Vnesheconombank Chairman Vladimir Dmitriev’s Briefing on the Results of Vnesheconombank Supervisory Board Meeting

Vladimir DMITRIEV, Vnesheconombank Chairman:


In the context of the Bank’s current activity as a development institution I would like, above all, to say that this is the third Supervisory Board meeting where we consider issues of refinancing foreign debts of Russian companies and banks.


Summing up our recent activity we can say that the Supervisory Board made decisions on refinancing in the amount about 10 billion dollars, to be more precise, 9 billion 800 million dollars, out of which 7.5 billion dollars have been already allocated for refinancing Russian companies’ foreign debt obligations.


In the near future, we expect funds to be transferred to finance a number of approved transactions. All in all, we have received applications for refinancing in the amount exceeding 76 billion dollars, to be more specific, even 78 billion dollars. Out of them, 28 billion are requested by banks and 50 billion dollars - by companies.


Decisions offered for consideration by the Supervisory Board are based on the procedure and accords approved by the Supervisory Board and specified in the Procedure for Refinancing Russian Organizations’ Foreign Debts. These decisions and proposals go through appropriate corporate decision-making bodies. They include the Investment Transactions Development Committee, the Credit Committee and the Bank’s Management Board. We work in close contact with core ministries and departments. And in this respect, today’s Supervisory Board meeting, against the backdrop of new applications submitted to Vnesheconombank, was an important stage in making required adequate decisions because, among other things, we dealt with applications received from natural monopolies. And the Supervisory Board decided to consider these applications in the context of implementing investment programs by the largest state-run companies. These programs are being examined now and decisions that will be eventually taken on refinancing should be based on the need for carrying out investment programs by state-run companies in line with decisions to be made by the Government.


Moreover, the Supervisory Board refused to accept some applications because they were not formally in line with the procedure for consideration of applications. Here I mean those companies that borrowed from foreign banks’ Russian subsidiaries or the companies that borrowed without security or with security the loss of which does not entail serious risks associated with national economic security, regional security, loss of strategic assets by the Russian Federation.


The current Supervisory Board and its decisions are important in a sense that an issue of refinancing foreign debt obligations of one of the largest Russian banks, namely, Bank-VTB was considered for the first time. And as far as the State’s support for commercial banks is concerned it’s important to underline the unanimous opinion of Supervisory Board members that we should refinance debt obligations of both companies and banks. We should refinance those debt obligations that are associated with lending real sectors of the Russian economy, the development of banking business aimed at achieving current and strategic economic objectives and supporting corporate customers in such top-priority sectors as defense industrial complex, agriculture, construction complex, a number of other sectors, small and medium-sized business and other top-priority lines of activity.


The same approach was recognized as the only correct and justified one upon considering extending subordinated loans. This theme was also discussed at today’s Supervisory Board meeting. The Supervisory Board approved applications submitted by Alfa –Bank, Nomos-Bank and the Khanty-Mansi Bank. These banks are involved in both providing retail-banking services and servicing corporate customers and play an important role at a regional level. In particular, I mean the Khanty-Mansi Bank. And here the Supervisory Board adopts quite a strict and justified approach related to the need to use state financial resources in the form of subordinated loans extended to corporate customers for them to operate in specific sectors of the real economy in line with priorities set by the Government.


At its latest meeting, the Supervisory Board also considered an issue of Vnesheconombank’s participation in rescuing Bank Globex and Svyaz-Bank. The Supervisory Board backed Vnesheconombank’s proposal for pursuing particular lines of activity with regard to each of these banks in order to take additional measures for securing their financial sustainability and further development in the interests of State Corporation ‘Bank For Development and Foreign Economic Affairs as well as in the interests of those customers, those corporate borrowers, those natural entities who are served by these banks. We know that Svyaz-Bank is a system-forming bank as 15 million pensioners receive their pensions through this bank. The Bank has its branches in 49 constituent entities of the Russian Federation as well as 5 thousand outlets selling the Bank’s services. Actually, half a million employees of the Post of Russia receive their salaries through Svyaz-Bank and the Bank works with such companies as Telecom, Svyazinvest and others. That is why the approved plan envisages further developing the services sector and providing both borrowed funds and modern banking services to corporate customers, as well as offering retail banking services. The same applies to Bank Globex. The Bank whose balance sheet as is the case with Svyaz-Bank would be cleaned up thus allowing this bank to perform functions of an auxiliary or supporting structure for achieving objectives set before State Corporation ‘Bank for Development and Foreign Economic Affairs.


