VEB Group’s Team Visits Zvezda Shipyard in Primorie to See Construction of Aframax Oil Tankers

29 November 2018 year
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During a visit to the Primorie Territory, VEB Group’s team was invited to see the Zvezda shipyard. The shipyard started the large-scale construction of Aframax oil tankers, which had not previously been built in Russia.

Tanker deadweight tonnage is 114,000; the ice class (1A/1B) will enable the ships to be used for year-round navigation in ice-bound conditions. The propulsion systems of the green tankers allow them to use both conventional fuel and environmentally friendly natural gas, which ensures compliance with the new pollution control rules for the Baltic Sea and the North Sea. The first tanker launching is scheduled for 2020. At present, the shipyard has orders for 12 Aframax oil tankers.

The Zvezda product range will include vessels with a displacement of up to 350,000 tonnes, components of offshore platforms, ice class vessels, merchant cargo vessels, special vessels and other marine equipment of any complexity, including equipment that had not previously been made in Russia due to the unavailability of launching and hydraulic facilities.

During the Eastern Economic Forum, VEB Group, Rosneft, Zvezda and Sovcomflot entered into several contracts to build two oil tankers for subsequent long-term chartering. In late October 2018, the Supervisory Board of VEB resolved to approve the transaction.

“Support for this sector has a positive impact on the development of related industries, which is a priority for VEB Group as a development institution. VEB.RF is currently considering eight projects aimed at developing the shipbuilding industry in the Primorie Territory; VEB Group’s potential investments are more than 200 billion roubles. The launched projects will create new jobs and improve quality of life,” VEB.RF Chairman Igor Shuvalov emphasised.

VEB Group’s team also visited the construction site of residential houses for future employees of the Zvezda shipyard in Bolshoy Kamen. Two 68-flat houses have already been accepted for operation and occupied. Construction is well under way for a whole urban block in the 6th residential estate. The contractor was selected for the construction of residential houses in two more neighbourhoods. Overall, there are plans to build about 5,000 flats by 2023, which will provide housing for all employees. The possible expanded involvement of the Far East Development Fund (part of VEB Group) in residential construction projects to provide houses for Zvezda employees is under consideration. In collaboration with DOM.RF, the Fund is carrying out the project as instructed by the Russian President.

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Federation Council Approves New Legislation on VEB.RF Functions

23 November 2018 year
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A session of the Federation Council passed legislation to change the name of State Corporation Vnesheconombank to VEB.RF, introducing several new functions, such as its role as a development institution coordinator.

The amendments are to be made to the Federal Law On the Bank for Development and certain legislative acts of the Russian Federation.

The law changes the name of State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” to State Development Corporation VEB.RF.

The law also assigns new functions to VEB.RF to coordinate the development institutions’ activities as resolved by the Russian Government.

Another law amends the Budget Code. The Government will approve resolutions concerning the authorised capital of VEB.RF in the form of paid-in capital and the amount of its authorised capital that should subsequently additionally be contributed by the Russian Government (callable capital).

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VEB Redeems Its Eurobond Series 9 Issue

22 November 2018 year
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State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" redeemed its Eurobonds Series 9 issue on November 21, 2018.

The Eurobonds for a nominal amount of US$ 850 mn were issued on the Irish Stock Exchange in 2013 with a five-year maturity period and an annual coupon rate of 4.224%.

The redemption of the Eurobond issue and coupon payments were executed in full and in accordance with the terms of the prospectus.

Irish Stock Exchange cancelled listing of Eurobonds Series 9 with effect from 21st November 2018.

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KuibyshevAzot Production Site Visited by Vnesheconombank’s Development Projects Team

24 October 2018 year
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Vnesheconombank’s First Deputy Chairman and Member of the Board Nikolay Tsekhomskiy has met with KuibyshevAzot’s management at the production site in Tolyatti, Samara Region. KuibyshevAzot is a leader in the Russian chemical industry.

«KuibyshevAzot’s project to build and operate a production facility with an annual capacity of 140,000 tonnes of K-grade sulphuric acid and 360,000 tonnes of refined oleum can become the first project of the Project Financing Factory. Investments will total as much as 6.5 billion roubles," Nikolay Tsekhomskiy said. «The Board of Vnesheconombank has already decided to use the Factory’s mechanism for Vnesheconombank’s participation in financing the project.»

The memorandum of intent to involve the Project Financing Factory in carrying out the project was signed by KuibyshevAzot and Vnesheconombank at SPIEF 2018.

