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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