On Decisions Made by Vnesheconombank’s Supervisory Board

15 september 2008 года
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A meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board chaired by Russian Prime Minister Vladimir Putin was held at the Russian Federation Government House today, on September 15.

v. V.Putin’s address at the meeting…

The meeting approved the Bank’s participation in financing the following major investment projects:

The Sevmash Production Association’s production program;
OJSC Corporation VSMPO-AVISMA investment development program. The Corporation’s investment program is aimed at reconstructing and modernizing the facility and provides for increased production of deeply processed products. The implementation of this investment program will result in increased production of titanium sponge, it will increase by 20% (up to 44 thousand tons per year), and rolled titanium — by 46% (up to 46 thousand tons per year). The program’s total value is 26 billion rubles, the Bank’s participation share in the project will amount to 400 million US dollars. Funds are to be made available for a period of 5 years;
Construction and operation of the alpine ski resort «Rosa Khutor» in Krasnaya Polyana. The Rosa Khutor project provides for creating a unique year-round sports and tourist complex. Under the project a number of Olympic sports facilities are planned to be built, they include an alpine ski center, a snowboard park, alpine ski routes to hold competitions in all 10 alpine ski events as well as hotel infrastructural assets. The project’s total value is 1,375 million US dollars. Vnesheconombank plans to earmark funds worth up to 750 million US dollars for a period of 15 years for this project’s implementation;
Construction of a new integrated complex to manufacture ammonia, methanol and granulated carbamide in the city of Mendeleevsk, the Republic of Tatarstan implemented by OJSC «Ammonii». The project provides for building an integrated facility to manufacture ammonia and methanol with a capacity of 2,050 tons of ammonia per day and 668 tons of methanol per day at the mineral fertilizers manufacturing factory Mendeleevskazot LLC. The total value of the project is more than1billion US dollars US dollars. Vnesheconombank’s participation share will amount up to 870 million US dollars;
Construction of a factory in the Ulyanovsk region to manufacture and assemble super- light jets Eclipse 500 as well as provide after-sales services. The factory’s projected capacity will amount to 800 jets per year. Vnesheconombank is expected to finance the project in full the total value of which is 205 million US dollars, moreover Vnesheconombank and the Ulyanovsk region Administration will be among the shareholders of the enterprise.
The Supervisory Board has also made a decision to establish a targeted financing limit for the Kazakhstan Development Bank to open a credit line worth up to 300 million US dollars with a repayment period of 15 years. The credit line is of targeted nature — funds will be made available to support the export of Russian companies’ industrial products and services to the Republic of Kazakhstan. Decisions on conducting each specific transaction are to be made by Vnesheconombank’s governing bodies including decisions on all substantial terms of these transactions.
A number of other issues have been also considered.

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

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PPP Workshop Held for Vnesheconombank’s Employees and Customers

11 september 2008 года
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A workshop on promoting public private partnership (PPP) was held at Vnesheconombank.

The workshop was organized with the participation of Vnesheconombank and Partnerships UK (Great Britain).

The workshop’s participants discussed issues of promoting the market for PPP projects. Partnerships UK’s top manager Edward Farcuarson in charge of consulting foreign countries’ governments on applying PPP shared the experience of organizing PPP projects as well as the experience of running national PPP centers.

Vnesheconombank’s Public Private Partnership Center Director  Alexandr Bazhenov said that PPP projects would account for about a third of Vnesheconombank’s financing amount (approximately 2 billion US dollars) by the year 2012. Based on these plans, each year the Bank is to implement 15-20 programs and specific projects with the use of PPP mechanisms, said A. Bazhenov. In order to support the development of PPP projects market, Vnesheconombank jointly with educational establishment is engaged in developing a programme aimed at improving professional skills of all participants in the investment process including representatives of executive authorities of all levels in training and implementing investment projects on public private partnership terms.

Partnership UK is a company with mixed capital established in 2000. It provides services on organizing PPP projects to public customers in Great Britain. Since its establishment the company has implemented 450 projects worth 40 billion pound sterlings

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: + 7 (495) 608-46-93, Fax: +7 (495) 975 –21- 34
E-mail: presss@veb.ru

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Vnesheconombank, OJSC Ilyushin Finance Co and Aviaimport S.A. Enter into Agreement of Intent

10 september 2008 года
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Today, on September 9, in the course of Russian Prime Minister V.V. Putin’s working trip to the Volga Federal District, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, OJSC Ilyushin Finance Co and Empresa Cubana Importadora de Aviacion S.A. (Aviaimport S.A.) (the Republic of Cuba) entered into an Agreement of Intent on Opening Credit Lines within the program of supporting Russian companies’ exports.

