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