Information Message

4 may 2009 года
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tate Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ completed the transaction to purchase 98.94% of GLOBEX BANK’s shares.

The decision on purchasing GLOBEX BANK by Vnesheconombank was approved by Vnesheconombank’s Supervisory Board in October 2008.

 

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 and the Kaluga Region Development Corporation Sign Credit Agreement

30 april 2009 года
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Today, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Kaluga Region Development Corporation entered into a Credit Agreement worth 2.4 billion rubles for a period of 10 years.

Funds are to be made available against the Kaluga region Government’s state guarantee to implement the second stage of the project “Development of Industrial Parks Infrastructure: Forming a Cluster to Manufacture Automobiles and Auto Components”. The second stage of the project aims to complete work on equipping project facilities of strategic investors and organize project facilities of auto components manufacturers

The project aims to do engineering preparation for industrial facilities in industrial parks Rosva and Kaluga-Yug and techno park Grabtsevo for deploying production facilities of strategic investors Volkswagen Rus, Volvo Truck, Peugeot-Citroen Mitsubishi Automobiles. The project is being implemented by an authorized company of the Kaluga region Government - the Kaluga Region Development Corporation.

The project’s total value is 6.8 billion rubles, 1.9 billion rubles are budgetary funds of the Kaluga region and the city of Kaluga and 4.9 billion rubles are funds being made available by Vnesheconombank.

Within the framework of the implementation of the project’s first stage (engineering preparation of strategic investors’ industrial facilities), in June 2008, Vnesheconombank provided the Corporation with credit resources worth 2.4 billion rubles for a period of 10 years against the Kaluga region’s state guarantee. At the moment, the implementation of the project’s first stage is almost completed, 475 hectares of industrial areas have been prepared, 2710 new jobs have been created. The Volvo Truck factory was commissioned in January 2009.

The implementation of this project would contribute to the region’s comprehensive socio-economic development and make it possible to raise up to 15 rubles of private investments per 1 ruble of state investments, increase budgetary tax revenues of all levels to 80 billion rubles and create more than 14 thousand new jobs.

 

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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Information Message

29 april 2009 года
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Subject to measures for the financial rescue of OJSC Svyaz-Bank, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ purchased all shares of OJSC Svyaz-Bank’s additional issue for a total amount of 70 billion rubles.

 

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

28 april 2009 года
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V.V Putin’s Opening Address

 

Good afternoon, Esteemed Colleagues!

Today we are holding our regular meeting of Vnesheconombank’s Supervisory Board. We are to discuss a wide range of issues relating to providing further support for the Russian financial system.

I’d like to remind you that last week we discussed at length the situation both in the banks themselves and the measures to increase lending to the real economy. A number of important decisions were made on improving the mechanism for extending state guarantees and on additional capitalization of banks.

I’d like to stress that the main goal of our efforts remains the same – it is to create the most favorable conditions for businessmen’s access to state funds and to make lending interest rates more acceptable for borrowers.

A key role in these efforts is delegated to Vnesheconombank. It should carry on performing its functions as a bank for development.

By the end of 2009, the amount of development credits extended by Vnesheconombank to the domestic economy will be in excess of 300 billion rubles.

High priority should be given to financing projects of national significance aimed at removing infrastructure restrictions and creating new jobs.

I’d like to ask you to focus on providing support for small and medium-sized enterprises. By the way, Russian state banks will commit 100 billion rubles for these purposes and VEB’s program is estimated at 30 billion rubles.

It’s very important to ensure that committed resources reach the real economy in full and are used extensively to support troubled enterprises. I hope that that the Bank will speed up its efforts to this end.

Under the difficult financial conditions we need to set stricter terms of extending credits. Up until now, Vnesheconombank has already extended credits to six commercial banks for a total amount of 257 billion rubles.

Today, Vnesheconombank’s Supervisory Board has considered 12 more applications worth more than 19 billion rubles. In this respect I would like to say that these funds will be made available under the new rules. This means that credits are to be extended for a period of no less than one year at the Central Bank’s interest refinancing rate plus three percentage points. So, it’s necessary to hold additional negotiations with banks and agree to operate on these terms.

Vnesheconombank would also continue to participate in implementing measures for the financial restructuring of Svyaz-Bank. In order to exercise control over the recovery and possible write-offs of Svyaz-Bank’s bad loans, which arose prior to last year’s October, I recommend to set up a special commission and incorporate representatives of law enforcement authorities into it. VEB’s Supervisory Board should exercise control over work performed.

