On Vnesheconombank’s Supervisory Board Decisions

3 march 2010 года
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Under the Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage Lending Projects in 2010-2012, the Supervisory Board approved the mechanism for refinancing mortgage credits through investing a funded portion of the labour pension and Vnesheconombank’s own funds in mortgage-backed bonds in order to encourage mortgage lending and make it more affordable to the general public. A decision was also taken to invest funds in the total amount of 250 billion rubles on the following terms:

  • Vnesheconombank’s own funds to be invested in mortgage-backed bonds in the amount of up to 50 billion rubles at a coupon rate of 3% per annum under the bonds at prices no more than the par value;
  • Pension savings funds managed by Vnesheconombank acting as the state trust management company to be invested in mortgage-backed bonds in the amount of 100 billion rubles at a coupon rate of no more  than9% per annum under the bonds at prices no more than the par value;
  • Pension savings funds managed by Vnesheconombank acting as the state trust management company to be invested in the Housing Mortgage lending Agency’s bonds guaranteed by the state  in the amount of up to 60 billion rubles at a coupon rate to be set on the basis of market conditions;
  • Funds of the National Wealth Fund to be committed to Vnesheconombank subject to Federal Law dated October 13, 2008, №173-FZ to finance the Housing Mortgage Lending Agency’s credit line in the amount of up to 40 billion rubles at an interest rate of 9.5% per annum for a period of up to June 1, 2020.

A decision was made to approve “Requirements to Bonds including Mortgage Backed Bonds and to Mortgage Coverage of Bonds to be Purchased under the Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage Lending Projects in 2010-2012”.

A decision was made to approve “The Procedure for Cooperation between State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Housing Mortgage Lending Agency, Vnesheconombank’s Investment Company (VEB Capital) and Credit Institutions and Mortgage Agencies in Implementing the Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage lending Projects in 2010-2012”.

The Supervisory Board approved extending guarantees as a security of VEB Capital’s liabilities under Agreements on Providing Services on Arranging Bond Issues to be concluded under the Program in favor of mortgage- backed bonds issuers for a total amount of 150 billion rubles with a validity period of no more than three years. Terms of issuing Vnesheconombank’s guarantees, changes in the terms and other terms of the Bank’s participation in this project are to be approved by Vnesheconombank’s Management Board.

VEB Capital together with the Housing Mortgage Lending Agency were assigned to prepare a format for reporting on the progress of extending housing and mortgage credits under this Program to be submitted for consideration by the Supervisory Board.

 

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 an Agreement between Vnesheconombank, Degremont SA and LLC Eurasian-Ecoprojects

2 march 2010 года
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In the course of Russian President Dmitry Medvedev’s state visit to France, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, French Company Degremont SA and LLC Eurasian-Ecoprojects (a subsidiary of OJSC Eurasian) signed a Memorandum on Cooperation.

For the Russian side, the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, OJSC Eurasian General Director Sergei Yashechkin, for the French side – by Degremont SA General Director Remi Lantier.

Under the Memorandum the parties intend to cooperate in implementing the project aimed at constructing a sludge incineration plant on the territory of the sewage treatment facilities in Adler’s district.

This project provides for constructing 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.

The project would make it possible to connect new consumers on the territory of Sochi to the centralized water disposal system and improve sewage water treatment quality through utilizing sludge that forms in the process of sewage treatment by way of incinerating it.

The Memorandum was signed to build on the Agreement signed in 2006 on Cooperation between  Vnesheconombank and OJSC Eurasian designed to monitor and raise funds to finance projects to reconstruct and upgrade water supply and water disposal infrastructure which are implemented by OJSC Eurasian in various regions of the Russian Federation on the principles of public-private partnership.

 

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established under the Russian Federal Law “On the Bank for Development” by way of reorganizing Vnesheconombank of the USSR. The Bank for Development’s activity is aimed at promoting the development of high-technology industries, infrastructure, innovations as well as at supporting high-tech exports and providing support for small and medium-sized enterprises

OJSC Euirasian is one of the leading Russian companies operating in the infrastructure sector. The company’s charter capital is 4 billion rubles. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is one of OJSC Eurasian’s key shareholders. The Company is responsible for implementing long-term investment projects in the water supply and water disposal sector in the city of Rostov on the Don, Sochi and a number of cities in the Krasnodar Territory. 8.5 thousand workers are employed by OJSC Eurasian’s enterprises. The Company’s aggregate investment portfolio in infrastructure projects for the coming 15 years is more than 40 billion rubles.

