Short-Term Exchange-Traded Bonds Issued by Vnesheconombank

2 ноября 2018 года
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Vnesheconombank issued short-term bonds in an additional placement to companies and corporations on 31 October 2018.

The Bank raised 5 billion roubles from bonds with a maturity of 14 days and a coupon of 7.27% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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Development Institutions’ Leadership Team Headed by Igor Shuvalov Evaluates High-Potential Projects in Yaroslavl Region

1 ноября 2018 года
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Representatives from VEB, SME Corporation, REC and DOM.RF made a field visit to the Yaroslavl Region. The principal goal of their meeting with the Yaroslavl Region Governor Dmitry Mironov and local entrepreneurs was to identify priority projects requiring concerted promotional efforts of the development institutions. VEB coordinates this work, which facilitates the search for efficient solutions in each specific case.

Along with discussing potential investment projects, the delegation visited R-Pharm’s innovative Pharmaceutical Complex for Production of Finished Dosage Forms in Yaroslavl, and an apartment house built using 3D construction printers of a Yaroslavl-based company, SPETSAVIA.

‘For all regions, the key growth drivers include development of state-of-the-art technology, quality changes in urban environment, and laying groundwork for comfortable living. It is a complex task, which requires involvement from the government represented by development institutions at various stages. Competencies of our colleagues at DOM.RF augmented with the tools offered by SME Corporation can boost the construction of such facilities and reduce red tape. And the Russian Export Centre can facilitate companies in entering new markets,’ said VEB Chairman Igor Shuvalov. ‘It is precisely this synergetic effect that we have in mind speaking of coordinating state development institutions’ efforts.’

On that front, VEB Group has already engaged in promoting the regional tourist infrastructure by financing the Golden Ring Resort Project. The project has been actively implemented since autumn 2016 benefiting from VEB and its companies’ support. The 30-hectare resort comprises 353 rooms of hotel facilities, 26 chalets, a spa and sports facilities. Azimut Hotels, a professional hotel operator, is the manager of the resort.

‘The Yaroslavl Region can already boast a number of major projects successfully delivered in partnership with VEB,’ said Dmitry Mironov, Governor of the Yaroslavl Region. ‘To illustrate, the Golden Ring tourist and recreation resort has already welcomed its first guests. Today, we have presented new innovative projects designed not only to promote the local industry but also present best practices in tourism, agribusiness and other sectors. Undoubtedly, today’s visit will open a new page in the relations between the Yaroslavl Region and VEB.

Summarizing the results of the meeting, VEB Chairman Igor Shuvalov and Governor Dmitry Mironov reaffirmed their commitment to further cooperation between VEB Group and the Yaroslavl Region in developing the local economy.

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Team of Development Institutions’ Heads Led by Igor Shuvalov Appreciates Prospects for Yaroslavl Region Projects

1 ноября 2018 года
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Representatives of Vnesheconombank, Russian Small and Medium Business Corporation, Russian Export Center and DOM.RF have visited the Yaroslavl Region. The meeting with the Governor of the Yaroslavl Region, Dmitry Mironov, and local entrepreneurs was aimed primarily at identifying projects that should be given priority by development institutions providing joint support for their implementation and development. Vnesheconombank coordinates this work, which makes it possible to find effective solutions on a case-by-case basis.

Apart from discussing potential investment projects, the delegation visited R-Pharm’s Yaroslavl-based innovative pharmaceutical facility producing finished dosage forms and a house built using construction 3D printers of a Yaroslavl-based company, SPECAVIA.

“Developing innovative production technology, causing qualitative changes to the urban environment and creating the conditions for comfortable living are among the key drivers of the development of any region. The task is complex and needs the involvement of the government through development institutions at different stages. The competencies of our colleagues from DOM.RF, along with the tools of RSMB Corporation, are able to intensify the construction of such facilities and minimise bureaucratic barriers. Russian Export Center can help the company to enter new markets,” Vnesheconombank’s Chairman Igor Shuvalov said. “This is the synergistic effect that we have in mind when we speak about the coordination of how governmental development institutions operate.”

Vnesheconombank Group has already contributed to the development of Yaroslavl Region’s tourism infrastructure by participating in the Golden Ring Resort project. Vnesheconombank and its entities have been active in carrying out the project since the autumn of 2016. The 30-hectare resort comprises 353 hotel rooms, 26 chalets, a spa and sports facilities. The resort is managed by a professional hotel operator, Azimut Hotels.

