Состоялось очередное заседание наблюдательного совета Внешэкономбанка
Вступительное слово В.В.Путина:
Здравствуйте, уважаемые коллеги!
Ещё раз вспомним о том, о чём говорили с вами на отчёте в Государственной Думе. Речь шла, как вы помните, о масштабных программах развития в регионах, в различных отраслях производства, на жилищном рынке, в промышленности, инфраструктуре и так далее, и так далее. О модернизации и запуске крупномасштабных проектов.
Очевидно, что большую роль при реализации всех этих планов призван сыграть и Внешэкономбанк как наш ведущий институт развития – и за счёт своих кредитных ресурсов, и как консультационных центр.
В том числе мы ждём активной работы от Российского агентства по страхованию экспортных кредитов и инвестиций. Напомню, оно создаётся в виде акционерного общества со 100-процентным участием Внешэкономбанка. Новая структура призвана помочь нашим экспортёрам осваивать международные рынки, завоёвывать новые площадки и прежде всего, конечно, мы должны поддержать тех экспортёров, которые работают в инновационных отраслях. Необходимые поправки в законодательство Правительство рассмотрело, подготовило и внесло в Государственную Думу.
Параллельно нужно решать все организационные вопросы, связанные с началом работы Российского агентства по страхованию экспортных кредитов и инвестиций, в том числе подготовить предметную стратегию его деятельности.
Дополнительные инструменты должны появиться у нас и для привлечения капиталов в российскую экономику из-за рубежа. Именно для этого создаётся такой институт развития, как Российский фонд прямых инвестиций (РФПИ). Сегодня мы как раз должны рассмотреть вопрос о специальной управляющей компании этого фонда. РФПИ займётся привлечением долгосрочных иностранных инвестиций в российскую экономику, в первую очередь так же в высокотехнологичных сферах (имеются в виду инновационные проекты), в энергетике, нефтегазовой сфере, освоении космоса, фармацевтике и так далее, и тому подобное. Управляющую компанию фонда с уставным капиталом в 300 млн рублей учредит Внешэкономбанк. И в своей работе эта структура сможет опираться на финансовый и опять же экспертный потенциал ВЭБа. Считаю, что такой подход обеспечит необходимый авторитет фонда в международном инвестиционном сообществе, создаст хорошие условия для старта и последующей работы.
Кроме этих системных вопросов, мы с вами рассмотрим ряд других, чисто производственных вопросов, вопросов производственного характера, и среди них я выделил бы один. Речь идёт о кредитной линии в размере 39 млрд рублей на создание совместного предприятия «Форд» и отечественной, российской компании «Соллерс», которая работает, как известно в автомобильной промышленности, работает уже не первый год. Это молодая компания, но работает не первый год и зарекомендовала себя положительно. По нашей просьбе разворачивает производство, в том числе, как мы знаем, и на Дальнем Востоке.
Считаю, что проект, о котором идёт речь сегодня, – это интересная, востребованная инициатива. Партнёрство российской компании «Соллерс» и «Форда» позволит привлечь в отечественный автопром новые технологии, значительно нарастить мощности уже успешно работающих предприятий в различных регионах Российской Федерации: в Татарстане (например, в Елабуге) и в Ленинградской области. Кредитные ресурсы, которые мы сегодня должны будем предоставить, будут направлены на повышение локализации производства. Это в полной мере отвечает тем требованиям, которые Правительство Российской Федерации формулирует для наших иностранных партнёров. Деньги пойдут на организацию выпуска компонентной базы на территории нашей страны. И достаточно сказать, что в перспективе уровень локализации на совместном предприятии «Форд-Соллерс» должен достичь 60%.
Старт такого крупного проекта особенно актуален сейчас, на фоне роста, на подъёме российского автомобильного рынка. В I квартале текущего года производство легковых автомобилей увеличилось у нас в стране в 2,2 раза. Кроме того, напомню, мы с вами приняли решение о дополнительном финансировании программы утилизации легковых автомобилей. Всё это создаёт такой хороший фон для старта нового большого проекта.
Давайте начнём работать.
О решениях Наблюдательного совета Внешэкономбанка
ВЭБ откроет финансирование строительства Олимпийской деревни
Ново-Огарево. 22 апреля. ИНТЕРФАКС - Внешэкономбанк прокредитует строительство Олимпийской деревни в Сочи, заявил глава банка Владимир Дмитриев.
В пятницу он напомнил журналистам, что по этому проекту была уже выделена кредитная линия порядка 2 млрд рублей. Средства предназначались на выполнение предпроектных работ.
"Помимо тех денег, которые мы предоставили, в соответствии с прошлогодним решением общий объем составляет 15,5 млрд рублей и на нынешнем наблюдательном совете принято решение о выделении 3 млрд рублей с тем, чтобы после согласования обеспечительной документации открыть полноценное финансирование", - сказал В.Дмитриев по итогам заседания наблюдательного совета в пятницу.
