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.
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)
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.
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.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34