On Approving a Concept for Encouraging Affordable Housing Construction under the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending

23 december 2010 года
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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

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Vnesheconombank and UNCTAD to Cooperate in Developing Small and Medium-Sized Enterprises

22 december 2010 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the United Nations Conference on Trade and Development (UNCTAD) entered into a Memorandum on Cooperation under the EMPRETEC Programme aimed at developing business in the Russian Federation. The Memorandum was signed in Geneva (Switzerland).

 

On behalf of Vnesheconombank the Memorandum was signed by Management Board Member, Vnesheconombank Deputy Chairman Mikhail Kopeikin, on behalf of UNCTAD – by Deputy Secretary General Petko Draganov.

The Memorandum aims to establish cooperation in implementing the EMPRETEC Programme’s methodology in Russia, which is designed to provide support for small and medium-sized enterprises (SMEs) to develop their business at national and international levels.

The Memorandum provides for the UN UNCTAD Conference to render assistance in training businessmen working in the SME sector in line with the EMPRETEC’s methodology international quality standards by the best international instructors.

Vnesheconombank is to support the EMPRETEC Programme in so far as it relates to raising financing, selecting the Programme’s participants, coordinating interaction with government authorities and nongovernmental organizations.

The Memorandum’s implementation would help to raise businessmen’s educational level in Russia and promote international ties of small and medium-sized enterprises.

UNCTAD is a coordination center on development issues and related issues of trade, finance, technology, investment and sustainable development. The organization’s main objective is to help to integrate developing countries and countries with transitional economy into the world economy and promote their development through trade and investments. The UNCTAD Conference is a supreme policy-making body.

The EMPRETEC Programme coordinated by UNCTAD is designed to help enterprises from developing countries and countries with transitional economy to effectively enter the market. The Programme focuses on identifying promising businessmen and providing them with professional training, offering them consulting services on the issues of management and engaging partners including foreign companies. UNCTAD is also responsible for integrating the Programme in Russia into the EMPRETEC international network.

 

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

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Vnesheconombank and the State Bank of India Agree to Cooperate

21 december 2010 года
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In the course of Russian President Dmitry Medvedev’s formal visit to the Republic of India, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the State Bank of India entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the State Bank of India – Chief General Manager - Rajiv Pal Singh.

The Agreement provides for promoting partner relations between the two banks in servicing Russian-Indian trade, economic, investment and technical cooperation and would help to create favorable conditions for enhancing trade and economic ties between Russia and India.

Under the Agreement signed the parties intend to cooperate in financial and banking servicing of bilateral trade contracts and investment projects aimed at boosting export-oriented economic sectors of the two countries.

At present, Vnesheconombank performs functions of a payments center responsible for servicing investment cooperation and trade turnover between Russia and India. The center is financed through using funds being received to repay India’s government debt.

Vnesheconombank’s correspondent network incorporates 34 leading financial institutions including such large Indian banks and foreign banks branches as the Reserve Bank of India (the country’s central bank), the State bank of India, the Export-Import Bank of India, ICICI Bank Ltd, Deutsche Bank (Mumbai), HSBC Bank (Mumbai) and others. Vnesheconombank entered into a Frame Credit Agreement with the Export-Import Bank of India as well as Agreements on Cooperation with the Canara Bank and ICICI Bank Ltd.

The State Bank of India is the largest state joint stock bank of India of universal type. It engages actively in servicing trade and economic cooperation between Russia and India.

 

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

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Vnesheconombank Starts to Finance the Project to Build Meat Production Complex in the Bryansk Region

21 december 2010 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ has started to finance the project to build an industrial complex to raise highly productive cattle meat breeds and to initially process meat in the Bryansk region.

A decision on Vnesheconombank’s participation in implementing this project was made by the Bank’s Supervisory Board on September 30, 2010. The total financing amount will be up to 21 billion rubles. The funds are to be provided in several tranches. Vnesheconombank’s credit is to be extended for a period of more than 10 years and it is to be fully refinanced through using foreign funding sources.

The project provides for building a unique meat cattle raising industrial complex with a rated capacity of up to 48 thousand tons of beef on a live weight basis per year with a livestock population of 100 thousand in the main cattle herd. Agro-industrial Holding Miratorg (Ltd) is the project’s initiator and its operator is the Bryansk Meat Company (Ltd). The project is one of the largest agricultural investment projects of Vnesheconombank (the project’s total value is more than 24 billion rubles).

The project is being implemented with the assistance of the Russian Agricultural Ministry and the Bryansk Region Administration and as part of Russia’s Target Meat Cattle Breeding Program for 2009-2012 and as part of the Bryansk region’s long-term target meat cattle breeding program.

The set-up of a unique full-cycle production of a wide range of high-quality beef would help to significantly reduce its imports. Moreover, the project’s implementation would make it possible to provide the Russian meat cattle breeding sector with top-quality genetic material (up to 30 thousand heads per year).

The project’s implementation would help to significantly increase the Bryansk region’s gross regional product and create more than 2000 thousand new jobs.

The Bryansk Meat Company (Ltd) was established to implement the project to build a complex to raise highly productive meat cattle breeds and a complex to slaughter and initially process cattle in the Bryansk region.

 

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

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Vnesheconombank and the Eximbank of India Plan to Support Small and Medium-Sized Enterprises

21 december 2010 года
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In the course of Russian President Dmitry Medvedev’s formal visit to the Republic of India, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Eximbank Bank of India (the Export-Import Bank of India) entered into a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Eximbank of India – by its Chairman and Managing Director Mr. T.C.A.Ranganathan.

The Memorandum provides for an opportunity to expand the use of financial resources being provided by the Eximbank of India under the Frame Agreement signed by financial institutions in December of 2009. The total amount of the credit line is up to 100 million US dollars.

Under the Memorandum the parties agreed to consider an opportunity to use financial resources provided by the Eximbank of India to implement the government program of providing financial support for small and medium-sized enterprises carried out by Vnesheconombank through its subsidiary bank, the Russian Development Bank (OJSC).

At present, Vnesheconombank performs functions of a payments center responsible for servicing investment cooperation and trade turnover between Russia and India. The center is financed through using funds being received to repay India’s government debt.

Vnesheconombank’s correspondent network incorporates 34 leading financial institutions including such large Indian banks and foreign banks branches as the Reserve Bank of India (the country’s central bank), the State bank of India, the Export-Import Bank of India, ICICI Bank Ltd, Deutsche Bank (Mumbai), HSBC Bank (Mumbai) and others. Vnesheconombank entered into a Frame Credit Agreement with the Export-Import Bank of India as well as Agreements on Cooperation with the Canara Bank and ICICI Bank Ltd.

As part of supporting Russian industrial exports to India, Vnesheconombank issued 41 banking guarantees in favor of Indian companies for a total amount of 20.6 million US dollars for a period of 2008-20210.

 

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

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