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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On the Prolongation of the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending

17 december 2010 года
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A decision to prolong the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending till December 31, 2013 was taken at Vnesheconombank’s Supervisory Board meeting on December 7, 2010.

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Explanation of Certain Provisions of Requirements for Bonds Purchased under the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending in 2010-2012

17 december 2010 года
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Explanation of certain provisions of requirements for bonds including mortgage-backed bonds and mortgage coverage of bonds purchased under the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending in 2010-2012 (herein after referred to as the Requirements):

Question: Is it possible to include credits (loans) to pay co-op shares in housing savings cooperatives in mortgage coverage of bonds issued under the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending in 2010-2012 (herein after referred to as the Program)?

Answer: Inclusion of a mortgage loan into mortgage coverage, with the mortgage loan having been extended to the borrower to purchase housing by way of paying a co-op share in a housing savings cooperative will be in line with the Requirements in the case that a housing savings cooperative participated in constructing accommodations as a developer or as a participant in the participatory construction (investor), and the borrower, a member of a housing savings cooperative, has paid his co-op share in full using among other things a bank’s credits (as specified by para 5 of the Requirements), has become an owner of accommodation and pledged it as a mortgage collateral with a bank.

Question: What documents are required to confirm that a condition stating that there are no fees for creditors included in payments made in favor of insurance company (a final provision of subpara “d” of para 5 of the Requirements)?

Answer: In order to make a decision as to whether a mortgage coverage of bonds is in line with final provision of subpara “d’ of para 5 of the Requirements, a current creditor (lender) is only to submit a written application to the borrower that no fees paid by an insurance company in favor of the creditor (the lender) are included in payments made by the borrower for insurance services provided for by a credit agreement (loan agreement).

Question: Will a mortgage loan extended for purchasing real estate assets owned by joint stock investment funds and closed mutual investment funds be in line with the Requirements?

Answer: Inclusion of a mortgage loan extended to the borrower for purchasing accommodations owned by joint stock investment funds into mortgage coverage does not run counter to the Requirements. Inclusion of a mortgage loan extended to the borrower for purchasing accommodations owned by closed mutual investment funds into mortgage coverage will be fully in line with the requirements only in the case that all owners of investment shares of closed mutual investment funds are legal entities. For the purpose of confirmation, a managing company of a closed mutual investment fund is to submit an extract from a register of investment shares owners, which is maintained by a registrar or a special depository of a mutual investment fund responsible for maintaining registers for a period during which relevant agreements on purchasing/selling residential property were concluded.

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A Conference “Vnesheconombank: the Bank for Development Top-Priority Lines of Activity

10 december 2010 года
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The first regional practical conference “Vnesheconombank: the Bank for Development Top-Priority Lines of Activity” was held in the city of Kislovodsk on December 9, as part of the educational project “Training of Specialists – Participants in Investment Projects with the Assistance of Development Institutions”.

Russian Deputy Prime Minister, Presidential Plenipotentiary Representative in the North Caucasus Federal District, Alexandr Khloponin, and Management Board Member, Vnesheconombank First Deputy Chairman, Anatoly Tikhonov, gave a welcoming address to the conference’s participants.

In his address Alexandr Khloponin said that the conference should aim to maximally inform investment process participants on the specifics of development institutions’ activities, potential sources of financing their projects and effective mechanisms for implementing strategically important regional projects.

In the course of the conference its participants discussed main provisions of the comprehensive strategy for the development of the North Caucasus Federal District up to 2025, got a detailed idea of development institutions’ main lines of activities and role, principles and criteria of selecting investment projects at Vnesheconombank, were also informed on the largest investment projects implemented with Vnesheconombank’s participation including the ones carried out on the territory of the North Caucasus Federal District, terms of projects’ financial and organizational support with the use of public private partnership mechanisms, studied Vnesheconombank Group’s program of supporting small and medium-sized enterprises.

Among the speakers at the conference were representatives of Vnesheconombank, the Russian Regional Development Ministry, the Russian Economic Development Ministry, Vnesheconombank’s subsidiary banks namely, the Russian Development Bank (OJSC) and Svyaz-Bank (OJSC).

Speaking at the conference Anatoly Tikhonov said that an open joint stock company 100% owned by Vnesheconombank with a charter capital of 500 million rubles had been registered in Pyatigorsk. On the analogy with the Bank for Development it was named the North Caucasus Development Corporation. “We set ourselves a task of including up to 50 projects into its portfolio during the first year of its operation”, he stressed.

As part of the conference and with the assistance of the Presidential Plenipotentiary Representative’s Office a round table discussion “Investment Potential of the North Caucasus Federal District” was held. Its participants determined the size of resources required to implement top-priority regional projects and potential schemes of cooperation between interested parties.

All in all, in attendance of the conference were more than 80 representatives of the North Caucasus Federal District including heads of republics incorporated in the District, heads and representatives of the District’s ministries and departments responsible for monitoring investment activity in the District as well as top managers of profit making companies and the regional expert community.

The practical conference has become a key training format within Vnesheconombank’s educational project. It was intended above all for specialists and experts of companies engaged in preparing and implementing projects in the constituent entities of the Russian Federation.

 

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 Chairman Vladimir Dmitriev Declared the Banker of the Year

9 december 2010 года
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Vnesheconombank Chairman Vladimir Dmitriev has become a laureate in the main nomination of the banking award founded by the Itogi magazine -. The Banker of the Year.

An awarding ceremony was held as part of the Day of the Banker organized by the Itogi magazine, the Russian Union of Industrialists and Entrepreneurs jointly with the international rating agency Fitch Ratings.

The Banker of the Year Award was founded in 2004; the Award’s laureates are identified by way of polling representatives of the banking community.

 

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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