Кредит выдается, по его словам, под ставку рефинансирования плюс 0,4-1,4%.
Общий бюджет проекта СП "Ford-Соллерс" составит 75 млрд руб, ВЭБ выделит 39 млрд руб
НОВО-ОГАРЕВО, 22 апр - РИА Новости. Внешэкономбанк предоставит кредит на создание СП "Ford-Соллерс" на сумму 39 миллиардов рублей сроком на 10 лет по ставке - ставка рефинансирования плюс 2%, общий бюджет проекта составляет 75 миллиардов рублей, сообщил журналистам глава ВЭБ Владимир Дмитриев по итогам заседания набсовета госкорпорации.
"Финансирование предусматривает строительство нескольких производств, на трех площадках - Набережные Челны, Елабуга и Всеволжск", - сказал Дмитриев.
Он сообщил, что доля сторон в проекте по созданию СП "Ford-Соллерс" составляет 50 на 50. При этом имущественный взнос обеих сторон составляет 18 миллиардов рублей.
По словам Дмитриева, в результате реализации проекта будут созданы мощности для производства 350 тысяч автомобилей в год. Кроме того, как отметил Дмитриев, "будет создана внутренняя компетенция по двигателестроению".
Глава ВЭБа сообщил, что в рамках проекта также будет "создана своя научно-техническая база в Татарстане". Он добавил, что "в ходе реализации проекта бюджеты разных уровней получат около 39 миллиардов рублей, будет создано около 3 тысяч новых рабочих мест".
По его словам, Внешэкономбанк намерен в ближайшее время подписать меморандум с участниками проекта, где будут отражены инвестиционные условия. Он отметил, что детали проекта в настоящее время продолжают прорабатываться. Как заявил Дмитриев, после того, как проработка документов будет завершена, "мы представим на наблюдательный совет уже окончательно сформированные финансовые условия кредитования этого инвестиционного проекта".
При этом Дмитриев сказал, что ставка по предоставляемому кредиту "должна быть максимально привлекательной". "Сейчас рассматриваем вопрос по ставке рефинансирования плюс 2%", - добавил руководитель госкорпорации.
В середине февраля стало известно, что российский автопроизводитель и итальянский концерн Fiat прекратили переговоры о создании совместного предприятия, которое обещало стать вторым по величине после "АвтоВАЗа" игроком на российском рынке легковых автомобилей. Меморандум о создании СП компании подписали год назад, а в начале июля Sollers подал в ВЭБ заявку по организации синдицированного кредита на 2,1 миллиарда евро для финансирования проекта. Потом стороны решили, что дальнейшую реализацию своих долгосрочных стратегий они будут осуществлять самостоятельно.
При этом "Соллерс" без партнера не остался - в тот же день компания объявила о создании с Ford совместного предприятия в равных долях по производству и дистрибуции автомобилей Ford на российском рынке.
Набсовет ВЭБа принял учредительные документы УК фонда прямых инвестиций - Дмитриев.
НОВО-ОГАРЕВО, 22 апр - РИА Новости. Наблюдательный совет Внешэкономбанка принял учредительные документы управляющей компании суверенного фонда прямых инвестиций, сообщил журналистам по итогам заседания совета глава госкорпорации Владимир Дмитриев.
"Сегодня мы обсуждали тему создания российского Фонда прямых инвестиций, и самое главное - управляющей компании как юридического лица - это общество с ограниченной ответственностью, мы в целом приняли учредительные документы этого института, но они потребуют в дальнейшем некоего fine tuning", - сказал Дмитриев журналистам, добавив, что это будет сделано, как предполагается, до июня текущего года.
Отвечая на вопрос о том, кто может возглавить эту структуру, Дмитриев отметил, что было проведено изучение "достойных кандидатов, известных рынку".
"Я думаю, что в ближайшее время фамилия руководителя управляющей компании будет известна",- сказал глава ВЭБ.
Фонд прямых инвестиций планируется создать в форме закрытого паевого инвестиционного фонда. Это будет 100-процентное дочернее предприятие ВЭБа, капитал которого сформируют за счет средств федерального бюджета. Целевой объем суверенного фонда составит 10 миллиардов долларов. С инициативой его создания президент РФ Дмитрий Медведев выступил в январе на Всемирном экономическом форуме в Давосе.
Фонд займется привлечением долгосрочных иностранных инвестиций в российскую экономику, в первую очередь, в высокотехнологичные сферы и инновационные проекты в таких отраслях, как энергетика, газовая сфера, фармацевтика и освоение космоса.
Внешэкономбанк пожертвует 90 млн рублей на подготовку к проведению в России Чемпионата мира по футболу в 2018 году
НОВО-ОГАРЕВО, 22 апреля. /ИТАР-ТАСС/. Внешэкономбанк пожертвует 90 млн рублей на подготовку к проведению в России Чемпионата мира по футболу в 2018 году. Об этом заявил сегодня председатель ВЭБа Владимир Дмитриев после заседания Набсовета банка.
