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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On Vnesheconombank’s Participation in Implementing the Tolmachevo Logopark Construction Project

16 june 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’made a decision to open a credit line worth 4.1 billion rubles for a period of 7 years for CJSC the Tolmachevo Logopark. The funds are intended for building first stage of logistics complex Tolmachevo. It is 285.7 thousand square meters in area in the Novosibirsk region.

The implementation of the project will be of great importance for developing the federal transport hub in the city of Novosibirsk, promoting the development of multimodal transportations  and creating an international transport corridor East-West.

The project is on the list of SCO Business Council’s projects within the framework of developing SCO member states’ industrial and logistics infrastructure and was backed by the Governor of the Novosibirsk region, the Russian Transportation ministry and OJS RZHD.

 

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 Holding a Meeting of the Shanghai Cooperation Organization Interbank Consortium Council

14 june 2009 года
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On June 14, 2009 a meeting of the Shanghai Cooperation Organization Interbank Consortium Council was held in Yekaterinburg. The meeting was chaired by Vladimir Dmitriev, the current chairman of the Interbank Consortium Council, the Chairman of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’.

Heads of the SCO Interbank Consortium member banks discussed issues of improving the Consortium’s activity, ways of promoting cooperation with the SCO Business Council. They placed much emphasis on sharing business experience, member banks’ participation in implementing crisis management measures carried out by SCO member states.

At the meeting of the Interbank Consortium Council, SCO Interbank Consortium members approved a number of documents.

They signed a Resolution on Cooperation with Financial Institutions of SCO Observer States and on the Status of the SCO Interbank Consortium Observer Bank.

The Document regulating relations between the SCO Interbank Consortium with observer states’ financial institutions sets forth principles, procedures forms and lines of potential cooperation. The Resolution forms an appropriate legal framework for enabling observer states’ banks to work jointly with the SCO Interbank Consortium.

The document approved in Yekaterinburg provides for boosting the process of identifying by observer states appropriate national institutions that would become full partners of the SCO Interbank Consortium in interbank cooperation.

They also signed an Agreement on Cooperation in personnel training, business experience sharing between SCO Interbank Consortium member states. This Agreement aims to boost coordination and improve mechanisms for cooperating between SCO Interbank Consortium member banks in personnel training, business experience sharing and deepening of multilateral expert’s dialogue.

Eurasian Bank Management Board Chairman Igor Finogenov took part in the Interbank Consortium Council meeting.

The SCO Interbank Consortium was established on October 26, 2005. Its activity is aimed at supporting interregional economic development The Interbank Consortium incorporates the following SCO member states’ authorized banks: the Kazakhstan Development Bank, the China State Development Bank, RSK Bank (Kirgizia), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Tajikistan State Savings Bank “Amonatbank”, the Uzbekistan National Bank for Foreign Economic Affairs.

The Eurasian Development Bank has been the partner of SCO Interbank Consortium since 2008

Vnesheconombank Chairman Vladimir Dmitriev has been the Chairman of the SCO Interbank Consortium Council during 2008-2009.

 

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 Signing a Credit Agreement between Vnesheconombank and the China State Development Bank

14 june 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China State Development Bank (the CDB) entered into a Credit Agreement for an amount of 310million US dollars.

On behalf of the Russian side the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Chinese side – by CDB Board Director Chang Yuan.

Under the Agreement, funds being made available to Vnesheconombank are intended for financing the project to build a cement factory in the city of Slantsy of the Leningrad region. The project provides for setting up a full cycle production of quality cement with a total capacity of 1.86 million tons of cement per year.

The implementation of the project would make it possible to cut down production costs by way of employing unique technological equipment with the use of slate production waste as a raw material. The employed modern cement manufacturing technology provides for resource saving and reduced power consumption as well as for improving the ecological situation in the Slantsevyi district of the Leningrad region. The factory’s construction would help create at least 450 new jobs.

The project is being implemented by the LSR Group which is the largest developer and manufacturer of construction materials in the North-West Federal District .

 

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 Signing an Agreement between Vnesheconombank, the Sverdlovsk Region Government and the China State Development Bank

14 june 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank), the Government of the Sverdlovsk region and the China State Development Bank entered into Agreement in the field of investment development.

On behalf of the Russian side the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Sverdlovsk region – by Governor Edward Rossel, on behalf of the Chinese side – by CDB Board Director Chang Yuan.

The Agreement aims to establish strategic partnership and effective long-term cooperation in the investment activity and step up efforts to raise funds to finance investment projects in the Sverdlovsk region.

Under the Agreement the parties would address legal, economic and organizational issues concerning cooperation in accordance with applicable legislation of the Russian Federation and the People’s Republic of China.

The parties intend to cooperate in raising funds to finance investment projects the implementation of which is planned on the territory of the Sverldlovsk region. Top priority will be given to projects in such sectors as transport, power engineering industry, energy infrastructure, smelting industry (special steels manufacturing), timber processing industry, housing communal services infrastructure, agro-industrial complex.

The implementation of this Agreement would help address issues of supporting small and medium-sized enterprises, encourage investment activity aimed at boosting industrial, socio-economic and infrastructure potential on the territory of the Sverldlovsk region.

 

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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