On Signing Agreement with the Astrakhan Region Government

18 september 2009 года
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In the course of the 8th International Investment Forum “Sochi-2009” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Astrakhan Region entered into 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 Astrakhan Region by Governor Alexandr Zhilkin.

This Agreement aims to establish strategic partnership and promote long-term, effective and mutually beneficial cooperation in investment activity.

The Agreement provides for the Parties to cooperate in addressing high-priority objectives of the region’s socio-economic development. Under the Agreement the Parties are determined to jointly participate in raising funds to finance investment projects to be implemented on the territory of the Astrakhan region. Top-priority is to be given to projects in the electric power sector and agro-industrial complex. A list of projects is to be determined annually on the basis of the region’s socio-economic development plan and Vnesheconombank’s core activities.

The implementation of this Agreement would help address issues of supporting small and medium-sized enterprises and encouraging investment activity aimed at boosting the region’s socio-economic and infrastructure potential.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: presss@veb.ru

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On the Supervisory Board’s Decisions

3 september 2009 года
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A meeting of Vnesheconombank’s Supervisory Board was held on September 2, 2009. A decision to set up a specialized engineering company by Vnesheconombank was made at the meeting. It will be responsible for conducting an expert examination of project documentation, a technological and financial audit, exercising control over the target and effective use of funds when building facilities financed by the Bank as well as for organizing training of managerial and technical personnel. A leading world engineering and project management company will be the Bank’s partner in participating in this institution. Thus, a required center of competence for managing major projects of national significance will be formed.

The Supervisory Board was presented with basic parameters of its subsidiary banks’ current status and forecasts for their development. With respect to Svyaz-Bank and Bank Globex, which are being reorganized by Vnesheconombank, it was stated that in the coming 5 years Vnesheconombank’s efforts will be aimed at securing their sustainable financial position and enhancing their customer base. A concept for the development of Vnesheconombank’s subsidiary banks is to be submitted for consideration by a Supervisory Board meeting in the near future.

The Supervisory Board also approved a lending limit of 545 million dollars for a period of 8 years to build infrastructure of an oil loading terminal under the project aimed at building a fluid cargo complex in the commercial seaport of Ust-Luga. This would allow to increase the oil and oil product loading terminal’s capacity to 30 million tons.

 

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’s Supervisory Board Regular Meeting Held

2 september 2009 года
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Russian Prime Minister V.V Putin Conducts a Meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board

 

 

V.V Putin’s Opening Address

Good afternoon, Esteemed Colleagues!

.

Recently we have repeatedly discussed one and the same issue: how can we save state financial resources if we finance directly from the budget? How can we establish control over price growth? We have discussed this issue especially in connection with implementing major infrastructure projects, construction projects such as the construction of Olympic facilities and infrastructure facilities in the Far East in the course of preparations for an Asian-Pacific Economic Summit and for Summer Student Games in Kazan.

The issue is also fully related to projects financed with Vnesheconombank’s funds. And there are quite a few such projects. Here we should use the best world standards in engineering and project management.

In accordance with general practice, a proposal is being made to establish a specialized institution in cooperation with a leading world company. This institution is to be responsible for examining project documentation, monitoring the construction progress and if necessary for taking measurers against inappropriate and ineffective expenditure of funds.

 We’ll also discuss today a number of investment projects and talk about the Bank’s day-to-day operation.

Let’s get started with our work.

 

 

Origin: Internet-Portal of the Government of the Russian Federation

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Vnesheconombank’s Supervisory Board Regular Meeting Held

2 september 2009 года
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Russian Prime Minister v. V Putin Conducts a Meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board
v. V Putin’s Opening Address

Good afternoon, Esteemed Colleagues!

Recently we have repeatedly discussed one and the same issue: how can we save state financial resources if we finance directly from the budget? How can we establish control over price growth? We have discussed this issue especially in connection with implementing major infrastructure projects, construction projects such as the construction of Olympic facilities and infrastructure facilities in the Far East in the course of preparations for an Asian-Pacific Economic Summit and for Summer Student Games in Kazan.

The issue is also fully related to projects financed with Vnesheconombank’s funds. And there are quite a few such projects. Here we should use the best world standards in engineering and project management.

In accordance with general practice, a proposal is being made to establish a specialized institution in cooperation with a leading world company. This institution is to be responsible for examining project documentation, monitoring the construction progress and if necessary for taking measurers against inappropriate and ineffective expenditure of funds.

We’ll also discuss today a number of investment projects and talk about the Bank’s day-to-day operation.