"Мы рассмотрели и приняли решение о выделении 90 млн рублей фонду "Россия-2018". Речь идет о благотворительной помощи на проведение Чемпионата мира по футболу в России", - сказал он.
V.V. Putin’s opening address
Good afternoon esteemed colleagues.
We are holding the first meeting of Vnesheconombank Supervisory Board this year. Today we’ll discuss the Bank’s plans and long-term objectives. In the period of the crisis Vnesheconombank played a very important role in supporting key economic sectors such as the banking system, the real economy and participated in the programs of rehabilitating enterprises and credit institutions. In fact, VEB became an efficient anti-crisis-financial management center. Nevertheless, as the situation was stabilizing in 2010, we started to shift priorities by placing more emphasis on long-term development goals, large-scale investment projects aimed at modernization, technical retooling and providing support for small and medium-sized enterprises. It is these lines of activity that should become key priorities this year The Bank’s loan portfolio is scheduled to be increased by 100 billion rubles. These financial resources will be used to fund large-scale investment projects and we’ll discuss a number of these projects today.
Another 10 billion rubles are to be used to support small and medium-sized enterprises. I’d like to remind you that we must bring the amount of financial support for small and medium-sized enterprises to 250 billion rubles. As you know this amount in 2010 was only 50 billion rubles. The mortgage lending development program should be up and running at full capacity. VEB earmarked about 200 billion rubles for these purposes including mortgage housing loans refinancing.
VEB’s participation must secure affordable interest rates on mortgage housing loans. The total amount of mortgage lending is bound to increase too. We expect the total amount of annual mortgage housing loans to reach the pre-crisis level of 650 billion rubles per year by 2012.
VEB must also give top priority to get its regional structures to operate effectively; here I mean the North Caucasus and the Far East. Their task is to be in close contact with investors. You know that the North Caucasus Development Corporation has already been established. And we have to resolve all organizational issues on forming a Direct Investments Fund for the Far Eastern Federal District and the Baikal region before May 1, 2011. At present, Vnesheconombank is conducting expert examination of Far Eastern projects worth 88 billion rubles. I’m sure that all the plans mentioned will be implemented and VEB’s team will go on working on a traditionally high professional level.
In this connection, I’d like to note that in 2010 VEB received the prestigious Deal of the Year Award. Please, accept my congratulations!
The highest marks were given to the following three projects – the Khabarovsk refinery modernization, the construction of an advanced petrochemical complex in Tobolsk and Pulkovo airport reconstruction in Saint Petersburg. We’ll also discuss another several high technology projects today.
I’d like to place particular emphasis on several projects. Here I mean a $1.6 billion credit line for the construction of an ammonia, methanol and carbamide integrated plant in the Republic of Tatarstan. Upon implementing the project the most advanced resource saving and energy efficient technologies will be used; the project will minimize negative impact on the environment and introduce digital production control methods.
I’ d like to stress that the most part of manufactured products (these are nitrogenous fertilizers) will be in demand by our agricultural producers and granulated carbamide have good prospects for export to the CIS, Europe and Asian countries.
We have discussed this project at great length with Tatarstan’s leaders. The Republic’s leaders also attach considerable importance to this project and are deeply involved in this work this is an additional guarantee of this project’s success.
I’d like to draw your attention to one more issue. At the end of the last year we took a decision on Vnesheconombank’s participation in funding regional and urban communal services infrastructure development projects. We have to put in place public private partnership mechanisms for modernizing water and heat supply systems, municipal transport and other facilities. For these purposes VEB is to commit annually 2 billion rubles in the period of five years (2011, 2012, 2013, 2014, 2015).
As a result of their joint efforts Vnesheconombank ad Moscow’s Government have already made a list of investment projects in the transport infrastructure and the communal services system. The Bank plans to commit 900 million rubles in 2011 for these projects’ implementation.
And now I’d like to single out one more important project that involves shipbuilding. You know that we laid down a whole program to rebuild shipbuilding. New shipyards are being built in the Far East and in the North-West of Russia. The United Shipbuilding Company has already formed a good backlog of orders for more than 100 ships. At the same time and for quite apparent reasons our enterprises find it difficult to carve out a niche in the shipbuilding market after a pause of many years. And here there is a need for special government support measures. One of these measures is to be carried out by Vnesheconombank. VEB is to extend payment reimbursement guarantees to ship customers. And this will give an additional competitive edge to our shipyards. Ship customers will be sure that the proper performance of contracts is backed by solid financial guarantees. Their total sum is to amount to 40 billion rubles.
