V.V. Putin’s Opening Address

Esteemed colleagues,

Today, we are holding our regular meeting of Vnesheconombank’s Supervisory Board. Our today’s agenda includes a number of new investment projects as well as issues of systemic nature such as for example the creation of effective instruments for implementing socio-economic plans. Here I mean the plans to develop the Northern Caucasus. We set ourselves a number of objectives in the Strategy for the Northern Caucasus, the Northern-Caucasian Federal District. The main one is to secure the development of this Russian region. We have to address the issues of transport, power engineering, we also have to upgrade populated localities but the main thing is to create 400 thousand new jobs for a period of 10 years.

To this end, huge government and private funds worth tens and even hundreds of billions rubles should be invested in the Northern Caucasus. In order to accomplish objectives of such magnitude we have to use advanced management systems in the top-priority economic sectors. Today, we’ll discuss proposals on some key elements.

Here I mean the Northern Caucasus Development Corporation and a company “Resorts of the Northern Caucasus”. Vnesheconombank is to found both these business entities. And in their operation they will rely on the Bank’s financial and expert potential.

The Northern Caucasus Development Corporation is to be responsible for monitoring investment projects - from idea to practical implementation. It is this Corporation, which should be responsible for preparing all required documentation, agreeing it upon with regional, local and federal authorities as well as for helping to obtain credits in financial institutions. Moreover, the Corporation’s most important task is to train local personnel, specialists so that they will be able to work in the modern conditions and raise investments on their own.

The company “Resorts of the Northern Caucasus” is to be established in order to manage a unified tourist complex that is being formed in the region now. Here I mean such resorts as Arkhyz in Karachaevo-Cherkessia, Lagi-Naki in Adygeya, Mamison in North Ossetia, Matlas in Dagestan and Elbrus in Kabardino-Balkaria.

I’d like to highlight two more issues. Firstly, Vnesheconombank is planning to participate in implementing a project aimed at developing Russia supercomputers manufacturing technologies and promoting their export. These technologies will be in great demand in power engineering, aviation, space exploration, nuclear power engineering and in many other economic sectors. And secondly, it’s a project to build a large stock-breeding complex in the Bryansk region.

We are well aware that this year the situation in the agro-industrial complex is quite difficult. Because of the drought, agro-industrial farms in a number of regions suffered heavy losses and are in need of the state’s support .We have already talked about it today. This sort of support is being provided now.

At the same time, we can see that many investors took a decision not to freeze their projects and continue to work for the future and build high-technology, large-scale production facilities, above all, in animal breeding, plant growing and logistics.

And we, of course, should back this approach. And we are going to deal with one of these projects. Here I mean Miratorg Company. A meat cattle-breeding complex for 100 thousand heads is planned to be built. This sort of production facilities have never been built in our country, even, if my memory serves me right, in the Soviet times. This complex would produce up to 48 thousand tons of beef a year.

A total amount of financing is in excess of 24 billion rubles, with Vnesheconombank’s participation share being 18.4 billion rubles.

Let’s get started with our work

Origin: Internal-Portal of the Russian Government