Let’s get started with our work.
Origin: Internet-Portal of the Government of the Russian Federation

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On Using Oil and Gas Revenues of the Federal Budget

1 september 2009 года
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In August 2009, in order to implement Russian Government Order dated July 16, 2009 974-r “On Using Funds of the Reserve Fund to Balance the Federal Budget”. 108.00 billion rubles were transferred to the account to record funds of the federal budget from the account to record funds of the Reserve Fund. To this end,  a part of the Reserve Fund in foreign currency was sold for the currency of the Russian Federation Thus, funds of the Reserve Fund in the total amount of 1 723.59 billion rubles were used to balance the federal budget in the current year.

Under the Budget Code of the Russian Federation, oil and gas revenues of the federal budget for July 2009, in the amount of 272.37 billion rubles were transferred in August 2009 to the account to record funds of the federal budget. Under the Russian Government Resolution dated December 17, 2007, N 892 “On Making Settlements and Transferring Funds to Form and USE Oil and Gas revenues of the Federal Budget, Oil and gas Transfer, Funds of the Reserve Fund and the National Wealth Fund”, the abovementioned oil and gas revenues were transferred to the account to record funds received from oil and gas revenues of the federal budget and were later used to finance oil and gas transfer in full. In August,2009, funds of the Reserve Fund were not used for securing oil and gas transfer.

As of September 1, 2009, the aggregate amount of the Reserve Fund was 2 706.82 billion rubles, which is equivalent to 85.74 billion US dollars. As of September 1, 2009, amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 37.36 billion US dollars
  • 26.10 billion euros;
  • 5.76 pounds sterlings.

In August, 2009, Russia’s reserve position in the IMF formed through the Reserve Fund’ financial resources amounted to 991.94 million SDRs.

 The aggregate calculated income from placing funds of the Reserve Fund recalculated in dollars for a period from January 15, 2009, to August 31, 2009, was 1.29 billion US dollars, which is equivalent to 40.80 billion rubles. Calculated interest income from placing funds of the Reserve Fund in foreign currency was (in currency of account and ruble equivalent): 0.19 billion US dollars (6.05 billion rubles); 0.62 billion euros (28.05 billion rubles); 0.13 billion pounds sterlings (6.70 billion rubles). The exchange rate difference from recalculating balances of funds in accounts to record funds of the Reserve Fund in foreign currency for a period from January 15, 2009 to August 31, 2009 was a positive value of 185.59 billion rubles.

In accordance with resolution of the Russian Government dated January 19, 2008 № 18 “On the Procedure of Managing ,Funds of the National Wealth Fund” as of September 1, 2009, 436.24 billion rubles were transferred from the account to record funds of the National Wealth Fund to be deposited with Vnesheconombank and out of this amount:

  • 266.55 billion rubles to be deposited for a period up to December 31, 2019, with an interest rate of 7% per annum, including 5.31 billion rubles in July 2009;
  • 175.00 billion rubles to be deposited for a period up to October 21, 2013, with an interest rate of 7% per annum.

As of September 1, 2009, the aggregate amount of the National Wealth Fund was 2863.08 billion rubles, which is equivalent to 90.69 billion US dollars. As of September 1, 2009, amounts of balances were:

1)     In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 34.37 billion US dollars;
  • 24.46 billion euros;
  • 4.45 billion pounds sterlings;

2)     on deposits with Vnesheconombank:

  • 441.55 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund recalculated in dollars for a period for a period from January 15, 2009, up to August 31, 2009, was 0.88 billion US dollars, which is equivalent to 27.81 billion rubles. Calculated interest from placing funds of the National Wealth Fund in foreign currency was (in currency of account and ruble equivalent): 0.16 billion US dollars (5.11 billion rubles); 0.41 billion euros (18.52 billion rubles); 0.08 billion pounds sterlings (4.17 billion rubles). The exchange rate difference from recalculating balances of funds in accounts to record funds of the National Wealth Fund in foreign currency for a period from January 15, 2009 up to August 31, 2009, was a positive value of 100.71.32 billion rubles.

All conversion transactions with funds of the Reserve Fund and the National Wealth Fund were conducted in conformity with the currency structure approved earlier at official rates of foreign currencies set by the Bank of Russia as of the date of transactions and did not have any impact on the conditions of the foreign exchange market.

Indicators of aggregate amounts of the Reserve Fund and the National Wealth Fund as well as of calculated incomes from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

 

Origin: Press Service of Russia’s Finance Ministry

 

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