On Decisions by Vneseconombank Supervisory Board

10 december 2008 года
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Vnesheconombank’s Supervisory Board approved Vnesheconombank’s participation in refinancing a number of transactions by oil and gas complex enterprises and OJSC Bank VTB, the operation of which are of great socio-economic importance to the Russian Federation, in the total amount of 2 billon US dollars.

At present, the total amount of transactions approved by the Supervisory Board in refinancing foreign debt obligations of non-credit real sector enterprises and a credit institution responsible for financing the real sector of the economy is 11.8 billion US dollars.

The Supervisory Board also approved the first transactions in extending subordinated loan facilities to Russian banks. Thus, Vnesheconombank started to implement certain provisions of Federal Law dated 13.10.2008173-FZ «On Additional Measures for Supporting the Financial System of the Russian Federation».

Subordinated loan facilities in the total amount of 17.1 billion rubles are being extended to Russian credit institutions operating actively in the real sector of the economy: Alfa-Bank — in the amount of 10.2 billion rubles, Nomos-Bank — 4.9 billion rubles, the Khanty-Mansi Bank — 2.0 billion rubles

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 Signing Agreement between Vnesheconombank and China State Development Bank

9 december 2008 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China State Development Bank signed a Cooperation Agreement worth 150 million US dollars.

On behalf of Vnesheconombank, the Agreement was signed by Vladimir Dmitriev, Chairman of Vnesheconombank, on behalf of the China State Development Bank – by its Chairman Chen Yuan.

Funds are to be made available for a period of 1 year and will be used to implement Russian enterprises’ export projects.

The signing and further implementation of the Agreement would help promote economic ties between the Russian Federation and the People’s Republic of China.

The China State Development Bank is a state financial institution of the PRC responsible for providing support for major investment projects.

 

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

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Vnesheconombank Resumes Accepting 3-d Tranche MinFins (OVGVZ Bonds) and Documents Required for Making Termination Fee Agreements and Agreements on Redemption of the Said Bonds

8 december 2008 года
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Vnesheconombank has resumed accepting 3-d tranche MinFins (OVGVZ bonds) and documents required for making termination fee agreements and agreements on redemption of the said bonds.

A decision to continue making settlements with 3-d tranche MinFins owners who failed to novate these bonds on the basis of termination fee agreements to be made by 3-d tranche MinFins owners with the Finance Ministry of the Russian Federation was approved by Russian Government Resolution dated November 26, 2008 N 883. Terms of making termination fee agreements and agreements on making settlements with 3-d tranche MinFins owners to redeem bonds were approved by Russian Government Resolution dated June 2007 N 387.

You can see here a list and forms of documents required for 3-d tranche owners to make termination fee agreements with the Russian Finance Ministry.

 

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 Holding Round Table Discussion “Insurance of Export Credits In Russia and Abroad: Prospects and Problems of Development”

8 december 2008 года
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A Round Table Discussion “Insurance of Export Credits in Russia and Abroad: Prospects and Problems of Development was held in Moscow on December 8. The Round Table Discussion was organized by the Ratings Agency Expert RA in cooperation with State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’.

The Round Table Discussion participants discussed issues of government policy on developing foreign economic activities infrastructure, stimulating export transactions, specifics of foreign export credit agencies’ activities in Russia and abroad focusing on assessing political risks associated with export transactions.

Management Board Member – Vnesheconombank Deputy Chairman Petr Fradkov said in his speech: “Export credit insurance mechanisms development is hampered by inadequate regulatory and legal network. One of the most acute problems is the absence in applicable legislation of regulations providing for the state to guarantee Vnesheconomank’s liabilities under export credit insurance agreements. In order to get export credit insurance mechanisms to function we find it worthwhile to establish an Export Credit and Investment Insurance Agency.

Representatives from federal executive authorities, banking and insurance sector, legal firms as well as foreign export credit agencies took part in the Round Table Discussion.

Since the Federal Law ‘On the Bank for Development’ was enacted in May 2007, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was assigned to insure export credits against commercial and political risks. In February 2008, the Russian Government adopted a Resolution “On the Procedure for Insuring Export Credits against Commercial and Political Risks by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’. In June of this year, Vnesheconombank’s Management Board adopted Provisional Rules for Insuring Export Credits, which stipulate the procedure and terms of insuring by the Bank mid and long-term export credits against commercial and political risks, Standard Agreement on Insuring Export Credits.

 

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-83, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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On agreement between Vnesheconombank and Euler Hermes Kreditversicherungs-AG

8 december 2008 года
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Today, on December 8, 2008, state corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Euler Hermes Kreditversicherungs-AG (Germany) signed a Cooperation Agreement.

On behalf of Vnesheconombank, the Agreement was signed by Mr. V. Dmitriev, Chairman of Vnesheconombank. Euler Hermes Kreditversicherungs-AG was represented by Dr. Hans Janus, Member of the Board of Management, and Mr. Manfred Bruer, Managing Director of Euler Hermes ECA Consortium.

The Agreement expresses the parties’ intention to establish strategic partnership and promote long-term, effective and mutually beneficial cooperation in export credit insurance against commercial and political risks, as well as in investment insurance.

The Agreement is a framework document aimed at ensuring support and providing stimulus for trade and investment between Russia and Germany through joint export credit and investment co-insurance and reinsurance.

The parties intend to share their experience of export credit insurance against commercial and political risks and stimulate the mentioned activity. The parties would also seek to increase personnel professional skills, deliver joint projects and exchange information on export credit insurance.

Euler Hermes Kreditversicherungs-AG is a private insurance company authorized by the state to provide export credit insurance against territorial (political) and commercial risks and investment insurance. The Company was established in 1917 to extend export credit guarantees on behalf and by order of the German Government. Euler Hermes is a member of the International Union of Credit and Investment Insurers (the Berne Union) and an active participant in OECD Working Party on Export Credits and Credit Guarantees. Euler Hermes undertakes its activities in more than 50 coun tries accounting for 36% of the global export credit insurance market.

 

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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