According to KuibyshevAzot CEO Alexander Gerasimenko, the sulphuric acid and refined oleum project is aimed at providing feedstock, expanding the existing manufacturing capability and maintaining competitiveness for Russia’s only import-substituting process chain, from caprolactam and polyamide to fibre and fabric, created by the company. The project uses advanced resource-saving technology that ensures a high level of industrial and environmental safety.

Nikolay Tsekhomskiy and Vnesheconombank’s Deputy Chairman Yuriy Korsun were shown the company’s production processes and products and discussed prospects for future cooperation.

KuibyshevAzot operates in two core areas: 1) caprolactam and derived products (polyamide 6, durable technical and textile fibres, cord fabrics, industrial plastics); 2) ammonia and nitrogen fertilisers. The Company also has a joint venture producing industrial gases such as nitrogen, oxygen and argon.

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Igor Shuvalov Takes Part in Plenary Session of Small Business – National Project! Forum

23 October 2018 year
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OPORA RUSSIA All-Russian Public Organisation of Small and Medium Business held an entrepreneur forum in Moscow on 23 October 2018. The forum is designed to discuss and popularise the national project of small and medium-sized businesses and provide support for individual entrepreneurship.

In his speech, Igor Shuvalov told the forum participants about the involvement of Vnesheconombank and other development institutions in implementing the development agenda outlined in the May presidential decree.

Vnesheconombank’s Chairman said: «We are currently creating a uniform platform to demonstrate common tools of development institutions. We are concentrating our efforts on ensuring that all measures of administrative and financial support will be consolidated by March. This will be an end-to-end product. This will enable us to help exporters, help manufacturers. Through a network of regional banks, we will support small and medium-sized businesses.»

An important objective at this stage is to develop a modern urban economy. «A comfortable urban environment is dependent primarily on micro and small businesses. The government and a municipality can invest in the infrastructure needed by a town. But the comfortable urban environment proper depends on small businesses. In cooperation with Russian Small and Medium Business Corporation, SME Bank and other participants (Sberbank, VTB) we are currently considering what we can give to those involved in Russia’s urban infrastructure modernisation programme. This is what will help Russian towns to grow faster, ensure new quality of life through the growth of a local economy. This is high on our list of priorities," Igor Shuvalov emphasised.

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Vnesheconombank Successful in Completing Project to Finance Modern Pig Farming Facility in Bashkortostan

22 October 2018 year
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Vnesheconombank has been successful in completing the project to finance the construction of a pig farming facility with a total annual capacity of 42,000 tonnes of live-weight pork. The project initiator is Bashkir Meat Company. The company used funds borrowed from Sberbank to repay its debt to Vnesheconombank (about 3 billion roubles) early in full.

«With Vnesheconombank’s support, the company built a modern animal production facility. The project contributes to the sustained development of agricultural production, import substitution for meat products and the country’s enhanced food security. Vnesheconombank accomplished its objective as a development institution, ensuring the completion of a project in a strategic industry on the principles of return on investment and break-even results. The new production facility will enable the borrower to implement a new project with the participation of a commercial bank," Vnesheconombank’s First Deputy Chairman and Member of the Board Nikolay Tsekhomskiy said.

The Bank became involved in the project in 2012, when Vnesheconombank and Bashkir Meat Company entered into a loan agreement for 5 billion roubles. Bashkir Meat Company ranked among Russia’s 20 largest pork producers in 2017 (source: http://www.nssrf.ru).

In the second quarter of 2018, the company sold 25,200 tonnes of pork, with its net profit reaching 400.5 million roubles. With Sberbank’s support, the borrower is currently carrying out a project to create a genetic selection centre worth 3.7 billion roubles.

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Vnesheconombank Group Contributes to Cooperation Between Russia and Uzbekistan in Urban Infrastructure Modernisation

19 October 2018 year
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During an official visit of Russian President Vladimir Putin to Uzbekistan, Vnesheconombank, VEB-Leasing and the Tashkent City Administration entered into a cooperation agreement.

The parties agreed to promote long-term, effective and mutual cooperation in financing the use of Russian-made vehicles, equipment and digital technology for programmes of Tashkent’s road traffic management, public transport modernisation and road systems for a total of up to 100 million US dollars.

According to the parties, the agreement signed today is part of a large-scale agenda for the development of comprehensive and mutually beneficial cooperation between the Russian Federation and Uzbekistan.

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Bank BelVEB’s Supervisory Board Includes Daniil Algulyan, Alexander Burya, Artem Dovlatov, Igor Krasnov and Alexander Romanov

18 October 2018 year
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The Extraordinary General Meeting of Shareholders of Bank BelVEB approved the new members of the Supervisory Board on 18 October 2018.

