Vnesheconombank Presents its First Report on Sustainable Development
Vnesheconombank’s first report on sustainable development for 2009 was presented at the International Conference in Moscow “Investments in Sustainable Development. A Role of State Corporations and Companies with State Participation”. The report was published to inform the Russian public on Vnesheconombank’s contribution in ensuring the society’s economic stability, social wellbeing and ecological stability. The release of the non-financial report is in line with the principle of publicity, which commits Vnesheconombank to disclose information about its activity including social and ecological sectors. The document was approved by Vnesheconombank’s Supervisory Board in December of 2010.
The report was prepared with due regard to the Global Reporting Initiative and the sectoral annex to the GRI for the financial services sector, with Vnesheconombank being an official translator of this sectoral annex.
The preparation of the first report was made with due consideration of Vnesheconombank partners’ experience including the European Bank for Reconstruction and Development, development banks of Germany, China, Brazil. In the future, similar reports are to be published on an annual basis.
In June of 2010, Russian President Dmitry Medvedev instructed the Russian Government to prepare proposals for ecological responsibility of large companies with state participation as well as for mandatory reporting on sustainable development subject to independent audit or attestation.
The Global Reporting Initiative, GRI, is an international organization established by the Coalition for Environmentally Responsible Economies, CERES, in partnership with the United Nations Environmental Programme, UNEP, to improve reporting quality and reliability.
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
On Approving a Concept for Encouraging Affordable Housing Construction under the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending
Vnesheconombank’s Supervisory Board has approved a concept for affordable housing construction (the minutes of meeting № 22 dated December 7, 2010). The concept provides for refinancing credits extended to economy-class housing developers at an interest rate of no more than 10% per annum by credit institutions participating in the Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage Lending (hereinafter referred to as the Program) at a rate of 3% per annum for a period of up to December 31, 2013 in the amount of no more than one third of funds to be extended by a credit institution as part of the Program’s implementation.
Vnesheconombank might refinance credits, which meet the following requirements:
-
credits were extended for economy-class housing construction (as defined by the Russian Regional Development Ministry’s methods);
-
a lending rate for developers does not exceed 10% per annum in the absence of any additional commissions in favor of creditor;
-
credits were extended with regard to the projects included by the Russian Regional Development Ministry in the Russian constituent entities’ economy-class housing construction programs with a guaranteed date of commissioning facilities that makes it possible to securitize appropriate mortgage credits under the Program.
Vnesheconombank’s Supervisory Board instructed Vnesheconombank’s Management Board in partnership with the Russian Regional Development Ministry, the Housing Mortgage Lending Agency (Ltd) and credit institutions to work out the procedure for refinancing credit institutions involved in lending to economy-class housing developers.
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