Vnesheconombank’s regular Supervisory Board meeting held

22 december 2015 года
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Dmitry Medvedev’s opening address:


Today we are holding a regular meeting of Vnesheconombank’s Supervisory Board. As usual, we’ll discuss a lot issues but before we start doing it, I’d like to say a few words about what we are supposed to do.

We need to support the Bank for it to operate and carry out its statutory tasks. To this end, we’ll have to make decisions and adopt a plan to optimize the Bank’s operations through various forms of government and non-government support. This issue is under consideration at various meetings in the government.

These decisions should be made in the most immediate future because Vnesheconombank remains our country’s key financial development institution. The government cannot leave it completely alone to deal with the problems stemming from the financial and economic situation in the country, as well as from various sanctions imposed on our financial sector too.

We held various meetings and discussions and in the near future final proposals should be formulated. I entrust this task to the Finance Ministry. Anton Germanovich (turning to A. Siluanov) take the matter in hand, get proposals prepared and report to the Government of the Russian Federation and VEB’s Supervisory Board having in mind that the central part of the work is to be performed by the Finance Ministry as the country’s main financial authority.

Today, we’ll discuss a whole number of issues that are included in the agenda. Here I’d like to mention my recent business trip to the People’s Republic of China. Vnesheconombank’s Chairman was there too. An agreement was signed on raising a credit worth 10 billion yuans from the China Development Bank. This agreement was signed in the course of our meeting with Premier of the State Council of China Li Keqiang.

The funds will be used to finance Vnesheconombank projects in which Chinese companies participate. We want the number of such companies to increase. We already have a specific project and we’ll hope that other projects will emerge too.

We’ll also look into financial statements and other documents that were submitted for consideration by VEB’s Supervisory Board.

Vladimir Dmitriev’s briefing after a meeting of Vnesheconombank’s Supervisory Board

Transcript:

V.Dmitriev: A regular meeting of Vnesheconombank’s Supervisory Board is over. The keynote of the meeting is that the state is ready and finds it necessary to provide maximum support for Vnesheconombank in terms of the Bank’s liquidity, balance sheet, foreign debt repayment and internal debt repayments in the coming year.

To this end, a specially formed working group is working. And it is to submit proposals until the year-end for implementing measures for providing the state’s support for Vnesheconombank.

It is obvious that these measures would require optimization of Vnesheconombank’s operation and here I mean optimization of administration and other expenses not related to the Bank’s operation as a development institution. And this line of activity is its priority. Vnesheconombank is and remains to be a key financial development institution as the Prime Minister said today in his opening address.

There is no doubt that due to its status VEB has to carry out certain tasks which could at some point of its activity worsen its balance-sheet indicators. Here I mean the so-called special projects. But (the state is aware of these projects giving us certain instructions) the state should share responsibility with the Bank for funding these transactions and if required shore up Vnesheconombank’s balance sheet.

We also discussed issues related to specific investment projects and here I’d like to stress some progress in restructuring debts and the whole scheme for funding Concern Tractornye Zavody. We and our partners did a lot to structure transactions related to optimizing this concern’s operation both in the military and civil sectors.

A decision was made to approve a transaction on raising by Vnesheconombank a credit worth 10 billion yuans from the China Development Bank, with the funds to be used for implementing joint investment projects. A decision was also made on funding administration costs and expenses related to fixed assets for the 1st quarter of the next year. And it is very important for our work with investors that decisions proposed by Vnesheconombank on restructuring a number of Olympic facilities were approved. The main idea of these decisions was to improve investors' financial standing and prolong decisions related to cash sweep until July 2017 not to worsen our borrowers’ financial and economic situation. In general, we made this sort of decisions, so we are ending the year with optimism.

Question: Could you be more specific about support for VEB? In what form does the state intend to provide support for VEB?

V.Dmitriev: The working group is working and concrete proposals for state support measures are to be made to Vnesheconombank’s governance bodies in a week’s time.

Question: What are in your opinion the most urgent measures?

V.Dmitriev: The Finance Ministry and personally member of VEB's Supervisory Board are responsible for addressing this issue. The proposals he voiced are the ones of top-priority on our working group’s agenda.