We agreed with the Supervisory Board that by mid next year we’d formulate and submit a comprehensive operational concept of all Vnesheconombank’s subsidiary banks activity. These banks are the Russian Development Bank, Russian Export-Import Bank, Svyaz-Bank, Bank Globex.


The prospect for consolidation is obvious; at least, for a part of these banks and here I mean consolidation of their businesses and establishment of a single major banking structure with due regard to the Post of Russia’s core activities. Bank Globex, Svyaz-Bank and the Russian Development Bank have gained considerable experience in working with major corporate customers, with natural entities. They are experienced enough in implementing wage schemes, managing pension savings funds and in supporting small and medium-sized business which is Vnesheconombank’s top-priority objective. We are going to pursue this objective not only relying on well-proven formulas cooperating with the Russian Development Bank, which in its turn is working with regional banks, but also working directly through our new subsidiary banks that have an extensive branch network. Of course, we are going to pursue this objective working directly with regional banks. That all means that we are establishing a major, core business-oriented group of banks designed to work directly and in close contact with small and medium-sized businesses through regional banks. We are putting in place a system of guarantees and a system of cooperation with regional institutions responsible for the operation of small and medium-sized businesses and guaranteeing repayment of credits extended to finance small and medium-sized business.


Thus, summing up the decisions taken I would like to emphasize the fact Vnesheconombank’s proposals were approved.


And finally, I would like to say that we submitted for consideration an issue of increasing Vnesheconombank’s charter capital with no decision on this issue having been taken. This is a very important issue because the Bank’s activity on extending subordinated loans, refinancing foreign debt obligations of Russian companies and banks, rescuing banks, diversifying the management of the National Wealth Fund, using part of resources, here I mean 175 billion rubles allocated to the Bank for operating on the Russian stock market automatically reduces Vnesheconombank’s capital base both in case of extending subordinated loans and revaluating securities and funds allocated by the Finance Ministry from the National Wealth Fund are recorded on the Bank’s balance sheet and therefore negative revaluation decreases the Bank’s capital. Building up reserves for refinancing foreign debt obligations also narrows Vnesheconombank’s capital base. And if we are to speed up Vnesheconombank’s activity as a development institution, Vnesheconombank’s capital is bound to be increased. It’s a matter of capital size. It should be adequate. In this respect, the government may take a different decision – in particular, a decision on guarantees. For example, in KfW, a German Development Bank, our peer, part of its obligations is secured by state guarantees.


- What amount of funds is expected to be allocated to refinance Bank VTB’s debt and on what terms? Could you specify the amounts of subordinated credits approved by the Bank’s Supervisory Board to be extended to Alfa-Bank, Nomos-Bank and Khanty-Mansi Bank?


Vladimir DMITRIEV: The Supervisory Board approved a proposal for allocating 950 million US dollars to Bank VTB but VTB is ready to co-finance 25% of this amount.


The Supervisory Board also approved extending credits to banks that are among the largest thirty banks: to Alf-Bank in the amount of 10.2 billion rubles, Nomos-Bank – 4.9 billion rubles, the Khanty-Mansi Bank – 2 billion rubles.


- One more point on the Bank’s capital increase. What amount do you expect to receive?


Vladimir DMITRIEV: I am not ready to give exact figures because they are to be agreed upon with the Finance Ministry, the Ministry of Economic Development and the Central Bank as well. But I mentioned the factors that worsen our Bank’s balance sheet indicators. I became increasingly confident that our approach had been heard and Vnesheconombank really needs the stated amounts to address the tasks it is currently fulfilling. Problems are piling up, become more complicated and comprehensive and require tremendous efforts. It’s clear to everybody. Nevertheless, we believe that the Bank must and can continue its core activity as a development institution. By the way, an increase in the Bank’s capital is required not only for major projects which were announced but also for working with small and medium-sized business. We plan that 30 billion rubles in additional capital would be allocated to small and medium-sized business and these 30 billion rubles will be included into the total amount of the Bank’s capitalization. We expect to receive several hundreds of billions of rubles.