On Vnesheconombank’s Supervisory Board Decisions
VEB to allocate 900 million rubles in 2011 for PPP infrastructure projects in Moscow
Moscow. February 24. INTERFAX - Vnesheconombank’s Supervisory Board approved a list of investment projects in the transport infrastructure and the housing and communal services system in Moscow. In 2011, up to 900 million rubles are scheduled to be committed for pre-project work, said Vnesheconombank Chairman Vladimir Dmitriev after a meeting of Vnesheconombank’s Supervisory Board on Tuesday
“This year we are to allocate about 900 million rubles for pre-project work. Today we have made public a list of projects which might be funded on a PPP basis. We are going to implement these projects together with Moscow. Engineering companies are to be set up. Interested investors and Vnesheconombank will be among these companies’ participants and shareholders”, said V. Dmitriev.
At the same time he noted that because of these allocations Vnesheconombank would increase the total amount of limit to fund similar regional public private partnership (PPP) projects from 2 to 3 billion rubles in 2011.
VEB plans to generate net profit of a bit over 30 billion rubles in 2011
MOSCOW, February 24, - RIA Novosti. Vnesheconombank plans to generate net profit of a bit over 30 billion rubles under the Russian Accounting Standards (RAS) against 28.9 billion rubles in 2010, Vnesheconombank Chairman Vladimir Dmitriev told journalists on Tuesday.
“We plan to generate profit of a bit over 30 billion rubles’, said Dmitriev adding that he meant net profit in 2011.
In early January, VEB said that it increased its net profit in 2010 by 26.8% under the Russian Accounting Standards from 2009 to 28.901 billion rubles.
According to VEB, the Bank generated net profit of 22.79 billion rubles in 2009.
Main objectives of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ established on the basis of Vnesheconombank of the USSR are to make the Russian economy more competitive, diversify it, encourage investment business by way of undertaking credit-investment, guaranty, insurance and consulting activities associated with implementing projects in Russia and abroad among other things, with the participation of foreign capital, as well as with providing support for Russian industrial exports and for small and medium-sized enterprises.
VEB to buy out bonds of the United Aircraft Construction Corporation worth 13.7 billion rubles
MOSCOW, February 23, (Reuters) – Russia’s Vnesheconombank is to buy out bonds of the United Aircraft Construction Corporation worth 13.7 rubles. The funds are to be used to refinance the Corporation’s credit, Vnesheconombank Chairman Vladimir Dmitriev told journalists on Tuesday evening.
In the first quarter of 2011, the United Aircraft Construction Corporation intends to issue 9-year bonds worth 46.28 billion rubles at a fixed coupon rate of 10 percent [ID:nMUE6B81BD]. The bond issue arrangers are Sberbank, VEB Capital and VTB Capital. The company announced that it would borrow money to repay its debt to large banks and as a result, its effective interest rate on debts will diminish to 6 percent from 10 percent.
By the end of 2010, the United Aircraft Construction Corporation’s consolidated debt was 147.6 billion rubles.
Vnesheconombank owns 11 percent of the Corporation’s shares, the state’s stake exceeds 80 percent and private investors own a bit more than 8 percent.
In December of 2009, the United Aircraft Construction Corporation placed an additional issue of shares worth 45.15 billion rubles in favor of the state and VEB in order to restructure its debt and finance investment projects. All in all the United Aircraft Construction Corporation placed three additional issues worth about 67 billion rubles, in the course of which the Russian Federation transferred government stakes of aircraft construction companies to the Corporation’s charter capital.
The United Aircraft Construction Corporation incorporates aircraft construction assets of the Russian Federation; it owns stakes of Sukhoi Holding Company, Research Production Association Irkut, the Nizhny Novgorod Aircraft Construction Plant Sokol, Ilyushin Finance Company, the Tupolev Company.
VEB’s Supervisory Board approved financing of the mineral fertilizers plant construction project in Tatarstan
MOSCOW, February 22, - RIA Novosti. At its meeting on Tuesday, Vnesheconombank’s Supervisory Board approved the Bank’s participation in funding the mineral fertilizers plant construction project in Tatarstan, Vnesheconombank Chairman Vladimir Dmitriev told journalists.
A trilateral agreement on building this first, in the past 20 years, large mineral fertilizers manufacturing plant on the Russian territory was signed in November of 2010 by Japan’s Mitsubishi Heavy Industries and Sojitz, the China National Engineering Co. (CNCEC) as well as Russia’s state-run company OJSC Ammonii founded by Tatarstan’s Government and VEB in 2006.
Dmitriev said that in the current year VEB would implement large-scale projects and one of them is the ammonia, methanol and carbamide manufacturing integrated plant construction project in Tatarstan.
He added that the project would be for the most part implemented with Japanese banks’ money. “We have agreed that the plant’s products would be for the most part sold on the Russian market”, said Vnesheconombank’s Chairman.
Russian Prime Minister Vladimir Putin, who chairs VEB’s Supervisory Board, said on Tuesday that the total amount of the credit line opened for funding the project was estimated at 1.6 billion dollars.
Under the project the plant is to be put in operation in 2015. The production facility’s capacity would make it possible to simultaneously manufacture ammonia and methanol from natural gas.
