Supervisory Board Approves Bank for Development’s Participation in Implementing 11 Major Projects worth 140 Billion Rubles
Moscow. March17. INTERFAX-AFI – The Supervisory Board of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ approved the Bank’s participation in implementing 11 major projects worth 140 billion rubles, said Vnesheconombank Chairman Vladimir Dmitriev at a meeting with mass media editors in Interfax.
Among projects approved, he mentioned a project aimed at building a timber-processing complex in the Boguchan district of the Krasnoyarsk Territory within the investment project “Development of Lower Angara Area’. Construction of the complex with a capacity of 800 thousand tons of pulp per year is scheduled for this year. VEB is to invest 40 billion rubles n the construction of the complex. Besides, VEB participates in the project to build a production facility of sub-micron semiconductor components in Zelenograd with topological standards of 0.11-0.13 micron. The project is being carried out by OJSC Angstrem-T. The Bank is to open a credit line to fund this project in the amount of 815 million euros for a period of 9 years.
VEB participates in a complex program of cooperation with the United Aircraft Construction Corporation. According to V.Dmitriev, the Bank is establishing a credit-documentary limit for the United Aircraft Construction Corporation in the amount of 24.69 billion rubles. The funds will be used among other things to establish a research-production aircraft construction cluster on the basis of TsAGI (The Central Aerohydrodynamics Institute), (the city of Zhukovsky, the Moscow region).
The Bank for Development also participates in implementing infrastructure projects including water supply and water drainage development project in the Rostov region. The project was initiated by OJSC Eurasian. The total value of the project is 41.5 billion rubles. VEB is responsible for opening a credit line in the amount of 4.5 billion rubles for a period of 14 years. VEB also participates in the project aimed at developing the infrastructure of industrial parks in the Kaluga region. The total value of the project is 6.4 billion rubles, its financing period is 10 years. Production facilities of strategic investors, namely, Volkswagen, Volvo Truck, Peugeot-Citroen will be placed there together with industrial sites of automobile components manufacturers with the total amount of investment being 100 billion rubles. “1 ruble in state investment is expected to raise 10 to 15 rubles in private investment. VEB is ready to allocate 5 billion rubles to implement this project”, said V.Dmiriev.
Vnesheconombank Supervisory Board’s Decisions
Today, on March 6, a session of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board was held in the House of Government of the Russian Federation. The session was presided by Russian Prime Minister Victor Zubkov.
The participants in the session approved a resolution on Vnesheconombank’s representative offices abroad, considered a list of measures aimed at rendering sponsor’s assistance for the year 2008 and also discussed issues of Vnesheconombank’s participation in carrying out projects in the Bank’s top-priority lines of investment activity.
V.Zubkov conducts a session of VEB Supervisory Board (the House of Government, March 6, 2008)
VEB Supervisory Board’s session (the House of Government, March 6, 2008)
VEB Supervisory Board’s session (V.Dmitriev, E.Nabiullina, D.Kozak)
VEB Supervisory Board’s session (V.Dmitriev)
VEB Supervisory Board’s session (V.Dmitriev, V. Khristenko, D.Kozak)
VEB Supervisory Board’s session (V.Dmitriev, I. Levitin)
Memorandum of the Bank’s Financial Policy Approved
Moscow. July 12. INTERFAX - At Thursday’s meeting of the Bank Supervisory Board a Memorandum of the Bank’s Financial Policy was approved, said VEB Chairman Vladimir Dmitriev. “The Memorandum specifies the Bank’s core lines of business associated with overcoming infrastructure growth limitations, support for high-technology productions, rational use of natural resources, support for small and medium-size business and industrial exports,” Vladimir Dmirtiev told journalists on Thursday. He also said that the Memorandum specifies criteria for selecting investment projects, with these criteria dealing with the size of investment projects and their payoff periods. Furthermore, the Supervisory Board approved limits, the Bank’s operational standards and basic provisions of the Bank’s financial policy. “Their aim is to ensure the Bank’s sustainable development and financial stability,” emphasized Vladimir Dmitriev . According to Vladimir Dmitriev, from today on, the Bank management bodies start to work at their full capacity, therefore, relevant documents are to be approved by the Government.
Vnesheconombnk Supervisory Council’s First Meeting
Today, on June 28, 2007, the first meeting of the state corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” was held in the House of the Russian Government. The meeting was presided by Russian Prime Minister Mikhail Fradkov.
The Supervisory Council approved the members of Vnesheconombank’s Board. Nikolay Kosov, Anatoly Zabaznov, Sergey Lykov, Alexey Smirnov, Vladimir Shaprinsky, Anatoly Ballo, Petr Fradkov, Sergey Vasiliev were appointed as members of the Board. Board Chairman Vladimir Dmitriev will be responsible for running Vnesheconombank’s Board.
The Supervisory Board also appointed Vyacheslav Ulupov as Head of Vnesheconombank Internal Control Service.
Russian Government Appoints Members of Vnesheconombank Supervisory Council
Moscow, June 21, PRIME-TASS. The Russian Government appointed members of Supervisory Council of the state corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” to be headed by Russian Prime Minister Mikhail Fradkov. Relevant Order № 791-r dated June 19 was signed by the Russian Prime Minister, reported the government press service on Thursday.
The Supervisory Council is comprised of Minister of Economic Development and Trade Herman Gref, Rosatom Head Sergey Kirienko, Russian Finance Minister Alexey Kudrin, Transportation Minister Igor Levitin, Russian Vice Prime Minister Sergey Naryshkin, First Deputy Chairman of the Military Industrial Commission under the Russian Government -Russian Minister Vladislav Putilin and Russian Minister of Industry and Energy Victor Khristenko.
Besides, Vnesheconombank Chairman Vladimir Dmitriev is ex-officio member of the Supervisory Council.
Forming Management Bodies of Vnesheconombank
Forming management bodies of the Bank for Development and Foreign Economic Affairs (Vnesheconombank) is nearing completion.
The Russian President appointed Acting Vnesheconombank Chairman Vladimir Dmitriev as Chairman of the Bank for Development and Foreign Economic Affairs (Vnesheconombank).
The Development Bank was registered with the State Registration Chamber under the Russian Justice Ministry on June 8 this year.
The Development Bank is being established by way of reorganization in the form of transforming Vnesheconombank of the USSR. Its authorized capital is to be formed by consolidating assets to be transferred upon reorganizing VEB, the Russian Development Bank’s and Roseximbank’s shares held in federal property as well as assets to be transferred by the Government of the Russian Federation. The size of the Bank’s authorized capital is to be determined by the Government and it is to be no less than 70 billion rubles.
The Supervisory Council will be the Development Bank’s supreme management body to be comprised of eight Council members and the Bank Chairman.