- Vladimir Alexandrovich, you outlined a program of rehabilitating the two banks, namely, Bank Globex and Svyaz-Bank. Do you need additional money to rehabilitate them?


Vladimir DMITRIEV: In our opinion, the financial resources we received from the Central Bank are sufficient to rehabilitate the banks and get them to operate normally.


- Don’t you need any additional funds?


Vladimir DMITRIEV: This issue is under consideration, but today’s decisions were based on the amount of resources, which has already been allocated to Vnesheconombank.


- You’ve said that these additional resources will be somehow used to render assistance to the Post of Russia. Could you explain in more detail how you are going to use them?


Vladimir DMITRIEV: So far I can’t say anything because today’s decision states Vnesheconombank’s readiness to prepare a comprehensive Plan of Business Consolidation and a program to develop our subsidiary banks by mid next year. And here I mean not only Bank Globex and Svyaz-Bank. One of scenarios is to establish a structure similar to the German Post Bank. This concept is now being developed at the Post of Russia. We have already studied the concept and think it is worthwhile. But I’d like to reiterate that we are supposed to prepare a comprehensive plan by mid next year so that we can study various scenarios and among other things learn from international business experience. And I’d like to emphasize that the current situation in the banking community makes it necessary for us to consolidate business and enhance capital base.


- So, you haven’t made up your mind yet which banks will be incorporated into this new post holding or a post bank?


Vladimir DMITRIEV: From our point of view, Roseximbank is a specialized financial institution responsible for implementing a system of guarantees to promote Russian industrial exports. But as far as three other banks - the Russian Development Bank, Bank Globex and Svyaz-Bank - are concerned we believe that they should be consolidated and a financial structure should b be established on their basis.


- Is this going to be Vnesheconombank’s subsidiary?


Vladimir DMITRIEV: If we decide to establish this sort of financial structure, it’s going to be Vnesheconombank’s subsidiary for a certain period of time. Then it’s up to the Supervisory Board to decide whether we should attract strategic investor or transform them into joint stock companies. These are possible options. But above all should secure sustainable development and operation of Svyaz-Bank and Bank Globex and should not negatively impact to these banks’ current activities.


- Thus, their main line of activity would the Post of Russia and small business.


Vladimir DMITRIEV: There is no doubt about it.


- Thank you. And one more thing. You said that you would reconsider some of investment projects you had already approved?


Vladimir DMITRIEV: Among other things we may…


- You’ll quit some projects?


Vladimir DMITRIEV: I do not rule out the possibility of reconsidering decisions on those projects, which have been approved but not accepted for financing. So, in the most immediate future, actually, in the coming two weeks (our experts have already agreed upon many things with line ministries) we have to examine our loan portfolio in the most serious way for making final decisions and for the Supervisory Board to approve them with regard to projects already approved and, more so, accepted for financing but with regard to which no corporate decisions have made.


- This applies to projects, which were approved by your Bank as a Bank for Development rather than a “Rescuer Bank”.


Vladimir DMITRIEV: You are quite right. And as to our rescue efforts, there is no other way out - we have to rescue.


-Thank you. It is too early to say what projects you are going to quit, isn’t it?


Vladimir DMITRIEV: Yes, it is.


 - Thank you.

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On Refinancing Russian Companies’ Obligations to Foreign Financial Institutions

Vnesheconombank’s Supervisory Board considered issues of refinancing Russian companies’ obligations to foreign financial institutions with an aim of implementing Federal Law dated 13.10.2008 N 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation”.


The Supervisory Board approved Vnesheconombank’s participation in refinancing a number of transactions of companies operating in the metal mining industry and microelectronics, the operation of which is of great socio-economic importance to the Russian Federation, with these transactions being worth about 2 billion US dollars.


Thus, the total amount of transactions approved by the Supervisory Board in refinancing real- sector companies’ foreign obligations is about 10 billion US dollars.


