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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On signing a Memorandum of understanding between Vnesheconombank and BNP Paribas

9 december 2010 года
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Today, in the course of the first French-Russian Financial Forum in Moscow, State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and Banking Group BNP Paribas, concluded a Memorandum of understanding. On behalf of Vnesheconombank the Memorandum was signed by its Chairman Mr. Vladimir Dmitriev, on behalf of BNP Paribas – by Advisor to the Chairman Mr. Jean Lemierre.

The document stipulates that Parties aim at cooperation in financing of the two projects implemented by OJSC “Evraziyskiy” together with French Company Degremont S.A., for construction of a sludge incineration plants on the territory of the sewage treatment facilities in the city of Sochi and in the city of Rostov-on-Don.

The project implemented in the city of Rostov-on-Don (within the “Clean Don Project”) provides for the construction and reconstruction of the Rostov-on-Don water disposal system’s elements to connect new consumers to the central water disposal system in the city and to improve the level and quality of waste water treatment.

The project implemented in the city of Sochi provides for the construction of a sludge incineration plant on the territory of the sewage treatment facilities in Adler’s district with a capacity needed for servicing the existing sewage treatment facilities in the city of Sochi. This project would give to new consumers on the territory of Sochi an access to the centralized water disposal system and enhance sewage water treatment quality by incinerating the sludge.

The Memorandum was signed due to the Export Credit Framework Agreement concluded earlier between Vnesheconombank and BNP Paribas in view of investment project financing in the Russian Federation.

BNP Paribas is a European leader in global banking and financial services, and one of the six strongest banks in the world according to Standard & Poors. Present across Europe through all its business lines, the Group has four domestic retail banking markets in France, Italy, Belgium and Luxembourg. It has one of the largest international networks with operations in 84 countries and more than 202.500 employees, of which 159.600 works in Europe, 15.000 in North America, and 11.100 in Asia. The BNP Paribas Group has key positions in its 3 core businesses which are Retail Banking, Corporate & Investment Banking, Investment Solutions.

 

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’s Supervisory Board Regular Meeting Held

7 december 2010 года
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V.V. Putin’s opening address:

Esteemed colleagues,

Some of you attended the United Russia’s conference in Khabarovsk yesterday, where we discussed plans for the Far East. Specifically, we discussed Vnesheconombank’s and other development institutions’ involvement in implementing investment projects in the region.

There are many interesting business ideas for the Far East, in particular for its fuel and energy sector, steelmaking, forestry and fishing industries. As I have already said, we plan to establish a Direct Investments Fund in the Far Eastern Federal District and the Baikal Region.

VEB’s participation in this Fund will make it possible to engage major financial institutions, funds and investment companies in cooperation. Today, we’ll discuss the Fund’s concept and proposals for its organizational structure. I would also like to note that yesterday Vnesheconombank signed an agreement on extending a three billion ruble loan to Dallesprom for building a deep timber-processing integrated plant in the city of Amursk in the Khabarovsk Territory.

We’ll also consider another project that is critical for the Far East, the reconstruction of the Knevichi airport. This project will be implemented as part of preparations for the APEC summit and the program to remake the image of Vladivostok.

A new modern passenger terminal’s commissioning would increase the airport’s capacity to four million people per year. After reconstruction, the airport’s runway will be able to operate almost all types of aircraft, both Russian and international. Vnesheconombank’s investment in the project will total four billion rubles, of which it has already provided 2.3 billion rubles in loans.

Today we’ll also hear out a report on the progress the Bank has made on its mortgage lending program. I’d like to emphasize that the program began nearly a year ago, and Vnesheconombank has already extended more than 4,000 mortgage credits worth some seven billion rubles, which account for about 30% of the credits received by Russian citizens to buy new housing.

