Vladimir Putin's preliminary remarks:

Ladies and gentlemen,

Today we are holding a regular meeting of the Vnesheconombank Supervisory Board.

When we decided to reorganise VEB in 2007, we envisaged more than just another agency to develop and modernise the national economy.

I want to remind you that implementing international initiatives to develop infrastructure and launch innovations is undoubtedly one of Vnesheconombank's priorities.

I cannot but mention in this regard that a month ago VEB was elected to the Long-Term Investors Club, which brings together the largest and most authoritative government development banks of foreign countries.

I am confident that Vnesheconombank will make a worthy and constructive contribution to its work, and cooperation will benefit both the Russian economy and our partner countries.

A few days ago, VEB placed the first issue of ten-year Eurobonds to total $1.6 billion. As the bank CEO reported, demand greatly exceeds the offering, showing great confidence in the bank and readiness to invest in our country's key significant development projects.

VEB will be floating rouble bonds next and I hope they will be just as popular with investors, and these extra revenues from the domestic and foreign markets will help the bank to considerably increase the funds it generates for Russian industry.

Let us turn now to several items on today's agenda. We will consider the proposals for VEB to take part in lending money to new investment projects.
The comprehensive development of the Angara River's lower reaches in the Krasnoyarsk Territory is the most ambitious of these projects. It is one of the Siberian development strategy top priorities. The project envisages the construction of the Boguchany hydropower plant with a 3 hectowatt capacity, an aluminium plant and other industrial plants, and the necessary transport and social infrastructure.

The project will give practical results even within the year. I mean here the opening of the first unit of the Boguchany hydropower plant, which is scheduled to reach full capacity in 2013, when the Boguchany aluminium plant is also to open.

Vnesheconombank plans to invest 50 billion roubles in their construction. The power plant requires 28.1 billion and the aluminium plant 21.9 billion. Railway and highway construction will begin next.

I want to mention another energy project. VEB will take part in financing the construction of the Adler thermal power plant, part of the Olympic preparations in Sochi. The bank has earmarked 19.5 billion roubles for it, while overall plant construction costs are estimated at 28 billion roubles. Due to open before the end of 2012, the plant will produce 360 megawatts.

Last but not least, the decision has been made to establish a special export credit insurance agency, affiliated to Vnesheconombank. It will become one of the pivotal bodies in the national export promotion system, and will have an emphasis on machinery, equipment and other high-tech commodities and services.

As I know, a wide range of opinions have been advanced here on how to organise the agency's work, and it is good that we have come to an agreement on its principles.

Let us get down to business.

Origin: Internet Portal of the Government of the Russian Federation