All-Russian Forum on Small and Medium-Sized Enterprises Organized by the Russian Economic Development Ministry, Vnesheconombank and the All-Russian Nongovernmental Organization OPORA RUSSIA Held in Moscow

23 april 2009 года
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An All-Russian Forum on Small and Medium-Sized Enterprises organized by the Russian Economic Development Ministry, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the All-Russian Nongovernmental Organization OPORA RUSSIA was held in Moscow at the International Centre for Commerce on April 22.

In attendance of the Forum were Russian Prime Minister Vladimir Putin, First Deputy Prime Minister Igor Shuvalov, Russian Economic Development Minister Elvira Nabiullina, Presidential Aide Arkady Dvorkovich, Federal Antimonopoly Service Head Igor Artemiev, Moscow Mayor Yuri Luzhkov, President of the Russian Chamber of Commerce and Industry Evgeny Primakov, OPORA RUSSIA President Sergei Borisov, executives from Sberbank, VTB, the Russian Development Bank, Rossselkhozbank as well as representatives of small and medium-sized enterprises from Russia’s regions.

The Forum’s main themes were the state’s support for small and medium-sized enterprises under the conditions of the crisis, financing of small and medium-sized enterprises under the conditions of the credit crunch, reducing administrative barriers to the development of small and medium-sized enterprises.

 

Vnesheconombank Chairman Vladimir Dmitriev’s address at the forum on small and medium-sized enterprises

 

Good afternoon esteemed colleagues, friends and partners!

I would also like to give my best wishes to Sergei Renatovich because he is not only the Head of OPORA RUSSIA but also a solid and reliable partner of Vnesheconombank in achieving an ambitious goal of providing financial support through Vnesheconombank’s system for small and medium-sized enterprises in our country.  We are witnessing OPORA’s support and professionalism. And in fact, he and his colleagues are taking great pains to achieve this very difficult but crucially important for our country goal of supporting and boosting small and medium-sized enterprises.

For at least five years, Vnesheconombank has been implementing this program of supporting small and medium-sized enterprises. We’ve done quite a lot for this period. We established business relations with regional banks and put in place a system of lending small and medium-sized enterprises through regional banks. In our opinion, we managed to overcome the one-sidedness in lending small and medium-sized enterprises through the system of state-run banks. For example, five years ago, the bulk of loan portfolio, about 60 plus percent, of regional banks that obtained credits through the Russian Development Bank accounted for trade but now more than 60 percent of loan portfolio of regional banks cooperating with the Russian Development Bank accounts for the industrial sector, transport, telecommunications and only 18-20 percent accounts for trade. We believe that this sector is very important for supporting small and medium-sized enterprises and we think that our objective is to exclusively support innovation activities of small and medium-sized enterprises.

But saying that we have already done a lot, I’d like to stress that there is still much to be done. And in fact, the state’ role in supporting small and medium-sized enterprises became increasingly pronounced after the state started to help small and medium-sized enterprises using budgetary sources having engaged development institutions. Last year, 9 billion rubles were used to support small and medium-sized enterprises through regional banks. It is safe to say now that the system itself is being updated and reset and the amount of funds to be committed to small and medium-sized enterprises has significantly increased to 30 billion rubles. But at the same time I would like to say that those 9 billion rubles were not the only funds committed to support small and medium-sized enterprises through the system of state-run banks and the ones related to them. According to our estimates the amount of funds committed to small and medium-sized enterprises through Vnesheconombank’s subsidiary banks was about 30 billion rubles. 9 billion rubles were committed to create new jobs and build new production facilities, the companies’ turnover increased by 40 percent and the number of those employed grew by 35 percent, so it is safe to say that the system of providing state support for small and medium-sized enterprises through lending regional banks was set in motion. This year we are not going to limit ourselves to 30 billion rubles because we believe that our subsidiary banks would be active in providing financial aid to small and medium-sized enterprises. Moreover, the system agreed upon with the Economic Development Ministry, the new system of supporting small and medium-sized enterprises makes it possible to produce multiplier effect in terms of increased amount of financing small and medium-sized enterprises.

It is also important to stress that our program backed and initiated by the state generated keen interest among our foreign partners. As a result, not long ago we entered into an agreement worth 200 million euros with our partner bank, one of the oldest German banks, KFW. The bank intends to use these funds for lending regional banks against Vnesheconombank’s guarantee to support innovation activities of small and medium-sized enterprises in such sectors as energy saving , environment protection and others. And yesterday, Interfax reported that the first credit to be extended by KFW to a Russian bank was worth, to my mind, 30 million US dollars. The funds are to be committed to Promsvyzbank against Vnesheconombank’s guarantee to support specific programs aimed at developing small and medium-sized enterprises. Against this background the figures we are negotiating with the European Bank for Reconstruction and Development and Deutsche Bank look a lot more impressive. The amount of credit resources these banks are ready to extend against Vnesheconombank’s guarantee to support small and medium-sized enterprises through regional banks is about 1 billion euros.

So, it is safe to say that this year small and medium-sized enterprises would receive about 100 billion rubles through the system of state banks. And we believe that this amount could be increased. We can see that small business is greatly interested in the program implemented through Vnesheconombank and the system of its subsidiary banks. At the same time our Bank improves the quality and increases the amount of resources made available. We are quite aware that there is still much work to be done in this respect and that is why we regard this conference organized by our Bank, the Russian Economic Development Ministry and OPORA RUSSIA as an event that would serve as a basis for summing up results, synchronizing our actions, identifying problems and most importantly, exploring new opportunities in our joint efforts to support small and medium-sized enterprises.