Dmitry Mironov, Governor of the Yaroslavl Region said: “There are already several successful significant projects completed in cooperation with Vnesheconombank in the Yaroslavl Region. For example, Golden Ring Resort, which has already begun to receive its first guests. Today we presented new innovative projects aimed not only at support for the regional industry but also at know-how in the tourism, agribusiness and other industries. I am confident that today’s visit will open a new page for the relationship between the Yaroslavl Region and Vnesheconombank.”

Following the meeting, Vnesheconombank’s Chairman Igor Shuvalov and Governor Dmitry Mironov confirmed their intention to continue cooperation between Vnesheconombank Group and the region in the economic development of the Yaroslavl Region.

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Vnesheconombank’s Supervisory Board Meets in Regular Session

30 октября 2018 года
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Opening remarks by Dmitry Medvedev:

We are having a regular meeting of Vnesheconombank’s Supervisory Board today, rather an important meeting.

To begin with, last week’s meeting of the Presidential Council for Strategic Development and Priority Projects dealt with involving state corporations in efforts to achieve the national development goals. The President spoke about this. The colleagues also discussed this topic. Today we will discuss Vnesheconombank’s role in tackling these issues.

This makes it necessary that all development institutions whose formation used Vnesheconombank’s resources or participation should work closely with one another. This applies to all entities. It is important that, in the current configuration, they should act as one, providing support for investment projects that are high on the agenda for the country’s development.

There are also proposals to improve the efficiency of the entire system of development institutions and the coordinating role of Vnesheconombank in this context. This concerns modern platform solutions that will ensure the achievement of results horizontally.

For its part, the Government will continue to provide Vnesheconombank with the necessary support. In this respect, this meeting is key to Vnesheconombank’s activities. The latest meeting of the Government approved amendments to the budget of this year. The point is that Vnesheconombank will additionally receive money to pay some expenses of servicing its foreign loans. In addition, within five years, Vnesheconombank will be able to participate in development projects worth 3 trillion roubles, and in partnership with commercial banks, even greater investments can be made in the national economy, maybe three or four times as much as the initial amount, and this will be done on a repayable financing basis.

To improve Vnesheconombank’s efficiency, it is necessary to reinforce its financial model. This concerns the long-term settlement of its external debt. It is intended that 600 billion roubles in subsidies will be used for this purpose before 2024. Furthermore, an approach was developed to providing 300 billion roubles for Vnesheconombank’s additional capitalisation through a new mechanism, so-called «approved capital». This is the part of the share capital that can be provided when investment resources are required. This model is not yet specified in our legislation, which is why the Ministry of Finance prepared legislative amendments.

I have just signed the decision on an agreement with Vnesheconombank to provide federal subsidies in the form of property contributions to pay some expenses associated with its obligations for foreign loans. Therefore, I would like to ask that this ordinance of the Government should begin to be implemented in the near future.

There is another proposal; at first glance, it is of formal but, anyway, rather important nature. This concerns the name of Vnesheconombank. The proposed name is State Corporation «National Development Institution VEB.RF». It is not simply a matter of renaming the organisation; this reflects the role of Vnesheconombank (in fact, Vnesheconombank is primarily a development institution rather than a bank) and the tasks assigned by the President and the Government to Vnesheconombank.

We will consider the entire package of initiatives at the next meeting of the Government in order to continue with this work at the State Duma.

As usual, specific investment projects are on the agenda. For instance, the construction of two Aframax large oil tankers at the Zvezda shipyard. They use NGV fuel and meet the strictest environmental requirements of international conventions. In fact, this establishes a new standard of safety and quality in the global shipbuilding industry. This is an example of a modern approach to shipbuilding.

I hope that we will be able to compete with leading shipbuilding countries in this area and take the lead in forming promising international transport corridors. Vnesheconombank is to invest about 12 billion roubles in the project.

A whole range of other decisions also needs to be considered. Let’s get started.

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Vnesheconombank Finances Export of Russian Farming Equipment to Mongolia

26 октября 2018 года
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Vnesheconombank and the Development Bank of Mongolia have entered into two credit facility agreements for a total of 8.4 million euros to finance an export project to supply Russian-made farming equipment to Mongolia, with the first disbursement of 5.2 million euros.

The credit facility agreements were signed on behalf of Vnesheconombank by its Deputy Chairman Daniil Algulyan and on behalf of the Development Bank of Mongolia by its First Deputy Chief Executive Officer Chuluunbat Enkhbat.