 


Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-45-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru">press@veb.ru

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Vnesheconombank Starts to Refinance Russian Companies’ Debt Obligations to Foreign Financial Institutions

Under Federal Law dated October 13, 2008 N 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” and pursuant to decisions taken by the Supervisory Board, Vnesheconombank started to refinance Russian companies’ debt obligations to foreign financial institutions. Funds in the total amount of 7.8 billion US dollars have been allocated to a number of companies in the fuel and energy complex, smelting industry, construction sector, transport and communications industries.


 


Origin: Press Office of Vnesheconombank


Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34


E-mail: press@veb.ru">press@veb.ru


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On Changes in Russian Development Bank Supervisory Board

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ made a decision to early terminate powers of members of the Russian Development Bank Supervisory Board.


By the same decision, Vnesheconombank elected a new Supervisory Board of the Russian Development Bank. The Supervisory Board is comprised of: Management Board Member, Vnesheconombank Deputy Chairman S.P. Lykov, Management Board Member Vnesheconombank Deputy Chairman A.P. Zabaznov, Vnesheconombank’s Financial Institutions Department Director A.V. Zelenov, Russian Development Bank Management Board Chairman S.P Krjukov as well as President of the Russian Non-Governmental Organization of Small and Medium Business OPORA ROSSII S.R. Borisov


OJSC The Russian Development Bank was founded in 1999. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ owns 100 percent of the Russian Development Bank’s shares.


 


Origin: Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru">press@veb.ru

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On Approving Transaction to Acquire 99% of CJSC Commercial Bank Globex’s Shares

In order to further stabilize Russia’s banking sector, Vnesheconombank’s Supervisory Board approved the transaction to acquire 99% of CJSC Commercial Bank Globex’s shares.


 


As agreed with the Government of the Russian Federation, the Central Bank of Russia is to allocate 2 billion US dollars in the form of deposit for a period of one year to Vnesheconombank to support Bank Globex.


 


Vnesheconombank took prompt and necessary actions to get Bank Globex operating without fail again. Globex’s priority obligations have been fulfilled in full. The developed plan to rescue the Bank will make it possible in the near future to restore its position as one of major reliable financial institutions.


 


About 80 thousand customers and depositors of Globex will be absolutely guaranteed that the Bank will continue to fulfill all its obligations to them.


 


In the most immediate future, Bank Globex’s management will be strengthened with highly qualified managers. In particular, the Central Bank of Russia is considering Vitaly Vavilin’s candidacy. He was recommended by Vnesheconombank for the post of Globex President. Vitaly Vavilin was for a long time head of the National Trade Bank (Tolyatti) and Vnesheconombank is this Bank’s shareholder.


 


 


Origin: Press Office of Vnesheconombank


Phone: +7 (495) 608- 46-93, Fax: +7 (499) 975-21-34


E-mail: press@veb.ru">press@veb.ru

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An Extraordinary Meeting of Vnesheconombank Supervisory Board Held

V.V. Putin, the Russian Federation Prime Minister, chaired the meeting of the Supervisory Board of the Bank for Development – Vnesheconombank



Opening address:


 


Honorable colleagues!


In the past few days, as you are well aware – and we have already discussed it at the Presidium meeting today – the Government has taken a series of important measures designed to protect the national economy against the negative impacts of the global financial meltdown.


In my judgment, securing sustainability and resilience of the Russian banking system, ensuring a stable and continuous operation of Russian enterprises is a key objective. In addressing the task, the Bank for Development – Vnesheconombank (VEB) has an important role to play.


By the year-end, Vnesheconombank’s charter capital will be increased by RUB 75 billion. These funds could be used for the purchase of the Russian securities and insurance of transactions on the domestic financial market.


Another RUB 175 billion worth of funds from the National Wealth Fund will be transferred for management to VEB to maintain the stability of the Russian stock market, including the purchase of the Russian companies’ corporate bonds. Actually, I mentioned it just a couple of days ago.


Furthermore, the financial bailout package provides for allocation of RUB 950 billion as subordinated funding to Russian banks. It is going to be the so-called ‘long money’ extended for a 10-year term. These funds are intended for recapitalization of the Russian banks and, at the same time, should help resolve the liquidity crunch.