I’d like to stress that as we expected the average interest rate – stands at 11% per annum. Moreover, the banks that obtained VEB’s credits have cancelled commissions for issuing credits. There are mortgage credits extended at lower interest rates. For example, Sberbank extends mortgage credits for several categories of employees at 9.5% per annum. There are also higher interest rates of 11%, 12% and even a bit higher. But the average interest rate stands between 11% and 11.5% per annum across the country. These are the target figures we set for this year. Not bad for a start. We can expect the amount of loans to increase significantly in 2011.

There are also proposals to expand Vnesheconombank’s involvement in housing program for the Bank to encourages not only mortgage lending but also accomplish a task of increasing housing construction.

To this end, Vnesheconombank could lend to commercial banks for them to fund projects aimed at building affordable economy-class housing. As we agreed before, this investment is to amount to 50 billion rubles, and the funding source is to be Vnesheconombank’s profits from transactions in financial markets. I’d like to remind you that the Bank generated significant profits from the increased value of Russian companies’ shares, which it bought during the crisis. And it makes sense to invest these profits in implementing housing programs. Credits will be extended at only 3%, which will allow banks to reduce interest rates for end borrowers, that is, natural persons. VEB will soon begin to finance regional and municipal projects to upgrade utilities infrastructure. The Bank will use public-private partnership mechanisms to modernize water and heat supply systems, municipal transport and other facilities. The Bank will commit two billion rubles for these purposes annually. And one more point: this year Vnesheconombank has raised more than $5 billion for a period of up to 15 years in the international market. It is the first time that a Russian lending institution has raised funds on such favorable terms. The Bank has also successfully placed ruble-denominated bonds worth 25 billion rubles. This testifies to the increased trust in Russian banks and shows that Vnesheconombank’s team is comprised of real professionals.

Let’s start our discussion.

Origin: Internal Portal of the Government of the Russian Federation

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On Financing the Far Eastern Deep Timber Processing Integrated Facility Construction Project

6 december 2010 года
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In the course of the United Russia Party’s Interregional Conference “Development of the Far East 2010-2012” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ entered into an Agreement on providing credit resources worth 97.3 million US dollars to OJSC Dallesprom (incorporated in the Evraz Group S.A.).

Credit resources are intended for financing the first stage of the Far Eastern Deep Timber Processing Integrated Facility Construction Project. The Project provides for the construction of a sliced veneer production facility with an annual capacity of 300 thousand cubic meters in the city of Amursk (the Khabarovsk Territory). The total value of the production facility’s first stage is 139 million US dollars.

The Concept for Constructing a Far Eastern Deep Timber Processing Integrated Facility in the Khabarovsk Territory provides for building a complex complementary timber processing production facilities ensuring a non-waste use of timber logged by OJSC Dallesprom. The Project is to be implemented in two stages.

The first stage of the Project aimed at constructing an integrated facility is included in the list of top-priority timber development projects. The project’s implementation would create 232 new jobs in the city of Amursk, annual budget revenues in budgets of all levels are expected to amount to 253 million rubles.

The second stage of constructing a Far Eastern deep timber processing integrated facility provides for increasing industrial output volumes of sliced veneer, dried sawn timber, creating pulp chips and MDF plates production facilities as well as for launching production facilities to manufacture pulp in the amount of 700 thousand tons per year.

Vnesheconombank’s corporate governance bodies approved the Bank’s participation in ten projects implemented on the territory of the Far Eastern Federal District. The total value of these projects is more than 144 billion rubles, with Vnesheconombank’s participation share being more than 68 billion rubles.

The projects financed with Vnesheconombank’s participation include: the project to construct a timber processing complex to manufacture chipboards and sawn timber in the Vanino district (the Khabarovsk Territory), the project to build a family of Russian Sukhoi Superjet 100 regional aircraft, the project to reconstruct and upgrade the Khabarovsk oil refinery, the project to build a new passenger terminal in the Vladivostok International Airport, the project to build an automobile and auto components production facilities in the Primorsky Territory and others.

 

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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