On Electing Vladimir Dmitriev as Chairman of the Coordinating Committee on Economic Cooperation with African Countries to the South of the Sahara

18 june 2009 года
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A Constituent Conference of the Coordinating Committee on Economic Cooperation with African Countries to the South of the Sahara was held in Moscow on June 18.

In the course of the Conference they elected the Coordinating Committee’s executives and approved an action program for the foreseeable future.

Vnesheconombank Chairman Vladimir Dmitriev was elected as Chairman of the Coordinating Committee, Management Board Member – Vnesheconombank Deputy Chairman Petr Fradkov was elected as Deputy Chairman of the Coordinating Committee.

The Conference’s participants stressed that the Committee’s activity should be aimed at looking for new fields of mutually beneficial cooperation with African partners.

They also discussed issues of improvising the current mechanisms for public private partnership in order to secure comprehensive and systems use of domestic companies’ the potential to boost Russia’s economic presence on the African continent.

 In attendance of the Conference were Special Presidential Representative for Ties with African Leaders, Director of the Institute of Africa of the Russian Academy of Sciences Alexei Vasiliev, representatives of the Federal Assembly of the Russian Federation, ministries, departments, business community and business associations.

The Coordinating Committee on Economic Cooperation with African Countries to the South of the Sahara is a new non-government organization established on the initiative of the Russian Chamber of Commerce and Industry. The Committee is designed for consolidating efforts made by Russia’s business community, government and non-government institutions to step up foreign economic activity on the African markets as well as for creating effective mechanisms for supporting Russian export-oriented companies in this line of activity.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-83, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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On Registering the Report on the Results of Issuing Bonds by Vnesheconombank

17 june 2009 года
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The Federal Service for Financial Markets registered the report by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank) on the results of issuing bonds series 01 in the amount of 2 billion US dollars.

 

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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Company Ernst &Young Completes Work on Preparing Options of the Concept for Reorganizing Vnesheconombank’s Subsidiary Banks

17 june 2009 года
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Moscow. June 17. INTERFAX-AFI – Vnesheconombank (VEB) is considering several options of the concept for reorganizing its subsidiary banks.

VEB’s Management Board Member, VEB’s Deputy Chairman Sergei Lykov told Interfax-Afi that Company Ernst&Young, VEB’s consultant, completed fundamental work on preparing several options of the concept for reorganizing Vnesheconombank’s subsidiary banks. Once they have been considered by the Bank’s Management Board  an agreed decision willl be submitted for approval by VEB’s Supervisory Board, he said

“Each of proposed reorganization options would be thoroughly considered.  At the moment, none of the options has been given priority”, added Lykov.

The VEB group incorporates Roseximbank, the Russian Development Bank as well as Svyaz-Bank (RTS:SVZB) and Bank Globex which were purchased late last year for symbolic sums  within the measures for stabilizing the banking sector. In this case he Central Bank provided financial aid placing deposits worth $2.5 billion to purchase Syaz-Bank  and $2 billon to purchase Bank    Globex.                        

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On Signing A Credit Agreement between Vnesheconombank and the China Export-Import Bank

17 june 2009 года
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In the course of Chairman of the Chinese People’s Republic Hu Jintao’s formal visit to the Russian Federation, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Export-Import Bank of China entered into a Framework Credit Agreement for a total amount of 700 million US dollars for a period of 3 years.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Export-Import Bank of China – by Li Ruogu.

The Agreement aims to promote and strengthen long-term cooperation between the financial institutions in financing supplies of equipment and services by Chinese companies to the territory of the Russian Federation.

The signing and further implementation of the Agreement would help promote economic ties between the Russian Federation and the Chinese People’s Republic.

 

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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On financing the project on modernization of electric networks on the territory of the Republic of Armenia

17 june 2009 года
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On June 17, 2009, in Yerevan (Armenia), in the presence of Tigran Sarkisian, Prime-Minister of the Republic of Armenia, a number of documents were signed on financing the project on modernization and reconstruction of electric distributing networks with the participation of Vnesheconombank, the European Bank for Reconstruction and Development (the EBRD), CJSC Electric Networks of Armenia (a subsidiary of OJSC INTER RAO UES).

An agreement was signed on extending by the EBRD a loan of up to EURO 42 million to CJSC Electric Networks of Armenia.

An agreement was signed on extending by Vnesheconombank a loan of EURO 22.5 million to CJSC Electric Networks of Armenia.

 An intercreditor agreement was signed between Vnesheconombank and the EBRD.  The document regulates the relations of creditors in the given project to be delivered on the principles of co-financing.

The participation of Vnesheconombank and the EBRD in the financing of the project is the first joint investment project of the above-mentioned development institutions. The project is designed to improve energy efficiency, reduce losses in electric networks and to enhance integration of energy systems of the CIS countries.

In line with the Memorandum on Financial Policies of Vnesheconombank, support for exports of goods and services of Russian companies is a priority line of Vnesheconombank’s business.

Nandita Parshad, EBRD Director for Power and Energy, said “Joining forces with Vnesheconombank is a milestone for us in regional cooperation. We look forward to further projects with our partner for the benefit of the countries of our region. Especially in the power and energy sector we can see many opportunities where investments in efficiency upgrades will generate positive results.”

The European Bank for Reconstruction and development (the EBRD) was founded in 1991.The EBRD uses its investment tools to help build market economies and democracies in 30 countries – from Central Europe to Central Asia. The bank engages in project finance of banks, enterprises and companies, investing funds both in new production facilities and in firms, already operating.

OJSC INTER RAO UES is a fast-growing energy company with a number of generation and distribution assets in Russia and abroad. The total installed capacity of the electric power stations controlled or owned by the Company is about 18,000 MW. The company is a major investor and a leading exporter and importer of electricity in Russia.

The authorized capital of OJSC INTER RAO UES totals to 227 billion 411 million 385 thousand roubles. 57.3% of the Company's authorized capital is owned by Rosatom State Nuclear Energy Corporation and Rosatom-controlled Energoatom Concern.

CJSC Electric Networks of Armenia is a 100 % subsidiary of OJSC “INTER RAO UES”.  The company is active in the transmission and distribution of electric power throughout the entire territory of the Republic of Armenia, besides being licensed to export electric power to neighboring countries. The company has about 940,000 customers.

 

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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