A new fertilizers plant is to be built in the city of Mendeleevsk (the Republic of Tatarstan). The city is located about a thousand kilometers to the east of Moscow. The plant is scheduled to manufacture 2.05 thousand metric tons of ammonia per day and 1.382 metric tons of ammonia and 668 metric tons of methanol upon simultaneous production.
VEB to hold a tender to select a managing company of the Traktornye Zavody Concern
Moscow. February 24. INTERFAX - VEB’s Supervisory Board made a decision to hold a tender to select a managing company of the Traktornye Zavody Concern, said VEB Chairman Vladimir Dmitriev after VEB’s Supervisory Board meeting.
He didn’t rule out that the company might be bought out by its former owners.
“A decision was made to hold a tender to select a managing company. In part, we accomplished our mission. We consolidated various isolated entities incorporated in the so called the Traktornye Zavody Concern and conducted financial and technological audit. This company should be managed professionally by highly qualified specialists who have positive experience in crisis management”, said V. Dmitriev.
He also noted that all could participate in a tender to select a managing company including former owners of the Traktornye Zavody Concern.
By the way, V. Dmitriev said that VEB was not so far going to sell the company as it had an option for its former owners who could buy it out”.
Besides, V. Dmitriev said that VEB would participate in the ammonia, methanol and carbamide manufacturing integrated plant construction project in the Republic of Tatarstan together with the republican investment fund.
At the same time, V. Dmitriev said that for the most part the project was to be financed by Japanese banks with the assistance of Japanese state-run institutions, he also added that VEB jointly with the investment fund would have more than a controlling stake in the project.
On Tuesday, VEB’s Supervisory Board approved the extending of guarantees to Russian ship customers against payments to shipyards where appropriate vessels are to be built.
“The problem was that shipyards failed to secure guaranteed reimbursement of payments made for building vessels. Now Vnesheconombank is to assume this mission and we believe that we’ll be able to guarantee and secure an adequate volume of orders and our fleet will be provided with vessels it really needs”, said V. Dmitriev
Vnesheconombank is ready to participate in financing Sollers and Ford joint venture
MOSCOW, February 22. /ITAR-TASS/. Vnesheconombank is ready to participate in financing Soller and Ford joint venture, Vnesheconombank Chairman Vladimir Dmitriev told journalists about it. “We are ready”, he said.
Dmitriev made it clear that the Bank hadn’t so far entered into any agreements with this tandem. He added that as soon as the joint venture’s financial model became clear, VEB would be able to take a decision.
Last week, the Russian automaker Sollers announced its withdrawal from the agreement on establishing a joint venture with Fiat. Sollers also announced that instead of Fiat, Ford auto concern would be Sollers’ partner. The companies have already submitted an application for participating in a new mode of industrial auto assembly.
Vnesheconombank does not plan to purchase Alexander’s Lebedev’s stake in Ilyushin Finance Company
MOSCOW, February 22. /ITAR-TASS/. Vnesheconombank does not plan to purchase Alexander Lebedev’s stake in Ilyushin Finance Company. Vnesheconombank Chairman Vladimir Dmitriev told journalists about it today.
“An issue of buying out these shares is not on the agenda”, he said.
The National Reserve Corporation owned by Alexander Lebedev holds 8.65% of Ilyushin Finance’s shares. A buy-out of this asset was at issue as part of preparations for a public offering of Ilyushin Finance Company’s shares but the Company decided to determine its shareholding structure before conducting a public offering of shares.
Ilyushin Finance is incorporated in the United Aircraft Construction Corporation as a main sales unit of new civil Russian-aircraft. In particular, Ilyushin Finance Company leases out An-148 and MS-21 aircraft.
V.V. Putin’s opening address:
Some of you attended the United Russia’s conference in Khabarovsk yesterday, where we discussed plans for the Far East. Specifically, we discussed Vnesheconombank’s and other development institutions’ involvement in implementing investment projects in the region.
There are many interesting business ideas for the Far East, in particular for its fuel and energy sector, steelmaking, forestry and fishing industries. As I have already said, we plan to establish a Direct Investments Fund in the Far Eastern Federal District and the Baikal Region.
VEB’s participation in this Fund will make it possible to engage major financial institutions, funds and investment companies in cooperation. Today, we’ll discuss the Fund’s concept and proposals for its organizational structure. I would also like to note that yesterday Vnesheconombank signed an agreement on extending a three billion ruble loan to Dallesprom for building a deep timber-processing integrated plant in the city of Amursk in the Khabarovsk Territory.
We’ll also consider another project that is critical for the Far East, the reconstruction of the Knevichi airport. This project will be implemented as part of preparations for the APEC summit and the program to remake the image of Vladivostok.
A new modern passenger terminal’s commissioning would increase the airport’s capacity to four million people per year. After reconstruction, the airport’s runway will be able to operate almost all types of aircraft, both Russian and international. Vnesheconombank’s investment in the project will total four billion rubles, of which it has already provided 2.3 billion rubles in loans.