The export project involves Russia’s leading suppliers of farming equipment, such as Rostselmash, Klever, Voronezhselmash, and Veles. Mongolia is to receive as many as 240 units of new farming equipment, including combine harvesters, energy-efficient tractors, self-propelled mowers etc.

The transaction is part of ongoing intergovernmental cooperation in agriculture between the Russian Federation and Mongolia. A similar transaction was previously completed by Vnesheconombank in collaboration with the Development Bank of Mongolia in 2017.

The Development Bank of Mongolia was established in 2011 pursuant to a resolution of the Government of Mongolia. The sole shareholder is the Government of Mongolia. The Bank’s activities are governed by the Law on the Development Bank of Mongolia. The Bank focuses on financing for development projects of commercial and social value.

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Short-Term Exchange-Traded Bonds Issued by Vnesheconombank

26 октября 2018 года
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Vnesheconombank issued short-term bonds in an additional placement to companies and corporations on 24 and 25 October 2018.

The Bank raised 40 billion roubles, including 20 billion roubles from bonds with a maturity of 14 days and a coupon of 7.27% p.a. and 20 billion roubles from bonds with a maturity of 21 days and a coupon of 7.27% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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Short-Term Exchange-Traded Bonds Issued by Vnesheconombank

26 октября 2018 года
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Vnesheconombank issued short-term bonds in an additional placement to companies and corporations on 24 and 25 October 2018.

The Bank raised 40 billion roubles, including 20 billion roubles from bonds with a maturity of 14 days and a coupon of 7.27% p.a. and 20 billion roubles from bonds with a maturity of 21 days and a coupon of 7.27% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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Short-Term Exchange-Traded Bonds Issued by Vnesheconombank

19 октября 2018 года
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Vnesheconombank issued short-term bonds in an additional placement to companies and corporations on 19 October 2018.

The Bank raised 0.2 billion roubles from bonds with a maturity of 28 days and a coupon of 7.32% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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$200m Memorandum of Cooperation Signed by Vnesheconombank and NBU

19 октября 2018 года
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Vnesheconombank and the National Bank of the Republic of Uzbekistan for Foreign Economic Activity (NBU) have entered into a memorandum of cooperation for a total of 200 million US dollars. The document was signed on behalf of Vnesheconombank by its Chairman Igor Shuvalov and on behalf of NBU by its Chairman of the Board Alisher Mirsoatov. The signing ceremony was timed to coincide with an official visit of Russian President Vladimir Putin to the Republic of Uzbekistan.

The parties agreed on mutual cooperation and strategic partnership in financing the supply of Russian high-technology products, work and services for up to 200 million US dollars to carry out projects of energy efficiency, energy conservation and urban infrastructure in Uzbekistan.

«We have always had kind, partnership relations. We are interested in promoting these relations. As instructed by the President, the Russian Government is active in working on the bipartite agenda, Russian banks have instructions to support projects in Uzbekistan, Vnesheconombank is ready to get involved in such projects. I hope that we will complete projects of mutual interest, specifically Tashkent’s urban economy and public transport modernisation," Igor Shuvalov said.

The parties expressed confidence that the memorandum will boost economic, scientific, technical and trade cooperation between the Russian Federation and the Republic of Uzbekistan. Additional sources of financing are considered by Vnesheconombank to be development banks that are members of the Interbank Association of the Shanghai Cooperation Organisation, along with national and international development institutions of CIS and EAEU member countries.

The National Bank of the Republic of Uzbekistan for Foreign Economic Activity was established pursuant to a decree of Uzbek President Islam Karimov in September 1991. As an investment bank, NBU is the country’s largest institution with a developed infrastructure contributing to the development of the financial and industrial sectors and actively supporting Uzbekistan’s economic reforms. The Bank’s absolute priority is to provide support for small businesses and private entrepreneurs and finance their capex projects. The Bank is involved in financing the projects that ensure deep economic restructuring. These are projects in petroleum and metal production and processing, agricultural engineering, chemical production, mineral fertiliser production, textile production, agricultural processing, tourism, air and railway transport, telecommunications and small business and private entrepreneurship development that build a new image of the Uzbek economy.

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Vladimir Putin Meets with Igor Shuvalov

15 октября 2018 года
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The President assigned the task of continuing work on the coordination of development institutions.

Putin: Igor Ivanovich, pleased to see you again!