Vnesheconombank’s issuance of foreign-currency denominated bonds would contribute to increased financing of the Russian economy. This step would make it possible to not only neutralize commercial banks’ excessive foreign currency liquidity but also commit raised funds to serve operations of domestic enterprises on foreign market for refinancing Central Bank funds raised earlier.

In the course of our meeting we are supposed to make a decision on issuing foreign currency denominated bonds for a total amount of 5 billion US dollars.

Today we’ll also analyze the Bank’s work on providing financing for Olympic facilities subject to decisions on providing these financial resources made earlier at the previous meeting of Vnesheconombank’s Supervisory Board.

In total, VEB has already provided financing for eight projects for the total amount of 63 billion rubles. These projects are the Sochi thermal power station, the Sochi Airport, the Port of Sochi Immertinsky, the main Olympic village, the Sochi Sea Port, the rubbish recycling complex in the city of Sochi.

Financing worth 1.8 billion rubles was already opened last week.

Let’s get down to work.

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

 

 

Origin: Internet Portal of the Government of the Russian Federation

 

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Vnesheconombank’s Supervisory Board Regular Meeting Held

27 april 2009 года
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v. V Putin’s Opening Address

Good afternoon, Esteemed Colleagues!

Today we are holding our regular meeting of Vnesheconombank’s Supervisory Board. We are to discuss a wide range of issues relating to providing further support for the Russian financial system.

I’d like to remind you that last week we discussed at length the situation both in the banks themselves and the measures to increase lending to the real economy. A number of important decisions were made on improving the mechanism for extending state guarantees and on additional capitalization of banks.

I’d like to stress that the main goal of our efforts remains the same — it is to create the most favorable conditions for businessmen’s access to state funds and to make lending interest rates more acceptable for borrowers.

A key role in these efforts is delegated to Vnesheconombank. It should carry on performing its functions as a bank for development.

By the end of 2009, the amount of development credits extended by Vnesheconombank to the domestic economy will be in excess of 300 billion rubles.

High priority should be given to financing projects of national significance aimed at removing infrastructure restrictions and creating new jobs.

I’d like to ask you to focus on providing support for small and medium-sized enterprises. By the way, Russian state banks will commit 100 billion rubles for these purposes and VEB’s program is estimated at 30 billion rubles.

It’s very important to ensure that committed resources reach the real economy in full and are used extensively to support troubled enterprises. I hope that the Bank will speed up its efforts to this end.

Under the difficult financial conditions we need to set stricter terms of extending credits. Up until now, Vnesheconombank has already extended credits to six commercial banks for a total amount of 257 billion rubles.

Today, Vnesheconombank’s Supervisory Board has considered 12 more applications worth more than 19 billion rubles. In this respect I would like to say that these funds will be made available under the new rules. This means that credits are to be extended for a period of no less than one year at the Central Bank’s interest refinancing rate plus three percentage points. So, it’s necessary to hold additional negotiations with banks and agree to operate on these terms.

Vnesheconombank would also continue to participate in implementing measures for the financial restructuring of Svyaz-Bank. In order to exercise control over the recovery and possible write-offs of Svyaz-Bank’s bad loans, which arose prior to last year’s October, I recommend to set up a special commission and incorporate representatives of law enforcement authorities into it. VEB’s Supervisory Board should exercise control over work performed.

Vnesheconombank’s issuance of foreign-currency denominated bonds would contribute to increased financing of the Russian economy. This step would make it possible to not only neutralize commercial banks’ excessive foreign currency liquidity but also commit raised funds to serve operations of domestic enterprises on foreign market for refinancing Central Bank funds raised earlier.

In the course of our meeting we are supposed to make a decision on issuing foreign currency denominated bonds for a total amount of 5 billion US dollars.

Today we’ll also analyze the Bank’s work on providing financing for Olympic facilities subject to decisions on providing these financial resources made earlier at the previous meeting of Vnesheconombank’s Supervisory Board.

In total, VEB has already provided financing for eight projects for the total amount of 63 billion rubles. These projects are the Sochi thermal power station, the Sochi Airport, the Port of Sochi Immertinsky, the main Olympic village, the Sochi Sea Port, the rubbish recycling complex in the city of Sochi.

Financing worth 1.8 billion rubles was already opened last week.

Let’s get down to work.

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

Origin: Internet Portal of the Government of the Russian Federation

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