Vnesheconombank’s Deputy Chairperson and Member of the Board Svetlana Yachevskaya was elected as the Chairperson of the Supervisory Board of Bank BelVEB.

Nadezhda Yermakova (independent director) and Nikolay Luzgin were appointed as the Deputy Chairpersons of the Supervisory Board.

The other members of the Supervisory Board are as follows:

Daniil Algulyan, Deputy Chairman, Vnesheconombank

Aleksey Afanasyev, Head of the General Finance Directorate, Minsk Municipal Executive Committee

Alexander Burya, Vice-President, Vnesheconombank

Artem Dovlatov, Deputy Chairman, Vnesheconombank, and General Director, VEB-Leasing

Igor Krasnov, Senior Vice-President, Vnesheconombank

Yuri Martynov, independent director

Tatiana Polegoshko, independent director

Alexander Romanov, Vice-President, Vnesheconombank

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Alexey Miroshnichenko and Natalia Timakova Join VEB Management Board

12 October 2018 year
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Vnesheconombank’s Supervisory Board has approved Vnesheconombank’s Deputy Chairpersons Alexey Miroshnichenko and Natalia Timakova joining the Management Board.

In the bank’s team, Alexey Miroshnichenko is responsible for building an efficient risk management system across VEB Group, whereas Natalia Timakova is in charge of government relations and modern urban economic development, in particular, social and cultural projects, and corporate social responsibility.

In compliance with the Federal Law On the Bank for Development, the Management Board is Vnesheconombank’s collegial executive body consisting of the bank’s Chairman and eight members appointed by the Supervisory Board.

The current Management Board is composed of VEB Chairman Igor Shuvalov, First Deputy Chairmen Mikhail Kuzovlev, Nikolay Tsekhomsky and Mikhail Poluboyarinov, Deputy Chairpersons Sergey Lykov, Alexey Miroshnichenko, Natalia Timakova, Svetlana Yachevskaya, and Deputy Chairman (Chief Economist) Andrey Klepach.

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VEB Launches DataRoom Integrated Information System for Project Finance Factory Participants

8 October 2018 year
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In the context of its Project Finance Factory mechanism, Vnesheconombank has developed an official information resource, the DataRoom integrated information system. It provides potential lending syndicate members with access to documents on investment projects selected by VEB for the Project Finance Factory.

Based on the VEB platform, this information system is intended for banks that have entered into agreements on their participation in the Project Finance Factory. Today, such agreements have been signed with thirteen banks.

DataRoom is a digital environment that contains a comprehensive profile of an investment project and enables participating banks to perform its in-depth analysis and articulate the creditors’ position on its financing.

«From now on, customers are required to present one single set of documents on an investment project — to the lead manager. Any further relationships with the potential lending syndicate members are handled by Vnesheconombank via the digital platform. The integrated information resource enables the partner banks to operate in a shared information environment and, consequently, facilitates communication when reviewing the documents," said First Deputy Chairman of Vnesheconombank Nikolay Tsekhomsky.

To better accommodate the lending syndicate members, the DataRoom Business Administrator via My Account offers online advice on both investment projects and system operation procedures.

The official information resource of the Factory, this new online medium may also serve as an information environment for arranging syndicated loans outside the Factory.

On a short-term horizon, Vnesheconombank expects to introduce new features into DataRoom for the participants to interact at the investment project monitoring and administration stages.

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Daniil Algulyan appointed Deputy Chairman of Vnesheconombank

2 October 2018 year
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In this new position, Daniil Algulyan will be responsible for building Vnesheconombank’s comprehensive product line-up, launching new financial instruments, implementing projects for production of non-defence goods and export-oriented investment projects.

«Currently, adoption of a new business model is high on Vnesheconombank’s list of priorities. We are moving from a concept of ‘credit monoliner’ to a comprehensive product offer intended to completely satisfy the demand of our partners and customers. Building a new portfolio of financial products is one of Vnesheconombank’s primary objectives, and I am sure that Daniil will prove highly useful for the Bank in his new responsible position. He is able to set ambitious goals and accomplish them," First Deputy Chairman and Member of the Management Board Nikolay Tsekhomsky said.

Daniil has been working at Vnesheconombank since 2013. He has developed Vnesheconombank’s export finance structure. Currently, Vnesheconombank is financing projects in more than 40 countries. Prior to becoming a Deputy Chairman, Daniil headed the International Business, Export and Financial Institutions. A major achievement of his team was implementation of a number of big transactions for raising finance from foreign partners and cooperation projects in the Asia-Pacific Region and Middle East countries.

Daniil Algulyan is a graduate of Moscow State Institute (University) of International Relations under the auspices of the Russian Ministry of Foreign Affairs.

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