Under the Agreement Vnesheconombank is considering possibilities of extending export credits worth 44.5 million US dollars for a period of 12 years to Aviaimport S.A. The credits are to be used to finance the purchase of and TU-204SE aircraft and associated equipment under the export contract between Aviaimport S.A. and OJSC Ilyushin Finance Co.

Support for industrial exports is one of Vnesheconombank’s main lines of activity approved by the Memorandum on Vnesheconombank’s Financial Policies.

Aviaimport S.A. is a subsidiary of the Cuban state-owned air company CACSA. CACSA is involved in passenger and cargo transportation on domestic and foreign air routes of the Republic of Cuba.

Company Ilyushin Finance Co was established in 1999 with the participation of the S.V. Ilyushin Aviation Complex to raise funds to finance the supplies of Russian- made aircraft to the domestic and international market. In August 2001, the Company won the tender for obtaining the state’s support for leasing programs and the Russian Federation has been one of the company’s largest shareholders since December 2001.

 

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

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Vnesheconombank Chairman Vladimir Dmitriev's Interview with the "Emerging Markets" programme on Bloomberg TV

8 september 2008 года
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Correspondent Ellen Pinchuk

Hi dear friends, here I am joined by Vladimir Dmitriev, he is the chairman of Vneshekonombank, which is Russia’s Development Bank. We have so much to talk about today, so I think        we start with this hot news of TNK-BP. How important is this for the story of industrial companies in Russia, do you believe?

Vneshekonombank CEO Vladimir Dmitriev

 I think this is a very right move in the right direction in terms of proving corporate governance among Russian corporates and among joint stock companies. And that’s a proof that good reasons and prudence is taking over emotion moves and emotional approaches. So I deeply welcome such decision, a compromise, which was found by shareholders within their shareholders agreement.

E.P.           Over this month we have had a shareholders dispute. How great do you feel is the damage as to Russia’s reputation as a place to do business given that fact that of course the government was somehow implicated in this whole story with all these visa problems, tax inspections, etc.

V.D.            I don’t see any artificial moves from anybody’s side to implicate the problem, and make it more complicated. I think it’s quite a natural thing to have disputes within corporate structure and between shareholders, and I’m completely satisfied that finally they found appropriate and amicable decision, a way out of this dispute.

CORR.        We’ve seen that the Russian bosses this year have taken quite a hit both around downrun 30% this year so far a lot of that in the last month on the back of this Georgia conflict, and BMP Paribas saying that some 30 bln dollars in capital has left the country since the beginning of the Georgia conflict. How does it seem to you that investors are going scared off of Russia?

V.D.            I would not generally say that there are any bigger problems in terms of foreign investors into Russia, in terms of speculative investors. And I think that that sort of investors we should talk about judging by or viewing the outflow of this short term capital from the Russian market. But long-term, strategic investors are still here, and I don’t see any bigger problems for them to work in our country, and to widen their presence in our economy.

E.P.           And the prime minister, Vladimir Putin said a couple of days ago that there will be not any serious implications for the Russian economy from the Georgia conflict. Do you think the government needs to be doing more to reassure investors that their money is safe here?

V.D.            I think that our government and economic, monetary authorities are doing quite well – not only right now but through the long period of time, to assure foreign investors that Russia is a very stable, sustainable and reliable partner in their affairs. So what is doing on behalf of the government in terms of our legislative procedure – everything is done to reassure investors that investment climate in Russia is rather attractive. And we see a lot of new capital, strategic capital coming to our country in various sectors of our economy.

E.P.            Let’s track out to ruble for a second is trading near its weakest level in the year against the dollar all so site biggest one day decline yesterday against the ruble the Dollar-Euro basket since 2005. What are your predictions for the ruble in the long term?

V.D.            I don’t see any particular unexpected moves from our monetary authorities in this we got, because for several months both the Central Bank and the Ministry of Finance used to say, “Yes, we have to come over to targeted inflation within which the free fluctuating ruble is one of the circumstances which should be taken into consideration. And in terms of recent trend I think it may positively impact on Russian export.

E.P.            Right, thank you very much. That was Vladimir Dmitriev, chairman of the Vneshekonombank, and back to you in London.

 

Bloomberg
04.09.2008

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Vnesheconombank Acts as a General Partner of the Golden Boat International University Regatta

6 september 2008 года
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Vnesheconombank acted as a general partner of the Golden Boat International Regatta held in the basin of the Moscow River on September 6.

Teams of British, French, American, Italian, Byelorussian and Russian universities took part in the 2008 Golden Boat Regatta.

 

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

 

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