Today we’ll also hear out a report on the progress the Bank has made on its mortgage lending program. I’d like to emphasize that the program began nearly a year ago, and Vnesheconombank has already extended more than 4,000 mortgage credits worth some seven billion rubles, which account for about 30% of the credits received by Russian citizens to buy new housing.
I’d like to stress that as we expected the average interest rate – stands at 11% per annum. Moreover, the banks that obtained VEB’s credits have cancelled commissions for issuing credits. There are mortgage credits extended at lower interest rates. For example, Sberbank extends mortgage credits for several categories of employees at 9.5% per annum. There are also higher interest rates of 11%, 12% and even a bit higher. But the average interest rate stands between 11% and 11.5% per annum across the country. These are the target figures we set for this year. Not bad for a start. We can expect the amount of loans to increase significantly in 2011.
There are also proposals to expand Vnesheconombank’s involvement in housing program for the Bank to encourages not only mortgage lending but also accomplish a task of increasing housing construction.
To this end, Vnesheconombank could lend to commercial banks for them to fund projects aimed at building affordable economy-class housing. As we agreed before, this investment is to amount to 50 billion rubles, and the funding source is to be Vnesheconombank’s profits from transactions in financial markets. I’d like to remind you that the Bank generated significant profits from the increased value of Russian companies’ shares, which it bought during the crisis. And it makes sense to invest these profits in implementing housing programs. Credits will be extended at only 3%, which will allow banks to reduce interest rates for end borrowers, that is, natural persons. VEB will soon begin to finance regional and municipal projects to upgrade utilities infrastructure. The Bank will use public-private partnership mechanisms to modernize water and heat supply systems, municipal transport and other facilities. The Bank will commit two billion rubles for these purposes annually. And one more point: this year Vnesheconombank has raised more than $5 billion for a period of up to 15 years in the international market. It is the first time that a Russian lending institution has raised funds on such favorable terms. The Bank has also successfully placed ruble-denominated bonds worth 25 billion rubles. This testifies to the increased trust in Russian banks and shows that Vnesheconombank’s team is comprised of real professionals.
Let’s start our discussion.
V.V. Putin’s Opening Address
Today, we are holding our regular meeting of Vnesheconombank’s Supervisory Board. Our today’s agenda includes a number of new investment projects as well as issues of systemic nature such as for example the creation of effective instruments for implementing socio-economic plans. Here I mean the plans to develop the Northern Caucasus. We set ourselves a number of objectives in the Strategy for the Northern Caucasus, the Northern-Caucasian Federal District. The main one is to secure the development of this Russian region. We have to address the issues of transport, power engineering, we also have to upgrade populated localities but the main thing is to create 400 thousand new jobs for a period of 10 years.
To this end, huge government and private funds worth tens and even hundreds of billions rubles should be invested in the Northern Caucasus. In order to accomplish objectives of such magnitude we have to use advanced management systems in the top-priority economic sectors. Today, we’ll discuss proposals on some key elements.
Here I mean the Northern Caucasus Development Corporation and a company “Resorts of the Northern Caucasus”. Vnesheconombank is to found both these business entities. And in their operation they will rely on the Bank’s financial and expert potential.
The Northern Caucasus Development Corporation is to be responsible for monitoring investment projects - from idea to practical implementation. It is this Corporation, which should be responsible for preparing all required documentation, agreeing it upon with regional, local and federal authorities as well as for helping to obtain credits in financial institutions. Moreover, the Corporation’s most important task is to train local personnel, specialists so that they will be able to work in the modern conditions and raise investments on their own.
The company “Resorts of the Northern Caucasus” is to be established in order to manage a unified tourist complex that is being formed in the region now. Here I mean such resorts as Arkhyz in Karachaevo-Cherkessia, Lagi-Naki in Adygeya, Mamison in North Ossetia, Matlas in Dagestan and Elbrus in Kabardino-Balkaria.
I’d like to highlight two more issues. Firstly, Vnesheconombank is planning to participate in implementing a project aimed at developing Russia supercomputers manufacturing technologies and promoting their export. These technologies will be in great demand in power engineering, aviation, space exploration, nuclear power engineering and in many other economic sectors. And secondly, it’s a project to build a large stock-breeding complex in the Bryansk region.
We are well aware that this year the situation in the agro-industrial complex is quite difficult. Because of the drought, agro-industrial farms in a number of regions suffered heavy losses and are in need of the state’s support .We have already talked about it today. This sort of support is being provided now.
At the same time, we can see that many investors took a decision not to freeze their projects and continue to work for the future and build high-technology, large-scale production facilities, above all, in animal breeding, plant growing and logistics.
And we, of course, should back this approach. And we are going to deal with one of these projects. Here I mean Miratorg Company. A meat cattle-breeding complex for 100 thousand heads is planned to be built. This sort of production facilities have never been built in our country, even, if my memory serves me right, in the Soviet times. This complex would produce up to 48 thousand tons of beef a year.
