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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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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On Signing Agreement between Vnesheconombank and UBI Banca

3 december 2010 года
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As part of interstate Russian-Italian summit consultations in the city of Sochi (Krasnaya Polyana), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Italian Banking Group Unione di Banche Italiane Scpa (UBI Banca) entered into an Agreement on Cooperation in developing small and medium-sized enterprises (SMEs).

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of UBI Banca – by Deputy Director General responsible for international affairs Ettore Medda.

The Agreement aims to promote cooperation with Italy’s financial institutions in providing support for small and medium-sized enterprises as well as to finance projects aimed at innovative development and modernization.

Under the Agreement the UBI Banca Group is to provide financial resources in the total amount of up to 50 million euros, which can be committed both to Russian banks for lending to SMEs against Vnesheconombank’s guarantees and to the Russian Development Bank in order to implement the government program of providing financial support for SMEs. The program is carried out by Vnesheconombank.

Under the Agreement UBI Banca’s credit resources can be also provided to Vnesheconombank or the Russian Development Bank to implement individual projects of interest to Italian enterprises.

The parties expressed confidence that this Agreement’s implementation would help to increase trade exchange between Russia and Italy with respect to projects aimed at providing support for small and medium-sized enterprises.

UBI Banca Group- Unione di Banche Italiane Scpa was established in 2007 through merging BPU - Banche Popolari Unite and Banca Lombarda e Piemontese. The head office is based in the Italian town of Bergamo. The bank is fourth in terms of capitalization in Italy and it has more than 1900 branches in the most developed parts of the country. The Group’s international network includes 5 representative offices including the one in Moscow. Historically, the bank focuses on retail customers. As of September 30, 2010 UBI Banca’s assets amounted to 131.7 billion euros, its consolidated net profit is 198.0 million euros.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank) was established under the Federal Law “On Bank for Development” by way of reorganizing Vnesheconombank of the USSR. Vnesheconombank is a development institution, its activity is aimed at removing economic growth infrastructure restrictions, enhancing natural resources utilization efficiency, developing high-technology industries, unlocking innovative and industrial potential of small and medium-sized enterprises, promoting exports of industrial products and services. 

 

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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The Order of Merit of the Italian Republic Awarded to the Chairman of Vnesheconombank

2 december 2010 года
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As part of the Russian-Italian Forum-Dialogue “Partnership for Modernization” timed to coincide with the 7th round of Russian-Italian bilateral interstate top-level consultations, a ceremony to award the Order of Merit of the Italian Republic Grand Officer Degree to Vnesheconombank Chairman Vladimir Dmitriev was held in the city of Sochi.

The Order was presented by Italy’s Foreign Minister, Co-Chair of the Russian-Italian Council on Economic, Industrial, Monetary and Financial Cooperation Franco Frattini.

The Title of the Grand Officer of the Order of Merit of the Italian Republic was conferred to Vladimir Dmitriev for his great contribution to strengthening Italian-Russian cooperation in the economic and financial sectors and for his energetic efforts to enhance activities of the Russian-Italian Forum-Dialogue within the Framework of Civil Societies, which he co-chairs.

The Order of Merit of the Italian Republic is a State Order of Merit. The Council of the Order is headed by Italy’s President.

The Order is awarded to civil and military government employees for great merits in literature, arts, economy, charity, public and humanitarian activities.

In various years the Order was awarded to First Russian President Boris Yeltsin, film director Nikita Mikhalkov, theatre director Yuri Lyubimov, businessman Vagit Alekperov.

 

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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