Russian Prime Minister V.V. Putin chaired a meeting of Vnesheconombank (VEB) Supervisory Board.

V.V. Putin’s Opening Address:

Good afternoon, Dear Colleagues,

We need to discuss a wide range of issues today. And one of them is Vnesheconombank’s participation in implementing the Government’s measures to cope with the crisis, including the Bank’s participation in the programs designed to support small and medium-sized business. Moreover, we’ll discuss VEB’s proposals for its participation in the construction of Olympic facilities.

I have already spoken today about additional measures for supporting the banking system at a meeting of the Government. It’s also a matter of providing additional funds to Vnesheconombank to enable it to expand the scope of its activity and fulfill its obligations and decisions.

In accordance with the Law and the Memorandum on Financial Policies, one of the Bank for Development’s top-priority objectives is to support small and medium-sized businesses and, above all, those operating in the real sector of the economy that introduce high technologies and create new jobs. Today, as we see it, it is the most topical task.

By now, the Bank has already extended credits worth 8.9 billion rubles and till the year-end is to finance projects for a total amount of at least 30 billion rubles. We must approve today all the documents required for implementing this program.

Another serious issue on the agenda deals with the preparations for the Sochi Olympics. VEB is tasked with becoming one of principal creditors of Olympic facilities construction. In the conditions of the world crisis, this step would make it possible for developers to raise long-term financial resources on acceptable terms and of course with due regard to reliable performance guarantees.

In this regard, I think it necessary to work out a financing scheme in such a way as to use VEB’s credit resources to pay for actually performed work, exercising, of course, permanent control over their real volumes and value.

VEB’s Management Board has developed basic approaches for the bank’s participation in financing Olympic facilities. We’ll also discuss them today.

Let’s proceed to discussing issues on our agenda.

Origin: Internet Portal of the Government of the Russian Federation