Memorandum of the Bank’s Financial Policy Approved

Moscow. July 12. INTERFAX — At Thursday’s meeting of the Bank Supervisory Board a Memorandum of the Bank’s Financial Policy was approved, said VEB Chairman Vladimir Dmitriev. «The Memorandum specifies the Bank’s core lines of business associated with overcoming infrastructure growth limitations, support for high-technology productions, rational use of natural resources, support for small and medium-size business and industrial exports," Vladimir Dmirtiev told journalists on Thursday. He also said that the Memorandum specifies criteria for selecting investment projects, with these criteria dealing with the size of investment projects and their payoff periods. Furthermore, the Supervisory Board approved limits, the Bank’s operational standards and basic provisions of the Bank’s financial policy. «Their aim is to ensure the Bank’s sustainable development and financial stability," emphasized Vladimir Dmitriev. According to Vladimir Dmitriev, from today on, the Bank management bodies start to work at their full capacity, therefore, relevant documents are to be approved by the Government.

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Agreement Signed between Vnesheconombank and Republic of Bashkortostan

Today on July, Vnesheconombank and the Republic of Bashkortostan signed an Agreement on Cooperation to carry out the project “Infrastructure Support for the Ufa Urban District Comprehensive Development.”

The Agreement was signed by VEB Chairman Vladimir Dmitriev and President of Bashkortostan Murtaza Rakhimov.

This Agreement aims to establish strategic partnership, promote long-term cooperation and organizational interaction, work out mechanisms for investment and banking services, coordinate the two parties’ efforts in carrying out this project intended for the socio-economic development of the city of Ufa, specifically, for building the city’s infrastructure.

Under the Agreement the two sides are determined to make joint efforts to carry out this project using mechanisms of public and private partnership and, among other things, using resources of the Russian Investment Fund in the following sectors: housing and industrial designing and construction, the transport system development including building motorways, constructing and reconstructing water supply and water diversion systems, building power grids and housing and communal services facilities.

The Agreement provides for the Republic’s Government to assist in coordinating efforts made by republican executive authorities to create favorable conditions for implementing this project, ensuring its financing and support from the state.

At the same time, there are plans to establish the Ufa development corporation for the comprehensive development of the said Ufa urban district, with an appropriate land area being provided. Both the Government of the Republic and Vnesheconombank will render assistance in establishing this corporation.

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru

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