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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On credit agreement signed by Vnesheconombank and Sumitomo Mitsui Banking Corporation

6 april 2009 года
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State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and Sumitomo Mitsui Banking Corporation, Japan signed a Credit Agreement under the insurance cover of the export credit agency NEXI, Japan, which provides for opening a term loan for Vnesheconombank in the amount of 180 million USD and with the tenor of 10 years.

Credit resources will be utilized financing the project of construction of the 3rd terminal of the International Airport Sheremetyevo.

Respective agreement was signed in view to support credit agreement singed
by VEB with JSC Terminal in 2007 for the purpose of financing the Project.

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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Russian President Dmitry Medvedev Holds a Working Meeting with Vnesheconombank Chairman Vladimir Dmitriev

3 april 2009 года
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Mr. Medvedev instructs VEB’s Chairman to take issues of supporting small and medium-sized business under his personal control

Moscow. April 3. INTERFAX – Russian President Dmitry Medvedev instructed Vnesheconombank Chairman Vladimir Dmitriev to take issues of supporting small and medium-sized business under his personal control, which the Head of State believes to be an unprotected layer of business

At a meeting with V.Dmitriev at his country residence the Head of State stressed that ‘this is a theme of great importance”. “I would like you to deal with it on a regular basis and take this issue under your personal control”, said he.

The President described small and medium-sized business as “an unprotected layer of business”.

“Big business, given the current problems, can obtain a credit in a different manner, it has its own possibilities but small and medium-sized business confronts the crisis face-to-face”, said D.Dmitriev.

“We have to remember that wellbeing of millions of people is dependent on the activity of small production cells, small elements of our business as a whole and that’s why upon extending this kind of credits we should give top priority to social objectives we are setting ourselves”, stressed the President.

He asked V.Dmitriev, in particular, how easy it is for small and medium-sized businesses to obtain a credit and what sort of collateral is required for it.

VEB’s Chairman assured the President that the scheme to obtain credits has been maximally simplified.

“We have maximally simplified the system of going through all regional banks’ procedures for extending credits”, said V.Dmitriev.

According to him, buildings, small and medium-sized business facilities, transport means and other pledge mechanisms can serve as collateral.

“We have agreed upon a practice of not only submitting but also buying out homogeneous portfolios related to the small and medium-sized business sector”, said V.Dmitriev.

“We are now improving the system under which these portfolios could be submitted to the Central Bank as security against additional ruble financing”, he added.

VEB’s chairman said that the new scheme had been approved by the Bank’s Supervisory Board.

“The scheme would make it possible to rescue a great number of small businesses, which will receive assistance not from those banks where they obtained credits earlier but through your system provided that a portfolio was purchased by VEB”, stressed V.Medvedev.

Being aware that small and medium-sized business is highly instrumental in socio-economic development, in forming our middle class, in the current situation we regard the said measures as serious anti – crisis efforts and we have already started to cooperate with enterprises facing serious redundancy problems in order to be able to retrain workers who were temporarily made redundant”, VEB’s Chairman told the President.

 

VEB intends to extend 30 billion rubles to support small and medium-sized business in 2009

 

Moscow. April 3. INTERFAX – This year VEB intends to extend 30 billion rubles to support small and medium-sized business, Vnesheconombank Chairman Vladimir Dmitriev said at a meeting with Russian President Dmitry Medvedev at the Head of State’s country residence “Gorki”.

“This year we intend to extend 30 billion rubles through the Russian Development Bank to support small and medium-sized business” said V.Dmitriev.

According to him, “this year, as a whole, we are going to achieve a level of 60 billion rubles both through our banks and regional ones’.

V.Dmitriev reminded that last year 20 billion rubles were committed to support small and medium-sized business through the system of banks that cooperate with VEB.

“We expect that out of 130 billion rubles declared as VEB’s additional assets, 30 billion rubles will be committed to support small and medium-sized business”, he added.

V.Dmitriev said that with due regard to great importance which is being attached now to small and medium-sized business loan rates are expected to remain at the last year’s level.

“In 2008, credit rates amounted to 16% on average, and to 20% and higher on average in the banking system”, said V.Dmitriev.

“This year the situation is more complicated”, said D.Dmitriev.

“We are trying to be in line with this indicator”, said VEB’s Chairman.

“These are not market borrowings and the end borrower will be able obtain credits at preferential rates rather than market ones”, added V.Dmitriev.

 

 

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On Signing Credit Agreement between Vnesheconombank and Evrodon

3 april 2009 года
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Today, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Evrodon (LLC) entered into a Credit Agreement.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of Evrodon (LLC) - by its General Director Vadim Vaneev.

Under the Agreement Vnesheconombank is to open a credit line worth 2 billion 100 million rubles for a period of ten years. The funds to be made available are intended for financing a project aimed at creating domestic maternal flock for the industrial turkey-breeding complex on the territory of the Rostov region.

The project’s investment stage is about 2 years; projected capacity is expected to be reached in about 2.5 years.

The implementation of this project would make it possible to reduce costs associated with import supplies of biological material from European Union countries and North America. The poultry breeding complex development project on the territory of the Rostov region has been implemented since 2006. The total amount of investment in the first stage of the project was about 50 million euros. All the funds have been extended by Vnesheconombank.

The project’s first stage is completed. The turkey meat production complex was put into operation, with its capacity being 11.2 thousand tons per year. In November 2008, the Evrodon Company started to implement the second stage of the project aimed at increasing the functioning complex capacity to 31.2 tons of turkey meat a year. New production volumes are scheduled to be reached by the end of 2009.

The second stage is also financed through using funds of the credit line opened by Vnesheconombank in the total amount of 3 billion 765 million rubles.

Under the Memorandum on Financial policies agro-industrial complex development is one of the main sectoral priorities of Vnesheconombank’s investment activity.

The Evrodon Company was established in 2003. In 2006, it started to build the country’s largest turkey breeding and turkey meat processing complex in the Rostov region. As of today, the Evrodon complex is one of the largest investment projects in the Russian agrarian sector. The Company’s production volume would account for a third of the total turkey meat production volume in the Russian Federation and for about 60% of poultry meat production volumes in the Rostov 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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On Commissioning Engine Oil Manufacturing Factory in the Serb Republic (Bosnia and Herzegovina)

2 april 2009 года
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Today, Chairman of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Vladimir Dmitriev took part in the official ceremony of commissioning the engine oil manufacturing factory after its capital repairs in the city of Modrich, the Serb Republic.

In 2007, Vnesheconombank extended loan funds worth 350.5 million euros to OJSC NeftegazInKor (a subsidiary of OJSC Zarubezhneft). The funds were intended for purchasing shares of three enterprises located on the territory of the Serb Republic: the oil refinery “Rafineria Nafte” A.D. (the city of Bosanski Brod), the engine oil manufacturing factory “Rafineria Ulja Modrich (the city of Modrich) and company “Petrol” the owner of the petrol-filling stations network on the Republic’s territory. The funds were also intended for the reconstruction and modernization of the said oil refinery, the first stage of which was launched in November 2008. The funds extended by Vnesheconombank are being used to purchase oil for the oil refinery.

Under the Memorandum on Vnesheconombank’s Financial Policies support for industrial exports and services is one of the main lines of Vnesheconombank’s activity.

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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