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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On Using Oil and Gas Revenues of the Federal Budget

1 april 2009 года
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In March 2009, Russia’s Finance Ministry got down to implementing Russian Government Order dated March 10, 2009 N 271-r “On Using Funds of the Reserve Fund to Balance the Federal Budget”. Some funds of the Reserve Fund in foreign currency held in accounts with the Bank of Russia were converted into rubles to be later placed into the account to record funds of the federal budget. As a result of the said transactions, 7.95 billion US dollars, 5.97 billion euros, 1.23 billion pounds sterlings were sold and 600.00 billion rubles were purchased. Conversion transactions in funds of the Reserve Fund were conducted in conformity with the currency structure approved earlier at official exchange rates of foreign currencies set by the Bank of Russia as of the date of transactions and didn’t have any impact on the conditions of the foreign exchange market.

In order to minimize risks and boost liquidity of the Reserve Fund’s and The National Wealth Fund’s (hereinafter – the Funds) funds, Russian Finance Ministry Orders dated February24, 2009, N 115-116 changed the proportion of authorized financial assets in the total amount of the Funds’ invested funds. In accordance with the said orders debt instruments of foreign government agencies, central banks and international financial institutions were excluded from indexes used to calculate interest on the Funds’ accounts with the Bank of Russia. Placement of the Reserve Fund’s funds into debt instruments of international financial institutions are to be made through purchasing the said authorized debt instruments rather than through including these assets into the said indexes.

As of April 1, 2009, the aggregate amount of the Reserve Fund was 4117.67 billion rubles, which is equivalent to 121.06 billion US dollars. As of April 1, 2009, amounts of balances in separate accounts to record funds of the Reserve Fund were:

-           0.06 billion rubles;

-          55.96 billion US dollars

-          39.63 billion euros;

-          8.41 pounds sterlings.

In March 2009, Russia’s reserve position in the IMF formed through the Reserve Fund’ financial resources increased by 110.00 million SDRs and as of April 1, 2009, amounted to 556.88 million SDRs.

 The aggregate calculated income from placing funds of the Reserve Fund recalculated in dollars  for a period from January 15, 2009, to March 31, 2009, was 0.65 billion US dollars, which is equivalent to 22.25 billion rubles. Calculated interest income from placing funds of the Reserve Fund in foreign currency was (in currency of account and ruble equivalent): 0.5 billion US dollars (1.71 billion rubles); 0.38 billion euros (16.89 billion rubles); 0.08 billion pounds sterlings (3.65 billion rubles). The exchange rate difference from recalculating balances of funds in accounts to record funds of the Reserve Fund in foreign currency for a period from January 15, 2009 to March 31, 2009 was appositive value of 292.53 billion rubles.

In accordance with resolution N 766, as of April 1, 2009, 432.10 billion rubles were transferred from the account to record funds of the National Wealth Fund to be deposited with Vnesheconombank and out of this amount:

-          257.10 billion rubles to be deposited for a period up to December 31, 2019, with an interest rate of 7% per annum;

-          17500 billion rubles to be deposited for a period up to October 21, 2013, with an interest rate of 7% per annum.

As of April 1, 2009, the aggregate amount of the National Wealth Fund was 2915.21 billion rubles, which is equivalent to 85.71 billion US dollars. As of April 1, 2009, amounts of balances were:

1)     In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

                 -4.39 billion rubles;

                  -34.33 billion US dollars;

                  -24.42 billion euros;

                  -4.44 billion pounds sterlings;

2)     on deposits with Vnesheconombank:

                    -432.10 billion rubles.

 

The aggregate calculated income from placing funds of the National Wealth Fund recalculated in dollars for a period for a period from January 15, 2009, up to March 31, 2009, was 0.36 billion US dollars, which is equivalent to  12.22 billion rubles. Calculated interest from placing funds of the National Wealth Fund in foreign currency was (in currency of account and ruble equivalent): 0.03 billion US dollars (1.13, billion rubles); 0.21 billion euros (9.35 billion rubles); 0.04 billion pounds sterlings (1.74 billion rubles). The exchange rate differences from recalculating balances of funds in accounts to record funds of the National Wealth Fund in foreign currency for a period from January 15, 2009 up to March 31, 2009, was a positive value of 161.44 billion rubles.

Indicators of aggregate amounts of the Reserve Fund and the National Wealth Fund as well as of calculated incomes from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Under the Budget Code of the Russian Federation, oil and gas revenues of the federal budget for February 2009, in the amount of 164.68 billion rubles were transferred to the account to record funds of the federal budget. Under the Russian government Resolution dated December 17, 2007, N 892 “On Making Settlements and Transferring Funds to Form and USE Oil and Gas revenues of the Federal Budget, Oil and gas Transfer, Funds of the Reserve Fund and the National Wealth Fund”, the abovementioned oil and gas revenues were transferred to the account to record funds received from oil and gas revenues of the federal budget and were later used to finance oil and gas transfer in full.

Detailed statistics on transactions in funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

Origin: Press Service of Russia’s Finance Ministry

 

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On Agreement between Vnesheconombank and Khanty-Mansi Autonomous District - Yugry Government

1 april 2009 года
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Today, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Khanty-Mansi Autonomous District - Yugry Government entered into an Agreement on Cooperation.

 

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Khanty-Mansi Autonomous District – by Governor, Chairman of the District Government Alexandr Philipenko.

 

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

 

Under the Agreement the parties intend to cooperate in raising funds to finance investment projects planned to be implemented on the territory of Yugry. Specifically, projects in the agro-industrial complex (fish breeding), industrial sector and manufacturing of construction materials are considered to be promising. A list of investment projects is to be made on an annually on the basis of the Strategy of the Khanty-Mansi Autonomous District – Yugry Socio-Economic Development up to the year 2020.

 

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

 

Under the Memorandum on Vnesheconombank’s Financial Policies, support for investment projects aimed at addressing top-priority objectives of regional socio-economic development as well as at developing power engineering and transport infrastructure, boosting natural resources utilization  efficiency are high-priority lines of the Bank’s investment 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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On Holding Annual General Shareholders Meeting of OJSC Belvnesheconombank

30 march 2009 года
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An Annual General Shareholders Meeting of OJSC Belvnesheconombank (the Republic of Belarus) was held in Minsk on March 27, 2009.

 

The meeting summed up the results of Belvnesheconombank’s performance for 2008 and discussed prospects for the Bank’s development.

 

Under the decision of Belvnesheconombank’s shareholders the following representatives of Vnesheconombank became members of the Bank’s Supervisory Board: Planning Economic Department Director Natalja Gubina, Finance Institutions Department Director Alexandr Zelenov, Documentary Transactions Directorate Head of the Structural and Debt Financing Department Anton Ignatjev, Management Board Member – Vnesheconombank First Deputy Chairman Nikolai Kosov, Management Board Member – Vnesheconombank Deputy Chairman Sergei Lykov, Management Board Member – Vnesheconombank Deputy Chairman Petr Fradkov. CJSC ROSEXIMBANK Management Board Chairman Nikolai Gavrilov was also elected as member of OJSC Belvnesheconombank Supervisory Board.

 

Petr Fradkov was elected as OJSC Belvnesheconombank Supervisory Board Chairman, Sergei Lykov was elected as Deputy Chairman of OJSC Belvnesheconombank Supervisory Board.

 

Vnesheconombank owns a 97.24% stake in OJSC Belvnesheconombank’s charter fund.

 

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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