The 10th Gaidar Forum in Moscow aroused great interest during the expert discussion “New Program of Monocities Support: Key Development Directions”, bringing together State Duma members, mayors from over 100 single-industry towns, federal and regional government officials, development bankers, business leaders and industry professionals. A 200-seat auditorium was not sufficient to accommodate all the people wishing to attend the event.
The event was moderated by VEB.RF’s Deputy Chairman and MONOTOWNS.RF’S Director General Irina Makieva and Russia’s Deputy Economic Development Minister Vadim Zhivulin.
The panellists evaluated the outcomes of the Integrated Single-Industry Town Development priority programme, proposed new ways to support single-industry towns, came up with strategic ideas and introduced fresh initiatives to lay the foundations for a new programme.
“It is very important that today single-industry towns have seen that the new programme should come into being. It is really inspiring and motivating!” Makieva said at the end of the discussion.
VEB.RF’s Chairman Igor Shuvalov and Tver Region’s Governor Igor Rudenya Discuss Cooperation Prospects
VEB.RF’s Chairman Igor Shuvalov and the Tver Region’s Governor Igor Rudenya met in Moscow to discuss VEB’s financing for investment projects in the region and cooperation prospects.
In the Tver Region, VEB.RF has backed four projects worth RUB60.4 billion in manufacturing, infrastructure and healthcare. VEB’s investment in the region totalled RUB38.8 billion.
The region’s governor told VEB.RF’s management about an industrial park development project, facilities comprising an improved urban environment project, and the construction of exhibition centres. “We have agreed to conduct VEB.RF’s business mission in the region. We will learn about VEB’s current projects, including those in wood processing, tourism, and manufacturing, that have been financed by VEB in previous years and continue to develop. We will also look into our new potential projects,” Mr Rudenya said after the meeting.
Igor Shuvalov confirmed that the team representing VEB.RF Group and development institutions would come to the Tver Region to discuss promising investment projects with the local business community. “We are ready to support the region’s development,” Shuvalov said.
Alexey Sorokin has been appointed a Deputy Chairman of VEB.RF. In his capacity, he will be in charge of the Urban Economy and Integrated Development. Gorod.RF Unit.
One of VEB.RF’s first priorities is to develop a modern urban economy and create a comfortable urban environment. Alexey Sorokin will coordinate the activities of the VEB.RF Group’s entities and development institutions involved in Russia’s urban infrastructure modernisation programme. The programme will embrace no less than 50 cities.
“I am confident that Alexey will easily blend into the VEB team and draw on his wide professional and managerial experience and extensive expertise to successfully accomplish the objectives,” VEB.RF’s Chairman Igor Shuvalov said.
“Much of my work at VEB.RF is similar to what I did during preparations for the 2018 FIFA World Cup. We paid great attention to infrastructure projects, which is why my current knowledge of construction is as profound as my knowledge of football. The 2018 World Cup allowed us to transform a large number of our cities, but I will be able to do even more as part of VEB.RF’s team,” Alexey Sorokin commented.
Alexey Sorokin chaired the Russia 2018 Organising Committee, was engaged in preparing and holding the 2018 FIFA World Cup in Russia. He was unanimously elected to the FIFA Council in September 2017. Since May 2018 Alexey Sorokin has headed the Russia 2020 Organising Committee in charge of preparations for the UEFA Euro 2020 matches hosted by Saint Petersburg.
Alexey Sorokin is a graduate of Moscow State Linguistic University and the Diplomatic Academy of the Russian Foreign Ministry.
VEB.RF issued short-term bonds in an additional placement to companies and corporations on 21 December 2018.
The Bank raised 8.2 billion roubles from bonds with a maturity of 28 days and a coupon of 7.64% p.a.
The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.
The arrangers of the bond issue are Gazprombank and Svyaz-Bank.
The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.
VEB.RF Supervisory Board Considers VEB’s Involvement in Three New Investment Projects Totalling About RUB50 Billion
Russian Prime Minister Dmitry Medvedev chaired a meeting of the VEB.RF Supervisory Board at the company’s new office in Vozdvizhenka Street. In his opening remarks he said: “I have signed an ordinance to establish the amounts of the state corporation’s paid-in and callable capital. It is a new mechanism for increasing the capital of development institutions. We have never had it before. It has been devised by VEB and is now fully usable. This is the part of the share capital that can be provided when investment resources are required. We expect to allocate up to 300 billion roubles for this purpose in the medium term.”
The Supervisory Board also considered VEB.RF’s involvement in three new investment projects designed by the reorganised team. The total project value approximates to RUB50 billion. VEB.RF’s expected commitment is RUB26.7 billion.
One of the projects aims to build a new-generation shuttle tanker of 69,000 deadweight tonnes with improved ice performance and manoeuvring characteristics. The Arc6 ice-class tanker is designed to navigate without an icebreaker escort through 1.3-metre-thick ice. It will be used for oil transportation in the Russian Arctic. Vnesheconombank is to invest 18.5 billion roubles in the project.
Two projects in the chemicals sector will be implemented via the Project Financing Factory. VEB is the operator of the Factory. Gazprombank acts as VEB’s financial partner in these two deals.
One of the two projects aims to build a production facility with an annual capacity of 140,000 tonnes of K-grade sulphuric acid and 360,000 tonnes of refined oleum at the KuibyshevAzot production site in Tolyatti. The total investments are estimated at RUB6.3 billion. VEB.RF’s commitment is RUB3.8 billion.
The other project is the Phase 3 construction of a production facility with an annual capacity of 500,000 tonnes of methanol in the Tula Region. The total project value is 22 billion roubles. The project initiator is Schekinoazot. VEB.RF is prepared to invest RUB4.5 billion.
Furthermore, the Supervisory Board reviewed the company’s new business model 2024 to ensure effective risk management and smooth operation in the near five years. In compliance with the business model, VEB does not compete with commercial banks and uses various instruments to participate in projects (guarantees, loans, and equity financing).
The Supervisory Board also addressed the issues of enhancing corporate governance.