Question: Is it now a matter of lump sum support for VEB?

V.Dmitriev: It’s a matter of systematic support for VEB related to liquidity, foreign debt repayment and internal debt repayments, implementation of projects for which VEB is responsible, funding of new projects using among other things financial resources worth 300 billion rubles from the National Wealth Fund.

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VEB, RDIF and the China-Eurasian Economic Cooperation Fund intend to invest in projects in the Eurasian region

17 december 2015 года
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In the course of the 20th regular meeting of Russian and Chinese heads of government in Beijing, Vnesheconombank, the Russian Direct Investment Fund (VEB Group) and the China-Eurasian Economic Cooperation Fund entered into an agreement on cooperation.

On behalf of Vnesheconombank the agreement was signed by RDIF Director General Kirill Dmitriev and on behalf of the Chinese side by the Fund’s Director Yuan Jinong. The signing ceremony was held in the presence of Russian Prime Minister Dmitry Medvedev and Premier of China’s State Council Li Keqiang.

Under the agreement the parties intend to enhance cooperation in co-funding projects that help to strengthen trade and economic ties between the Eurasian region and China.

The parties decided to give high priority to joint implementation of investment projects designed to develop industrial sector, transport infrastructure, power engineering as well as to projects in energy efficiency and sustainable development aimed at improving environmental and social conditions.

The China-Eurasian Economic Cooperation Fund (CEF) was established in 2014, its shareholders are the Bank of China and the Eximbank of China. CEF’s capital amounts to 5 billion US dollars. Direct investments in the Eurasian region are to be made in the amount of up to 150 million US dollars.


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

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VEB and the China Development Bank sign credit agreement

17 december 2015 года
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In the course of the 20th regular meeting of Russian and Chinese heads of government in Beijing, Vnesheconombank and the China Development Bank (CDB) entered into a credit agreement worth 10 billion yuans.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of CDB – by Board Chairman Hu Huaibang.

The agreement provides for extending credit facilities to Vnesheconombank for a period of up to 5 years to fund projects to be implemented in Russia with the participation of Chinese companies as well as projects providing for supplying finished products to China. The parties believe that this would make it possible to expand Russian-Chinese economic cooperation and would give an impetus for enhancing investment and trade relations between the two countries.

CDB is a leading financial institution in the People’s Republic of China. It operates in the form of state-run joint stock company wholly owned by the state. CDB international credit ratings are in line with national sovereign ratings of China: Moody’s – Aa3, Fitch -A+, S&P – AA-. CDB’s main goal is to make Chinese economy more competitive and raise Chinese people’s living standards.


Press Office of VEB
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E-mail: press@veb.ru

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Vladimir Dmitriev makes a report on the performance of the Shanghai Cooperation Organization Interbank Consortium (SCO IBC) at a meeting of the Council of Heads of Government of the SCO member states

15 december 2015 года
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Vnesheconombank’s Chairman, authorized representative of SCO Interbank Consortium (SCO IBC),Vladimir Dmitriev spoke at a meeting of the Council of Heads of Government of the SCO member states.

V. Dmitriev delivered a report on the performance of the Shanghai Cooperation Interbank Consortium. Its participants are authorized state-run banks and credit institutions of SCO member states. They specialize in foreign economic activity and implementing development projects. Vnesheconombank presided over SCO IBC in the period of 2014 –2015.

Speaking about cooperation within the Consortium V. Dmitriev stressed that SCO IBC members finance jointlyprojects in such sectors as power engineering, transport infrastructure, construction of major industrial facilities, agriculture, small and medium-sized enterprises. The central theme of discussion was an initiative to create a mechanism for monitoring and funding pre-project preparation of investment projects. This initiative is designed to give an additional impetus for the development of project activities within SCO and help to upgrade the quality of investment projects pre-project preparation with due regard to international criteria and best practices.

Participants in SCO IBC are interested in expanding contacts with financing development institutions of observer-states and partners in an SCO partners. The SCO Interbank Consortium is planning to cooperate with such institutions as the Silk Road Fund, the Asian Infrastructure Investment Bank and the New Development Bank.

