers are in a position to repay their loans.

We’ll consider both their financial and economic position taking into account their prospects for development. We’ll take into account the market conditions and the current financial position of borrower-companies. But in any case there will no writing-offs.

We’ll also analyze proposals for financing a number of major projects, specifically, in shipbuilding in the North-West of the country in Primorsk.

At the same time, VEB is addressing an issue of its participation in constructing new shipbuilding facilities in the Far East as well. Here I mean the project on the basis of Zvezda plant

In my opinion, it is these enterprises being built from scratch with the use of cutting edge technology that would be capable of restoring leading positions of our shipbuilding industry on the world market and meeting our companies’ demand for oil and oil products delivery ships and in the long term liquefied gas ships.

Let’s get started with our work.

Origin: Internet-portal of the Government on the Russian Federation

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On Suspending Accepting Applications for Obtaining Subordinated Loans

5 october 2009 года
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Subject to Federal Law dated October 13, 2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is responsible for extending subordinated loans to Russian lending institutions.

The total amount of such loans was determined by Federal Law dated July 17, 2008 № 168-FZ and is 410 billion rubles.

Vnesheconombank’s Supervisory Board made decisions on extending subordinated loans to 17 banks for a total amount of 391.8 billion rubles. At present, Vnesheconombank is considering 20 applications for a total amount of 95.02 billion rubles.

In this connection, Vnesheconombank suspends accepting Russian banks’ new applications for obtaining subordinated loans.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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On Opening the Industrial Park Biek Tau (the Republic of Tatarstan)

30 september 2009 года
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A ceremony to open the Industrial Park Biek Tau was held in the Republic of Tatarstan. The Park is the largest world’s class production-logistics complex. In attendance of the ceremony were Tatarstan’s Prime Minister Rustam Mannikhanov, Russia’s Deputy Transportation Minister Oleg Belozerov, Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, CJSC Logopark Biek Tau Board Chairman Artur Trofimov.

The rated capacity of the Biek Tau Production-Logistics Class “A” Complex is 260 thousand square meters and it makes it possible to place state-of-the art high-technology production lines and handle up to 9.5 million tons of cargoes per year. The floor space of the Industrial Park’s facilities is 159 thousand square meters. A modern infrastructure has been built on the territory of the Biek Tau Park: a boiler house, an electric power plant, a gas insulated substation and water tower station. The implementation of the project will create 2.5 thousand new jobs. The Biek Tau Industrial Park is expected to achieve planned figures of earnings by the end of 2010, and in 2011 the construction of the third building of 100 thousand square meters is to continue, with investment amount being 2.3 billion rubles.

Up until now more than 5 billion rubles have been invested in the project, with 3 billion rubles out of them accounting for Vnesheconombank’s funds and 2 billion rubles for CJSC Logopark Biek Tau’s funds. The Agreement between Vnesheconombank and CJSC Logopark Biek Tau on financing the construction of the Industrial Park was signed in the course of the 7th International Investment Forum Sochi-2008.

Biek Tau is one of the first facilities of Vnesheconombank’s long-term program of financing industrial infrastructure. The facility is located at the intersection of West-East and North-South international transport corridors and this would help to develop their infrastructure, increase freight traffic running through Russia’s territory and promote the export of transport services.

As of today, Vnesheconombank’s corporate governance bodies have made decisions to finance more than 30 infrastructure projects worth about 540 billion rubles, with the Bank’s participation share being more than 260 billion rubles. 23 projects worth about 327 billion rubles with the Bank’s participation of about 200 billion rubles started to receive financing. The total amount of funds provided by Vnesheconombank is in excess of 70 billion rubles. Revenues to budgets of all levels under infrastructure projects being already financed by Vnesheconombank will amount to about 200 billion rubles for a period of their implementation. About 28 thousand new jobs are planned to be created.


 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-43-93, Fax: +7 (499) 975—21-34
E-mail: press@veb.ru

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On Signing Agreement on Cooperation with the Government of Buryatia

30 september 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Republic of Buryatia entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Government of the Republic of Buryatia – by its Chairman Vyacheslav Nagovitsyn.

The Agreement provides for establishing a strategic partnership and promoting a long-term, effective and mutually beneficial cooperation in the investment activity.