A total amount of financing is in excess of 24 billion rubles, with Vnesheconombank’s participation share being 18.4 billion rubles.
Let’s get started with our work
On Decisions by Vnesheconombank’s Supervisory Board
VEB Enters into Capital of a Company Involved in Developing Supercomputers
Moscow, September 30, RIA Novosti. Vnesheconombank made a decision to enter into capital of T-Platforms Company, which is engaged in developing supercomputer technologies and services, Vnesheconombank Chairman Vladimir Dmitriev told journalists about it on Thursday.
VEB’s Supervisory Board spoke in favor of the project aimed at increasing capacities and entering international markets of Russia’s company engaged in developing supercomputers. This involves both software and design of computers. T-Platforms Company is a pretty well-known company both on the international and Russian market, said Mr. Dmitriev at a briefing after Vnesheconombank’s Supervisory Board meeting.
“We are entering into this company’s capital having a clear idea of withdrawing from the capital. This would allow the company to start serious production in Russia and strengthen its positions abroad”, added VEB’s Chairman.
He reminded that the Company participated in developing the Lomonosov supercomputer.
T-Platforms Company is the largest Russian holding involved in high-speed computations. The Group of companies provides a full range of solutions and services in supercomputer technologies and resource-intensive computations. Six systems developed by the Company were included in the rating of the most powerful supercomputers Top500.
Charter Capital of the Northern Caucasus Development Corporation to Amount to 500 million Rubles
MOSCOW, September 30. /PRIME-TASS/. Charter capital of the Northern Caucasus Development Corporation is to amount to 500 million rubles. Vnesheconombank Chairman Vladimir Dmitriev told journalists about it.
He said that Vnesheconombank would act as the Corporation’s founder. He added that he hoped that other investors and banks would be among founders and shareholders of the Corporation as well.
The Corporation’s task will be to monitor investment projects to be implemented on the territory of the Northern Caucasus and to consult regional authorities. The Corporation is expected to start operating as early as in November of 2010.
According to Dmitriev, original 500 million rubles to be invested in the Development Corporation’s charter capital will be enough to finance projects worth up to 9 billion rubles.
He added that earlier it had been said that the total amount of funds needed for implementing investment projects offered to be submitted for consideration by a would-be Development Corporation would be 2-3 trillion rubles. V.Dmitriev said that he was sceptical about most of these projects. In his opinion, even half of them are unlikely to be prepared properly in terms of bank risks and return on investment.
VEB and Sberbank to Invest 300 million rubles each in the Project “Resorts of the Northern Caucasus”
MOSCOW, Sept 30 – RIA Novosti. Vnesheconombank and Sberbank are to invest 300 million rubles each in the project “Resorts of the Northern Caucasus”. The project provides for creating five mountain-ski resorts in the region. Another 6 billion rubles are to be invested by OJSC Special Economic Zones, Vnesheconombank Chairman Vladimir Dmitriev said on Thursday.
“We have agreed with Sberbank that Vnesheconombank and Sberbank would invest 300 million dollars each in this company (OJSC Resorts of the Northern Caucasus), to my best knowledge OJSC Special Economic Zones would invest funds in the amount of 6 billion rubles”, Mr. Dmitriev said at a briefing after VEB’s Supervisory Board meeting where they discussed an issue of VEB’s participation in the project.
According to him, this mechanism would be used to raise private investment for this region to finance infrastructure and other facilities.
OJSC “Resorts of the Northern Caucasus” is to be founded to manage a unified tourist complex, which is being formed in the region now. Under this project the following mountain ski resorts are to be built: Arkhyz in Karachaevo-Cherkessia, Lago-Naki in Adygeya, Mamison in North Ossetia, Matlas in Dagestan and Elbrus in Kabardino-Balkaria.
VEB to Invest 7 billion Rubles in Float Glass Manufacturing
MOSCOW, Sept 30 – RIA Novosti. Vnesheconombank is to invest more than 7 billion rubles in building a float glass manufacturing factory in Dagestan, said Vnesheconombank Chairman.
“We hope that in the most immediate future after a detailed comprehensive examination of all documents is completed, funds would be made available and the amount of funds is as much as 10 billion rules, with Vnesheconombank’s participation share being more than 7 billion rubles”, said Dmitriev at a briefing on Thursday.
According to him, an appropriate decision was made at VEB’s Supervisory Board meeting on Thursday.
He added that the said glass factory was to be built near Makhachkala and it would be equipped with state-of-the- art equipment. Private investments would amount to about 30%.
Moreover, Dagestan’s authorities are already rendering assistance in allocating a plot of land and in building an infrastructure. Dagestan’s float glass factory’s capacity is to be 600 tons per day. The project provides for building a new high-technology production facility of various types of glass capable of meeting the construction industry’s needs in the Northern Caucasian, Southern, Volga and Central Federal Districts, the Press Office of the Russian Government was quoted as saying.
