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.
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.
Changes in State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board Membership
Order of May 26, 2008 # 747-r
1. The Order terminates the membership of S.E. Naryshkin and V.N. Putilin in the Supervisory Board of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’
2. The Order appoints the following persons as members of Vnesheconombank’s Supervisory Board:
V.A. Zubkov – First Deputy Chairman of the Russian Government
S.B. Ivanov – Deputy Chairman of the Russian Government
3. The Order specifies new posts of the following members of Vnesheconombank’s Supervisory Board:
A.L. Kudrin – Deputy Chairman of the Russian Government, Russian Finance Minister
E.S Nabiullina – Russian Economic Development Minister
V.B. Khristenko – Russian Minister of Industry and Trade
Chairman of the
Origin: http://www.government.ru/content/governmentactivity/rfgovernmentdecisions/archive/2008/05/28/9632685.htm" target=_blank>the Russian Government’s Internet Portal
Vnesheconombank’s Supervisory Board Meeting
Today on April 25, the Supervisory Board of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ held its regular meeting chaired by Russian Prime Minister Victor Zubkov in Vnesheconombank.
Vnesheconombank Chairman Vladimir Dmitriev informed those present at the meeting about Vnesheconombank’s development strategy for a period of 2008-2012.
The meeting approved the Bank’s participation in the following major investment projects:
lending of OJSC “Russian Railways” to implement the project aimed at developing the infrastructure of the transport route “Kuzbass – the Far Eastern Transport Hub”;
the project to build a production facility for manufacturing low-speed turbines and generators using innovative technologies for nuclear power stations;
financing of the program to develop water supply and water drainage systems for populated areas in the Krasnodar territory.
The projects discussed at the meeting are in line with principles and industrial priorities of Vnesheconombank’s investment activity specified in the Memorandum on the Bank’s Financial Policy.
Vnesheconombank Supervisory Board Approves Development Strategy for 2008-2012
Moscow. April 3. INTERFAX – The Supervisory Board of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ (VEB) approved a development strategy for 2008-2012 in accordance with which the Bank is to increase its loan portfolio to 850 billion rubles by the end of 2012.
The decision was made at a meeting of VEB’s Supervisory Board on Thursday. The meeting was conducted by Russian Prime Minister Victor Zubkov.
The press service of the Russian Government said that the meeting made a decision to approve a strategy submitted by VEB and finalize to work out specific mechanisms for its implementation taking into account the recommendations made.
Under the strategy, Vnesheconombank is to increase its loan portfolio to 850 billion rubles by the end of 2012. By the same period the share of projects within a public private partnership scheme would amount to 30% and the Bank‘s size of loan portfolio for supporting small and medium-sized business would amount to 42 billion rubles.
“We’ll do our utmost to make these substantial funds be used as effectively as possible and become an efficient instrument for diversifying our domestic economy and moving it to an innovation path of development,” said Vnesheconombank Chairman Vladimir Dmitriev at the end of the meeting.
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.