The Agreement provides for the parties to cooperate in addressing high-priority objectives of the region’s socio-economic development. Under the Agreement the parties intend to jointly participate in raising funds to finance investment projects planned to be implemented in the Republic of Buryatia. High priority is to be given to projects in construction, agro-industrial complex and metal-making industry.

A list of projects is to be determined annually based on the Strategy of the Republic’s Socio-Economic Development up to the year 2025, the Program of Buryatia’s Socio-Economic Development for 2008-2010 and Vnesheconombank’s core activities.

The implementation of this Agreement would help encourage investment activity aimed at boosting the region’s industrial, socio-economic and infrastructure potential.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Russian Prime Minister V.V. Putin Meets Chairman of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ V.A. Dmitriev

30 september 2009 года
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Transcript of the meeting’s beginning

V.V.Putin: Vladimir Alexandrovich, how is work proceeding on implementing your main projects?

V.A.Dmitriev: In general, we are working in accordance with the decisions taken by the Supervisory Board. In this respect, I’d like to inform you on the progress of implementing the project approved by the Bank’s Supervisory Board at its latest meeting. The project is aimed at building a terminal in Ust-Luga.

V.V.Putin: On the port as a whole.

V.A.Dmitriev: We made a decision to increase the financing amount to 550 million dollars. I was in Ust-Luga last week and I flew all over the district and I can tell you that the project is at a high level of preparation, here I mean berthing facilities, storage reservoirs, overhead roads. One overhead road is completed; foundations were laid for another two overhead roads for oil products transshipment facility and the port infrastructure. Administrative buildings and the custom house are at the highest level of preparation. We have enough grounds to believe that a transshipment facility with a capacity of 12 million tons will be commissioned next spring.

V.V.Putin: Where do you have problems there? How do they address problems in infrastructure, approach roads and channels?

V.A.Dmitriev: As far as infrastructure is concerned, some progress is being made with regard to railways, and the problem is going to be addressed properly.

In fact, we are coming up against problems associated with laying a high-voltage power transmission line, because the results of geological works performed earlier are not in line with the real situation. So, relevant decisions had to be made and technological solutions found would make it possible to address this problem comprehensively till next spring.

V.V.Putin: A deep channel?

V.A.Dmitriev: A deep channel is also being made and the work is being performed simultaneously with piling earth. In fact, while piling earth for berthing facilities they are making room for a deep channel.

V.V.Putin: Vladimir Alexandrovich, it’s not entirely your sphere of competence but for the money invested by the Bank to be used efficiently and to pay its way at proper time and for the project in all its aspects to be launched in due time and operate in the most efficient way you should address these problems comprehensively and completely with the Transportation Ministry.

V.A.Dmitriev: We are working in close contact with the Transportation Ministry, with the project’s initiators and with investors. The more so, this project is characterized by the fact that investors’ and the state bank’s participation share is 50 to 50. So, significant investments have been made.

V.V.Putin: By all sides?

V.A. Dmitriev: Yes.

V.V.Putin: It’s important for all these investments to be used efficiently.

V.A.Dmitriev: No doubt about it. And in this respect I’d like to bring up one more issue.  This is a new project in the field of civil shipbuilding. Besides the projects already approved for financing or those to receive financing in the near future, we started to comprehensively study a new Far Eastern project aimed at creating a Far Eastern shipbuilding center on the basis of the Zvezda plant.

This is a dry dock and a shipyard where they will produce tankers, gas carriers and drilling platforms. The project’s total value is 35 billion rubles and we plan that we’ll start financing it next year. We believe that construction work will start in the second quarter of the next year to be able to lay the first keel in 2011.

In our opinion, this is a very significant project in the Far Eastern region. It is of great economic and social importance, because it will create new jobs, generate tax revenues and will entail the development of parallel, related high-technology production facilities.

And, by the way, the Amurmetall plant will be given a good marketing outlet for its products.

V.V. Putin: Is the volume of orders going to increase?

V.A.Dmitriev: Yes, it is.

V.V.Putin: What’s your participation share there? Can you specify it numerically?

V.A.Dmitriev: As this project was initiated by the United Shipbuilding Corporation it is to be implemented on the basis of project financing. This means that for the most part it will be financed by Vnesheconombank. But taking into account orders from Gazprom, Rosneft Sovkomflot and a number of other companies the project’s payoff period might be 10-15 years. The project’s total value is 35 billion rubles.

Origin: Internet-portal of the Government of the Russian Federation

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