Degremont SA is part of the Suez Environment Group. It has been specializing in drinking water treatment and sewage treatment. The Company’s more than 4500 employees are working in more than 70 world countries. In 2008, Degremont SA had an annual turnover of more than 1014 million euros and implemented projects aimed at constructing the world’s largest sewage sludge incineration plants

 

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 Hungarian State Acquires a Stake in Malev Hungarian Airlines

27 february 2010 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, Hungary’s Finance Ministry, the Hungarian State Holding Company (MNV Zrt), Malev Hungarian Airlines, and AirBridge Zrt entered into an Agreement providing for changing stakes in Malev Hungarian Airlines’ charter capital through the conversion of Malev’s debt obligations to the state and AirBridge into Malev’s equity. The Company’s equity is to be increased by about 100 million euros.

Under the Agreement, the Hungarian State represented by MNV acquires no more than 95% ownership share and AirBridge Zrt retains at least 5%.

Under the Agreement Vnesheconombank remains one of the largest creditors of the Hungarian Airline. Vnesheconombank is to make a payment under the guarantee for an amount of 32 million euros and restructure credits extended to the Airline by the Bank for a period of 5 years.

The restructuring plan provides for the Airline to fulfill its obligations to Vnesheconombank in full under the terms of credit agreements between the Bank and the Airline.

At present, AirBridge Zrt owns 99.95% of Malev’s shares. It purchased Malev’s shares in February of 2007 under the privatization agreement signed with the Hungarian State Holding Company (MNV Zrt). Vnesheconombank is the shareholder of AirBridge Zrt, it owns 49.5% of the company’s shares.

 

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 Introducing Amendments to the Russian Government Acts On Additional Limitations on Investing Pension Savings Funds in Certain Types of Assets

26 february 2010 года
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Russian Government Regulation dated February 20, 2010 №73 introduced amendments to the Russian Government Acts on additional limitations on investing pension savings funds in certain types of assets.

Subject to point 6 of Article 26 of the Federal Law «On Investing Funds to Finance a Funded Portion of the Labour Pension in the Russian Federation» the Government of the Russian Federation shall decree to approve the attached amendments to be introduced to the Russian Government acts on additional limitations on investing pension savings funds in certain types of assets:

1. In point 1 of Russian Government Regulation dated June 30, 2003 № 379 «On Introducing Additional Limitations on Investing Pension Savings Funds in Certain Types of Assets and Determining a Maximum Share of Certain Types of Assets in the Investment Portfolio subject to Articles 26 and 28 of the Federal Law « On Investing Funds to Finance a Funded Portion of the Labour Pension in the Russian Federation» and Article 3615 of the Federal Law «On the Non-Governmental Pension Funds» (Collection of Legislation of the Russian Federation, 2003, № 27, Articles 2804; 2004, № 7, Article 536; № 40, Articles 3957; 2006, № 38, Articles 3990; 2009, № 30, Article 3827; № 44, Article 5239):

а) in paragraph 5 of subpoint «е» the words «rating agencies accredited under the established procedure» are to be replaced with the words «international rating agencies - Fitch-Ratings, Standard & Poor's, Moody's Investors Service, or a national rating agency accredited under the procedure established by the Russian Federation legislation,»;

b) subpoint «l» is to be supplemented with the following paragraph:

«The Eurasian Development Bank (ЕDB);».

2. In the investment declaration of the extended investment portfolio of the state trust management company approved by Regulation of the Russian Government dated September 1, 2003 № 540 (Collection of Legislation of the Russian Federation, 2003, № 36, Article 3521):

а) in subpoint «а» of point 5 the words «rating agencies accredited under the established procedure» are to be replaced with the words «international rating agencies - Fitch-Ratings, Standard & Poor's, Moody's Investors Service, or a national rating agency accredited under the procedure established by the Russian Federation legislation,»;
b) point 7 is to be supplemented with the following paragraph:

«The Eurasian Development Bank (ЕDB).».

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On Agreement between Vnesheconombank and the Government of the Karelian Republic

25 february 2010 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Karelian Republic signed an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Government of the Karelian Republic - by Head of the Karelian Republic Sergei Katanandov.

The Agreement aims to establish strategic partnership and promote long-term and effective strategic cooperation between the parties in the investment activity.

Under the Agreement the parties intend to cooperate in raising funds to finance investment projects implemented among other things on the terms of public-private partnership.

The parties give high priority to projects aimed at developing energy and transport infrastructure as well as infrastructure of housing-communal services and agro-industrial complex. A list of investment projects is to be determined on the basis of the Strategy for Karelia’s Socio-Economic Development up to the Year 2020 as well as main lines of Vnesheconombank’s investment activity.

The implementation of this Agreement would encourage investment activity aimed at boosting Karelia’s socio-economic potential, supporting small and medium-sized enterprises and removing the region’s economic growth infrastructure restrictions.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-43, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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