Thus, the Central Bank of the Russian Federation (CBR) will advance RUB 500 billion to the Russian Savings Bank (Sberbank) and RUB 450 billion to Vnesheconombank, which, in its turn, will distribute the subordinated funding as follows: VTB – RUB 200 billion, Rosselkhozbank – RUB 25 billion, other commercial banks – RUB 225 billion. However, the shareholders of such commercial banks should be prepared to use their own equity to recapitalize the banks.


More importantly, these banks must be sound and solid, have a high potential and high credit ratings.


Along with the stimulus package for the banking sector, we should obviously support the real sector of the Russian economy. Today, we have already discussed it in detail. Primarily, the real economy sector should be ensured access to financial resources.


Lots of Russian enterprises have been raising foreign credits. Regrettably, at present, this mechanism is not working any longer. Meanwhile, debts are coming due.


Obviously, we should come up with alternative solutions and seek to refinance our companies’ foreign borrowings drawing, first and foremost, on internal sources of refinancing. That could help to stave off the threat of selling off the Russian enterprises’ assets at knockdown prices that have nothing to do with the fair value of businesses.


To this end, the Central Bank is allocating USD 50 billion to Vnesheconombank, with the right to obtain refinancing of foreign credits to be granted primarily to companies that raised them prior to 25 September 2008, i.e. before the aid package was announced.


Today, we are going to approve the procedure and conditions VEB will have to apply when refinancing Russian enterprises. This decision is critically important. It would help to immediately address the needs of the Russian borrowers.


I am fairly confident the eligibility criteria for obtaining subordinated loans would be as follows:




  • First, a Russian company’s core business is to be focused on the real economy sector on the territory of the Russian Federation;


  • Second, its activities should be viewed as important either for the region’s economy or strategic industries. Equally important, we could not possibly afford ‘to lose’ assets, if it leads to negative social impacts;.


  • Third, we must refinance only those credits that were raised to deliver investment projects or acquire assets in Russia, in the Russian economy, I am emphasizing.


  • Finally, the bailout package is intended for those companies that will attract co-financing on their own, thus sharing risks with the state.

All these steps are specified in the amendments to the Federal Budget and in Federal Law ‘On Additional Measures for Supporting the Financial System of the Russian Federation’. The State Duma and the Council of Federation have already approved the Law. The amendments to the Budget are subject for discussion this week. I hope that the Russian Government and members of the Parliament will manage to arrive at the right decisions and agree their positions. There is no time to be lost.


By the moment the above acts become effective, Vnesheconombank should take all organizational decisions. The Bank should be gearing up to effect the required financial operations. That is why we promptly convened an extraordinary meeting of the Supervisory Board of the Bank for Development today.


Now, let us proceed with the agenda.


 


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


 


 

Назад

Vnesheconombank Supervisory Board approves the Procedure for implementing measures provided for by clauses 1 and 2 of the Federal Law “On Additional Measures for Supporting the Financial System of the Russian Federation”

Vnesheconombank (VEB) Supervisory Board approved criteria and the procedure for selecting companies to refinance their debts to foreign creditors. VEB Chairman Vladimir Dmitriev spoke about it after an extraordinary meeting of Vnesheconombank Supervisory Board. It is only companies operating on the Russian territory and in the real sector of the economy, he explained, that would be able to obtain funds for refinancing from Vnesheconombank. Their activity should be viewed as critically important for the Russian regions’ economy or strategic industries.


Companies that raised credits to implement investment projects or purchase assets on the Russian territory are entitled to request funds for refinancing foreign loans. Besides, in case of joint stock companies, they should raise co-financing all on their own, thereby sharing risks with the state, said V. Dmitriev.


A maximum amount of funds to be provided by Vnesheconombank (VEB) to Russian companies for refinancing foreign loans shall not exceed USD 2.5 billion per a single borrower. Vladimir Dmitriev also said that a minimum amount is fixed at a level of USD 100 million adding that such conditions are set forth in the Memorandum on the Bank’s Financial Policies, which stipulates that, a loan to be granted is not to exceed 25% of VEB’s charter capital.