The Shanghai Cooperation Organization Interbank Consortium (SCO IBC) was established on October 26, 2005. It specializes in the foreign economic sphere and in implementing development projects. The Interbank Consortium of the Shanghai Cooperaion Organization incorporates the following SCO member states’ authorized banks and credit institutions: State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Kazakhstan Development Bank, the China State Development Bank, RSK Bank (Kirgizia), State Savings Bank of the Republic of Tajikistan “Amonatbonk” and the Uzbekistan National Bank for Foreign Economic Affairs.


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

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Vnesheconombank releases its quarterly bulletin ‘DFI and IFO: implementation of sustainability principles’

14 december 2015 года
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To publication

1. PROMOTING SUSTAINABILITY WORLDWIDE

The UN Sustainable Development Summit held from 25 to 27 September 2015 in the UN Headquarters in New York adopted a Post 2015 Development Agenda. (>>page 5)

***

The Third International Conference on Financing for Development held from 13 to 16 July 2015 in Addis Ababa (Ethiopia) adopted the Addis Ababa Action Agenda.

The document provides that activities of institutions and policies should be aligned with sustainability principles. (>>page 6)

2. TOWARDS A GREEN ECONOMY FOR RUSSIA

V.A. Dmitriev, Chairman of Vnesheconombank, presented a report at a panel session titled On the Path towards Sustainability: Business and Preserving Biodiversity within the Eastern Economic Forum held from 3 to 5 September in Vladivostok. (>>page 13)

***

A regular meeting of the Steering Committee of the UN Global Compact Network Russia presided by Vnesheconombank took place in Moscow.

Its agenda focused on discussing the formats for UNGC Network Russia to take part in preparing a new Climate Treaty to replace the Kyoto Protocol. (>>page 13)

3. RESPONSIBLE INVESTMENT

The World Bank issues its Green Bond Impact Report. The Report shows that the World Bank has issued 100 green bonds denominated in 18 different currencies for a total equivalent to USD 8.4bn. (>>page 17)

4. SUSTAINABILITY RATINGS AND RESEARCH

The World Wide Fund For Nature (WWF) has prepared a report on Financial Market Regulation for Sustainable Development in the BRICS Countries that reviews legislation and practices related to the management of environmental and social risks in the financial sector of the BRICS countries. (>>page 19)

***

Experts of Interfax-ERA Environmental and Energy Rating Agency issued a report that assesses the fundamental causes underlying the current economic crisis and analysing the outlooks of Russian-Chinese relations. (>>page 19)

5. SUSTAINABLE PRACTICES OF LEADING DEVELOPMENT FINANCE INSTITUTIONS

KfW has issued a report on the spending of proceeds from green bonds showing that in 1H 2015 KfW raised EUR 0.4bn from green bonds. The proceeds were used to finance the renewable energy development programme. (>>page 23)

To publication


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Vnesheconombank awarded a category “Guaranteed Transparency” of the National Procurement Transparency Rating

9 december 2015 года
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According to the National Procurement Transparency Rating 2015, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is awarded a category “Guaranteed Transparency” among customers placing orders under Federal Law № 223-FZ.

In the course of the awarding ceremony which has been held since 2006, Vnesheconombank was awarded a memorial sign.

In order to evaluate procurers placing orders under Federal Law № 223-FZ, they used data on the extent of a company’s information disclosure and due process with regard to its procurement activity including availability of information on rules for conducting procedures, scheduled procurements, forthcoming tenders and concluded contracts on the participant’s official site and other open sources as well as data on the extent of using competitive procedures.

As compared to the 2014 rating, Vnesheconombank showed a significant procurement transparency growth dynamics: last year the Bank for Development was awarded a category “High Transparency” among the largest state-run companies.

The National Procurement Transparency Rating is an annual project of the National Association of E-Trade Participants. The rating has been held since 2005 with the assistance of the Federal Anti-Monopoly Service (FAS), the Economic Development Ministry, the Russian Audit Chamber, the Russian Commerce and Industry Chamber.


