Russian Prime Minister
Good evening Esteemed Colleagues!
We’ve got several important issues on our agenda today. First of all, I would like to dwell on the Bank’s annual performance report for 2008.
This was a difficult period for the Russian
I would like to note that VEB’s team demonstrated a required level of professionalism and the Bank itself operated in a very sustainable and efficient way performing its core activities and acting in the capacity of the Government’s crisis management instrument.
The materials submitted show that despite the crisis, the Bank’s loan portfolio was in excess of 350 billion rubles last year.
The Bank started to finance 21 new projects. They are aimed at developing infrastructure,
It goes without saying that the Bank will carry on considering applications for new investment projects.
At this meeting we are planning to discuss one of them, this project is aimed at creating engines of new generation at Avtodizel factory.
I’d like to remind you that a principal decision on VEB’s participation in this project was made last December in the course of the working trip to the Yaroslavl region. Here I mean power plants for domestic trucks meeting strict requirements for reliability and ecological standards.
At present, trials of engine prototypes are at their final stage. The Bank’s financing would make it possible to launch their batch production and create more than one thousand and two hundred jobs.
I’d like to mention the Bank’s interesting and promising initiative designed to use foreign investment funds for implementing infrastructure projects.
And in the end we must discuss Vnesheconombank’s efforts to implement the Government’s crisis management measures. In particular, we’ll discuss how the companies that obtained VEB’s credits at the end of 2009 to refinance their loans at foreign financial institutions fulfill their obligations.
The funds made available by VEB made it possible to avoid stripping of Russian companies’ strategic assets pledged abroad. Initially we planned to spend 50 billion dollars for these purposes but actually we had to spend only 10.5 billion dollars, with a part of this sum having been already repaid.
I’d like to say it once more that assistance with refinancing debts is not a gift given by the state to major companies but credits that are to be repaid and serviced properly.
Now let’s move on to our agenda.
On Signing Memorandum between Vnesheconombank, OJSC RZHD and OJSC TransKonteiner
In the course of 4th international Business Forum ‘Strategic Partnership 1520’ (the city of Sochi)State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, OJSC Russian Railways (OJSC RZHD) and OJSC TransKonteiner entered into a Memorandum on Cooperation in implementing projects aimed at developing transit railway transport corridors connecting Europe and Asia.
On behalf of Vnesheconombank the Memorandum was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of OJSC RZHD – by Senior Vice President Boris Lapidus, on behalf of OJSC TransKonteiner – by General Director Petr Baskakov.
Under the Memorandum the parties agreed to cooperate and coordinate their efforts in implementing projects to develop international transit railway infrastructure, establishing a rail through service to carry out cargo transportation on the territory of Kazakhstan and Russia and in creating a unified infrastructure to handle cargoes in order to boost Russia’s transit potential and encourage the export of transport services.
The implementation of this Memorandum would help to expand the transport-logistic infrastructure in Russia and CIS countries, reintegrate transport networks of the former Soviet republics as well as enable Russian and CIS transport companies to implement joint projects aimed at boosting the development of transport business’ various segments.
Under the Memorandum on Vnesheconombank’s financial policies, one of the Bank’s main lines of investment activity is to implement investment projects aimed at removing economic growth infrastructure restrictions including the development of transport infrastructure.
Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34