Igor Ivanovich, I know that, firstly, you have already taken steps to optimise the work of the institution. Then I would like to hear your suggestions regarding the coordination of the activities of various investment institutions in Russia.

Vnesheconombank’s goal has always been aimed primarily at the development of the economy, the real sector. Coordinating various development institutions can help to achieve the goal by using the most optimal method, the most optimal instruments. In general, what is your progress in this area?

Shuvalov: Dear Vladimir Vladimirovich! Once again, I would like to thank you for trusting me to work in this area. When I was appointed, I was assigned the task of cooperating with the Government in implementing the May presidential decree. We are in contact with all divisions of the Government, and we are administratively involved in all areas that are specified in the decree.

As for our ability to lend, the Government decided in June on a new financial model of Vnesheconombank, which specifies that we will not be the only lender any longer, with the exception of certain decisions of the President and the Government. We need to learn how to collaborate with major credit institutions so that Vnesheconombank can offer sufficient comfort and take risks to increase the ability of credit institutions to provide financing for the economy.

In the previous period, Vnesheconombank gave loans of about 3 trillion roubles. Currently, in cooperation with our consultants, we believe that, in the next five years, with the new model, Vnesheconombank will be able to make loans for approximately the same amount, provided that our largest credit institutions are involved in this work—Sberbank, VTB, Gazprombank—making us able to raise three or four times the amount that I pronounced, or more than 3 trillion roubles. This will be a real contribution to fulfilling the 7 May presidential decree, your decree.

What we are doing for this. First, we have optimised the staffing level within the entire Group; we are working on this. This is not easy; this needs specific conversations with people, an understanding of their situation; but the Group should have the best professionals who would be respected by both the Government and credit institutions. We have already done considerable downsising, Vladimir Vladimirovich, and we have a new staffing structure from 1 October. We have invited some of the best professionals from other credit institutions, thus building a high-grade professional team. We will continue this work in the future.

Another area is the accumulated problem portfolio of Vnesheconombank. Many people read in the press that Vnesheconombank reports a loss. In fact, this is not an operating loss, this is an accounting transaction. This is how we show how we tackle the previously accumulated problems. They are transparent; we do not hide them form the public. We are cooperating with the Central Bank and the Ministry of Finance; and for some time, Vnesheconombank will report a loss, while this is not an operating loss, not a loss resulting form from Vnesheconombank’s current activities, but from operations in the past.

We know how to deal with these assets in the best possible way. We do not do it alone, we are cooperating with ministries and governmental agencies, and we are trying, Vladimir Vladimirovich, to fully fulfil our development function in this case. This concerns assets such as wood processing, cement production and agribusiness. We have a huge number of active businesses that are of great importance for regional economies. We are looking at how to involve other business operators and other existing companies in helping us to deal with these assets in such a way as to not lose but, on the contrary, increase their value.

As for the new portfolio, we are using a state-of-the-art risk assessment system and we are working to cause the risks that are evaluated by Vnesheconombank to be unconditionally taken by Sberbank, Gazprombank and VTB. Bearing in mind that, with this kind of work, we will take their risk assessment without additional assessment.

To conduct these transactions, we need capital. We, in a preliminary plan with the Ministry of Finance, as I reported to the Prime Minister, agreed that, as in the case of development banks in many countries and international development banks, our legislation should provide for possible subscribed capital. This is the capital that is used by a credit institution as necessary, and the necessary amount is provided by the Ministry of Finance. That is, capital is not provided in advance, but only when it is needed.

We cooperate with major credit institutions, for example, China Development Bank, banks in Japan, which are now willing to negotiate with us and sign agreements.

As for our accumulated external debt, we have conducted all necessary negotiations and consultations. How to deal with this problem, we agreed. In general, the problem with Vnesheconombank’s capital and our external obligations will be resolved by the end of 2018 if you support such approaches.

Putin: We have discussed this with the previous Government for a long time. You yourself frequently took part in this. The final decisions that are proposed in the draft, in your opinion, will work to rectify the operating figures and enable Vnesheconombank not only to deal with the repayment of long-standing problems but, on the contrary, to perform the function of a development institution?

Shuvalov: Yes, Vladimir Vladimirovich, in its entirety, this will allow us to join the new lending programme, create new businesses, modernise existing businesses; and we will certainly pursue the development goals and fulfil our main function in this case.

Putin: Good.

Origin: Official Internet Resources of the President of Russia

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