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

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Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

2 december 2015 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund from January 1 to November 30, 2015.

The Reserve Fund

In November of 2015, in accordance with the Federal Law dated December 1, 2014 № 384-FZ “On the Federal Budget for 2015 and for a planned period of 2016 and 2017” and in accordance with Order of the Russian Finance Ministry dated July 17 2015 № 216 “On Using Financial Resources of the Reserve Fund in Foreign Currency to Fund the Federal Budget Deficit in 2015,” a part of the financial resources of the Fund in foreign currency from the Bank of Russia’s accounts in the amount of 2.39 billion US dollars, 2.22 billion euros and 0.35 billion pounds sterlings were sold for 350.00 billion rubles and the funds received were transferred to the unified account of the federal budget to cover its deficit.

As of December 1, 2015, the aggregate amount of the Reserve Fund was 3 931.08 billion rubles which is equivalent to 59.35 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 27.23 billion US dollars;
  • 24.39 billion euros;
  • 4.11 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to November 30, 2015 was 0.16 billion US dollars, which is equivalent to 9.7 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to November 30, 2015 was 495.59 billion rubles.

The National Wealth Fund

In November of 2015, in accordance with Resolutions of the Russian Government dated January 19, 2008, № 18 and dated November 5, 2013, № 990, financial resources of the National Wealth Fund in the amount of 75.00 billion rubles were placed in the bonds of OJSC Yamal in quantity of 1 156 206 bonds, with par value of one share being 1000 dollars in order to fund an infrastructure project «Construction of a Gas Production and Treatment Integrated Facility and a Liquefied Natural Gas Plant as well as Liquefied Natural Gas and Gas Condensate Shipping Facilities of the South Tambey Gas Condensate Field in the Yamal Peninsular”, which was provided for by para 6 of the List of infrastructure projects to be implemented by legal entities in financial assets of which financial resources of the National Wealth Fund and (or) pension savings under the trust management of a state managing company are placed on a redeemable basis. The List was approved by Executive Order of the Russian Government dated November 2013, № 2044-r.

In November of 2015, Bank VTB purchased OJSC RZHD’s shares with a total par value of 15.20 billion rubles through using financial resources of the National Wealth Fund earlier placed on the subordinated deposit in order to fund an infrastructure project “Purchase of a Traction Rolling Stock” provided for by para 10 of the said List.

As of December 1, 2015, the aggregate amount of the National Wealth Fund was 4 784.05 billion rubles which is equivalent to 72.22 billion US dollars including:

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

  • 20.45 billion US dollars;
  • 21.50 billion euros;
  • 3.95 billion pounds sterlings;

2) 195.03 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

3) under an individual decision by the Russian Government 3.00 billion US dollars were placed in debt instruments of foreign states without placing demands on long-term credit ratings.

4) in bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 112.63billion rubles and 2.36 billion US dollars;

5) in preferred shares of credit institutions – 278.99 billion rubles;

6) on deposits of OJSC Bank VTB and Bank GPB (JSC) in order to fund infrastructure projects a list of which is approved by the Russian Government - 164.43 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to November 30, 2015, was 0.11 billion US dollars, which is equivalent to 7.29 billion rubles. The exchange rate difference from recalculating monetary resources of the Fund from January 1 to November 30, 2015 was 405.40 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – 306.49 billion rubles;
  • funds deposited with Vnesheconombank in US dollars – 62.42 billion rubles;
  • funds placed in debt instruments of foreign states without placing demands on long-term credit ratings –29.94 billion rubles.
  • foreign-currency denominated bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 6.55 billion rubles.

The aggregate income from placing financial resources of the Fund on authorized financial assets with the exception of accounts with the Bank of Russia from January to November of 2015 amounted to 44.32 billion rubles which is equivalent to 0.72 billion US dollars.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes (losses) 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.

Detailed statistics on transactions with 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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Vnesheconombank Fulfills Its Obligations Under Domestic Series BO-02 Bonds Put Offer

30 november 2015 года
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State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” on November 30, 2015 fulfilled its obligations to purchase bonds from investors in the course of the put offer under its RUB 9 billion Series БО-02 exchange bonds issue.