 

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 to Accept OVGVZ Bonds of the 7th Tranche to Pay the Next Coupon for the 2008 Payment Period

22 april 2009 года
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In accordance with the terms of issuing OVGVZ bonds approved by the Russian Government Resolution dated March 4, 1996 № 229, the date to pay the coupon of OVGVZ bonds of the 7th tranche is coming due on May 14, 2009.

Since April 14, 2009,Vnesheconombank acting as the paying agent for the Russian Finance Ministry for the said bonds started to accept OVGVZ bonds of the 7th tranche from bondholders to pay the next coupon. The date of accepting bonds to pay the next coupon expires 7 days prior to the coupon payment date, that is, bonds are to be accepted till May 7, 2009 inclusive. After the said date till the coupon payment date, Vnesheconombank’s Custody Department terminates all transactions with OVGVZ bonds of the 7th tranche. Vnesheconombank is to resume accepting the said bonds to pay the next coupon on May 18, 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 Credit Agreement between Vnesheconombank and LLC Roza Khutor

20 april 2009 года
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Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and Limited Liability Company for the Development of Alpine Ski Resort Roza Khutor (LLC Roza Khutor) entered into an Agreement on opening a credit line worth 3.15 billion rubles for a period of 15 years.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo and on behalf of LLC Roza Khutor - by its General Director Sergei Trubin.

The credit line is the first tranche within Vnesheconombank approved limit worth 21 billion rubles to finance the investment project aimed at building and operating the Roza Khutor Alpine Ski Resort. This project is being implemented under the Program of Building Olympic Facilities and Developing the City of Sochi as a Mountain and Climate Resort approved by the Russian Government’s resolution.

For the most part, this project aims to build a unique year-round Alpine ski resort – one of the 2014 Winter Olympics main facilities. The facility’s infrastructure is to make it possible to hold all ten Alpine ski events included in the list of the Olympic Games as well as freestyle and snowboard competitions.

The Agreement was made within general approaches approved by Vnesheconombank’s Supervisory Board to financing Olympic facilities. The Bank for Development was assigned to be one of the main creditors responsible for financing the construction of Olympic facilities in the total amount of 120 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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On Agreement between Vnesheconombank the Nizhny Novgorod Region Government

14 april 2009 года
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Today, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Nizhny Novgorod 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 Nizhny Novgorod Region Government – by Governor, Chairman of the Government Valery Shantsev.

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

Under the Agreement the parties are determined to cooperate in raising funds to finance investment projects scheduled to be implemented on the territory of the Nizhny Novgorod region. A list of investment projects is to be made annually on the basis of the Strategy of the Nizhny Novgorod Region Development up to 2020.Projects in construction materials manufacturing, electro-steel production, agriculture and industrial infrastructure are considered to be top-priority ones.

The parties are also determined to explore the possibility of providing financial assistance to the region’s small and medium-sized business.

The implementation of this Agreement would help address high-priority objectives of the region’s socio-economic development and boost its industrial, socio-economic and infrastructure potential.

In accordance with the Memorandum on Vnesheconombank’s Financial Policies, support for investment projects aimed at addressing high-priority objectives of regional socio-economic development, power engineering and transport infrastructure, boosting natural resources utilization efficiency are top priority lines of the Bank’s investment activity. As of today, the Bank signed 33 agreements on cooperation with administrations and governments of Russian regions.

 

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 Conducting aTender for Selecting an Auditing Firm to Audit Vnesheconombank’s Annual Financial Statements

13 april 2009 года
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 State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ (hereinafter Vnesheconombank) in accordance with article 8 of the Federal Law “On the Bank for Development” dated 17.05.2007 N 82-FZ is to conduct an open tender for selecting an auditing firm to audit Vnesheconombank’s annual financial statements on a mandatory and yearly basis for the year 2009 among auditing firms having a license to conduct audits on the territory of the Russian Federation.

In order to conduct a tender Vnesheconombank’s Supervisory Board approved the Procedure for Conducting an Open Tender for Selecting an Auditing Firm to Audit Vnesheconombank’s Annual Financial Statements on a Mandatory and Yearly Basis (Annex 1, hereinafter the Procedure).

Auditing firms’ applications for participating in the tender subject to the form enclosed (Annex 2) are accepted by the Tender Commission till May 12, 2009 inclusive.

Auditing firms, which failed to submit applications within the set time frame, are not to be allowed to participate in the tender.

Tender documentation will be submitted to auditing firms from Monday to Thursday from 10-00 to 17-00, on Fridays from 10-00 to 16-00, applications (marked: to the attention of Vnesheconombank’s Tender Commission for Selecting an Auditing Firm to Audit Vnesheconombank’s Annual Financial Statements on a Mandatory and Yearly Basis) will be accepted within the same time frame at the following address:

The State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)”, Russia, Moscow, B-78 ,GSP-6, 107996, Academician Sakharov avenue, 9.

The Tender is to start on May 14, 2009 at 9-00 at the following address: Moscow, Krasnopresnenskaya embankment, 2.

An agreement with the winner of the tender on conducting a mandatory audit is to be made within at least 10 days after meeting requirements of section 4 the Procedure. Additional information is published in the information and analytical Bulletin “Konkursnye Torgi (Tendery) (the issue dated April, 13, 2009).

Material conditions of the agreement:

  • subject of the agreement: auditing Vnesheconombank’s annual financial statements on a mandatory and yearly basis for the year 2009;
  • auditing period: January – April 2010;
  • place of auditing: the city of Moscow;
  • procedure for paying for services: prepayment is no more than 30%, other payments are to be made in the process of completing certain auditing stages.

For more information on participating in the Tender do not hesitate to contact the Audit and Internal Control Department of Vnesheconombank at: 721-94-27, E-mail: Ulupov_V_E@veb.ru.

 

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