VEB is to consider applications for refinancing foreign loans within a period of 18 days from the date of submission. V. Dmitriev explained that it would take 3 days to conduct a preliminary examination of an application, 10 days to conduct a comprehensive examination during which the Bank is to assess a borrower’s financial standing and review documents relating to an applicants’ foreign loan. A final decision on the outcomes of examination is to be made within 5 days, said V. Dmitriev. A great number of applications made it necessary to optimize the Bank’s organizational and personnel structure to process applications more efficiently.


Origin: http://rbc.ru/" target=_blank>RBC.RU


 


Procedure for Implementing by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Measures Provided for by Articles 1 and 2 of Federal Law No. 173-FZ ‘On Additional Measures for Supporting the Financial System of the Russian Federation’ dated 13 October 2008

Назад

On Decisions Made by Vnesheconombank’s Supervisory Board

A meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board chaired by Russian Prime Minister Vladimir Putin was held at the Russian Federation Government House today, on September 15.


http://www.government.ru/content/governmentactivity/mainnews/archive/2008/09/15/3262446.htm" target=_blank>V.V.Putin’s address at the meeting…


The meeting approved the Bank’s participation in financing the following major investment projects:




  • The Sevmash Production Association’s production program;


  • OJSC Corporation VSMPO-AVISMA investment development program. The Corporation’s investment program is aimed at reconstructing and modernizing the facility and provides for increased production of deeply processed products. The implementation of this investment program will result in increased production of titanium sponge, it will increase by 20% (up to 44 thousand tons per year), and rolled titanium – by 46% (up to 46 thousand tons per year). The program’s total value is 26 billion rubles, the Bank’s participation share in the project will amount to 400 million US dollars. Funds are to be made available for a period of 5 years;


  • Construction and operation of the alpine ski resort “Rosa Khutor” in Krasnaya Polyana. The Rosa Khutor project provides for creating a unique year-round sports and tourist complex. Under the project a number of Olympic sports facilities are planned to be built, they include an alpine ski center, a snowboard park, alpine ski routes to hold competitions in all 10 alpine ski events as well as hotel infrastructural assets. The project’s total value is 1,375 million US dollars. Vnesheconombank plans to earmark funds worth up to 750 million US dollars for a period of 15 years for this project’s implementation;


  • Construction of a new integrated complex to manufacture ammonia, methanol and granulated carbamide in the city of Mendeleevsk, the Republic of Tatarstan implemented by OJSC “Ammonii”. The project provides for building an integrated facility to manufacture ammonia and methanol with a capacity of 2,050 tons of ammonia per day and 668 tons of methanol per day at the mineral fertilizers manufacturing factory Mendeleevskazot LLC. The total value of the project is more than1billion US dollars US dollars. Vnesheconombank’s participation share will amount up to 870 million US dollars;


  • Construction of a factory in the Ulyanovsk region to manufacture and assemble super- light jets Eclipse 500 as well as provide after-sales services. The factory’s projected capacity will amount to 800 jets per year. Vnesheconombank is expected to finance the project in full the total value of which is 205 million US dollars, moreover Vnesheconombank and the Ulyanovsk region Administration will be among the shareholders of the enterprise.


  • The Supervisory Board has also made a decision to establish a targeted financing limit for the Kazakhstan Development Bank to open a credit line worth up to 300 million US dollars with a repayment period of 15 years. The credit line is of targeted nature – funds will be made available to support the export of Russian companies’ industrial products and services to the Republic of Kazakhstan. Decisions on conducting each specific transaction are to be made by Vnesheconombank’s governing bodies including decisions on all substantial terms of these transactions.

A number of other issues have been also considered.


 


Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru">press@veb.ru

Назад

Vnesheconombank’s Supervisory Board Meeting

The Supervisory Board of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ held its regular meeting chaired by Russian Prime Minister Vladimir Putin.


The Supervisory Board approved Vnesheconombank’s annual report.


The meeting approved the Bank’s participation in the following major investment projects:



  • lending the project to build a section of high-speed motorway “Moscow – Saint Petersburg”;
  • lending the project to build a railway carriage production facility in the city of Tikhvin of the Leningrad region.

The Supervisory Board also resolved to open Vnesheconombank’s representative offices on the territory of the Far Eastern, Southern and Siberian Federal Districts.


 



 


Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru">press@veb.ru


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