Under the current put offer Vnesheconombank bought 5 306 835 bonds with the total par value of RUB 5 306 835 000.

The coupon rate of the bonds was set at 11,20 % per annum till the next put offer in one year.

Arrangers of the БО-02 exchange bonds put offer and secondary placement are REGION Broker Company and VTB Capital.


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

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Vnesheconombank, JSC EXIAR (VEB Group) and the Central Bank of the Islamic Republic of Iran (CBI) sign a Memorandum of Understanding

25 november 2015 года
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In the course of the Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) member countries in Teheran and in the Presence of Russian President Vladimir Putin and Iranian President Hassan Rouhani, Vnesheconombank, JSC EXIAR (VEB Group) and the Central Bank of the Islamic Republic of Iran (CBI) signed a Memorandum of Understanding.

Under the Memorandum, the parties are to cooperate in implementing Russian-Iranian export projects and in expanding a list of services and instruments in supporting exports.

In order to increase Russian exports to Iran, Vnesheconombank is exploring the possibility of providing up to 2 billion euros under JSC EXIAR’s insurance coverage.

The parities are to place particular emphasis on supporting projects in such industrial sectors as power engineering, shipbuilding and aircraft industry.

The Memorandum is to be implemented in accordance with standards of national and international law.


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

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Vnesheconombank ready to explore the possibility of funding projects in Iran

24 november 2015 года
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In the course of the Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) member countries in Teheran, Vnesheconombank, Stroytransgaz company (OJSC STG) and Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) entered into a Memorandum of Understanding.

Under the Memorandum, the parties intend to explore the possibility of implementing jointly a number of projects in the Islamic Republic of Iran. The projects provide for designing and constructing an anode petroleum coke plant with a capacity of 250 thousand metric tons as well as a plant to manufacture alumina from nepheline syenites with a capacity of 200 thousand metric tons.

The Memorandum is being implemented in accordance with standards of national and international law.

Stroytransgaz Group of Companies is an international diversified construction holding, one of the leaders of the Russian market. The companies operating under the brand Stroytransgaz have been implementing major industrial and civil construction projects in Russia and abroad for more than 20 years. The strategic directions of the Group’s activities are associated with the construction of objects in the power, oil and gas and petrochemical industries, transport infrastructure, including road and railway construction, as well as in the field of industrial ecology. STG’s main markets are located in 19 world countries including countries of the Middle East, North Africa, Europe and Asia.

Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) is Iran’s leading holding company in the mining sector. It focuses on manufacturing steel, aluminum, copper, cement and on mineral production. It also participates in projects on the construction and reconstruction of industrial facilities.


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

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Vnesheconombank makes presentation of Vnesheconombank Group’s report on sustainable development for 2014

23 november 2015 года
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In the course of public hearings, VEB made a presentation of Vnesheconombank Group’s report on sustainable development for 2014. Vnesheconombank already became the winner of the Annual Report Competition in the category “Best Report on Corporate Social Responsibility and Sustainable Development” organized by Moscow Exchange and Stock Market Media Group and received a Gold Award in the MarCom Awards 2015 International Competition. The Report was presented to more than 50 participants of the Russian business community.


Vnesheconombank has prepared reports on sustainable development since 2009. As part of implementing this voluntary initiative the Bank published six non-financial reports, the last four of which consolidate information on the performance of all Vnesheconombank Group’s institutions in sustainable development. Reports are prepared in accordance with a leading international standard – Global Reporting Initiative Sustainability Guidelines. In 2015, the Bank transferred to a new revision of GRI-G4.

In the course of the hearings their participants discussed issues related to Vnesheconombank’s contribution to addressing issues of the country’s socio-economic development and to further integration of sustainable development principles in its development. The participants also voiced recommendations on disclosing information of the greatest interest for interested parties in the Bank’s non-financial reports. The participants’ recommendations are to be taken into account upon developing a concept of the Group’s next report for 2015 to improve the quality of the Bank’s non-financial reporting in line with expectations of a wide range of interested parties.


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Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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