On Financing the Project Aimed at Creating an Agro-Industrial Complex in the Chechen Republic

30 december 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Chechenagroholding entered into a credit agreement on extending financing for implementing the investment project aimed at creating an agro-industrial complex in the Chechen Republic.

The Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo and – by OJSC Chechenagroholding General Director Ahmed Dachiev in the presence of Chechen Prime Minister Odes Baisultanov.

The project is aimed at rebuilding and developing the agro-industrial complex in the Chechen Republic and it includes the following sectors: meat and dairy stock-raising, sheep breeding, meat and pedigree horse breeding, poultry farming, plant growing, industrial fish breeding.

The project’s total value is 6.8 billion rubles including credit resources worth 5.3 billion rubles raised by Vnesheconombank. The project’s financing period is 10 years.

The project provides for a full cycle agricultural products manufacturing – from fodder growing and fodder conservation to building their own stock-raising and plant growing products processing facilities as well as for a large-scale recultivation of lands and restoration of qualitative characteristic of livestock population. The project’s implementation will result in building more than 180 agricultural and infrastructure facilities.

The project is being implemented under the Republican Target Program of Socio-Economic Development of the Chechen Republic for 2008-2011 and the Program of the Chechen Republic’s Innovative Development for 2009-2012.

It’s for the first time that Vnesheconombank is participating in implementing an investment project in the Chechen Republic. Vnesheconombank’s participation in implementing the project will boost sustainable socio-economic development, ensure food security and strengthen stability in the Chechen Republic as well as create 3 thousand new jobs and help to promote the development of subsidiary plots and related production facilities.

 

Origin: 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 Starts Financing the Urengoy Electric Power Station Construction Project

29 december 2009 года
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Vnesheconombank has provided the first tranche of about 1 billion rubles to finance the Urengoy Electric Power Station Construction Project (the city of Novyi Urengoy) subject to the credit agreement signed earlier with OJSC INTER RAO EES under which Vnesheconombank is to extend a bridge-credit worth 8 billion rubles.

The Urengoy Electric Power Station Construction Project is being implemented under the General Scheme for the Deployment of Electric Energy Facilities till 2020. The Scheme was approved by the Russian Government’s Order. The project is designed to secure the Tyumen energy system’s stability, supply power to the region’s oil and gas producing companies and create favorable conditions to maintain and increase hydrocarbons production levels. The project is being implemented with the use of the latest steam and gas technologies enhancing its energy efficiency.

Vnesheconombank’s participation in financing this project has been approved by VEB’s Supervisory Board.

Under Vnesheconombank’s Memorandum on Financial Policies, one of the Bank’s most important lines of investment activity is its participation in projects aimed at improving the energy infrastructure and boosting the Russian economy’s energy efficiency.

 

Origin: 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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