The glass factory would manufacture top-quality innovative products having unique energy-saving qualities – a 30% percent reduction in thermal losses in a cold period of the year and a 30-45% solar energy reduction in a warm period of the year.
A manufacturing technology is to be provided under a license of the world’s largest manufacturer of new extra-thin glass coatings, PPG Industries (the U.S.).
The project’s implementation is expected to create 300 new jobs and increase tax revenues in the budgets of all levels.
VEB to Buy out Svyaz-Bank’s Problem Loans for an Amount of 80-90 Billion Rubles, to Pay 8-9 Billion Rubles for them
Moscow. September 30. INTERFAX-AFI – Vnesheconombank is to buy out Svyaz-Bank’s (RTS: SVZB) problem loans for an amount of 80-90 billion rubles, Vnesheconombank Chairman Vladimir Dmitriev told journalists about it.
“After buying out this part of debts the balance sheet would be cleaned out of bad loans”, said Dmitriev after VEB’s Supervisory Board meeting. At the same time V Dmitriev said that the appraised value of this portfolio of bad loans was about 8-9 billion rubles. The appraised value between 8 and 9 billion rubles accounts for about 10%”, said Dmitriev.
VEB’s Supervisory Board was informed about the progress of this project’s implementation. V.Dmitriev added that talks with partner-banks on establishing a Postal Bank are still underway. He also added that a partner was most likely to be chosen at least in a month’s time. He explained it by the fact that proposals submitted to VEB by partners on September 15 did not meet all the requirements. VEB’s Chairman added that they discussed with partner-banks such issues as to how they would compensate for the Post of Russia’s loss of incomes because of its refusal to conduct financial transactions and as to how to compensate for VEB’s expenses on reorganizing Svyaz-Bank.
VEB to Choose a Partner for Establishing a Postal Bank on the Basis of Svyaz-Bank at Least in a Month’s Time
MOSCOW, September 30. /PRIME-TASS/. Vnesheconombank is to choose a partner for establishing a Postal Bank on the basis of Svyaz-Bank at least in a month’s time.
According to him, Nomos-Bank or Bank Russian Standard can become VEB’s partner.
V.Dmitriev didn’t specify possible dates of establishing a Postal Bank saying that Svyaz-Bank’s re-branding into a Postal Bank could take place in parallel with talks on searching for a partner.
According to V.Dmitriev, Vnesheconomank expects its potential partners to submit proposals on how and when to compensate the Post of Russia’s loss of incomes because it is to transfer a number of its financial transactions to a Postal Bank. And of course we would like them to disclose their stand on compensating for Vnesheconombank’s expenses on reorganizing Svyaz-Bank through using the Central Bank’s deposit”, said V.Dmitriev.
According to him, they have discussed the progress of implementing decisions on reorganizing Svyaz-Bank at Vnesheconombank’s Supervisory Board meeting. They stated that the measures taken by Vnesheconombank by way of using the Central Bank’s deposit worth 125 billion rubles helped to improve Svyaz-Bank’s financial indicators and secure its sustainable development. “These measures yielded tangible positive results”, noted V.Dmitriev.
Since the beginning of the year, the Bank has increased its loan portfolio by more than 40 percent. The amount of raised funds increased by more than 40 percent. The bank’s equity capital is about 45 billion rubles with capital adequacy ratio being more than 43 percent. This is quite a positive indicator enabling the bank to increase its transactions”, said V.Dmitriev.
RusAl to Repay Credit Worth $4.5 Billion to VEB within a Few Hours
MOSCOW. September 30. INTERFAX-AFI – VEB Chairman Vladimir Dmitriev told journalists that RusAl would repay its credit worth $4.5 billion, which it raised from Vnesheconombank in autumn of 2008 in the nearest time.
“I think it’s a matter of several hours, funds are available to refinance the debt in full’, said Dmitriev.
RusAl is planning to refinance its debt to VEB through raising a credit from Russia’s Sberbank.
Earlier, Sberbank President German Gref said that the credit could be refinanced in September.
V.Dmitriev said that that a key provision of the transaction model agreed upon by the three parties was that under no circumstances the mining and smelting plant’s collateral (Nornickel’s blocking stake owned by RusAl and pledged against VEB’s credit) was not to be alienated from the state.
In early August it became known that that Sberbank approved extending a credit worth $4.5 billion to RusAl for a period of up to December 2013 to refinance its debt to VEB. The sum of the credit approved covers the current debt of the Aluminum Company and capitalized interest.
In November 2008, RusAl raised a credit worth $4.5 billion from VEB to repay a loan obtained in April of 2008 from a syndicate of Western banks to purchase 25% +2 shares of the Norilsk Nickel Mining and Smelting Company. Last autumn VEB rolled over the credit for another year – until October 29, 2010.
Vnesheconombank is ready to explore the possibility of participating in the INTECO project in the Rostov region.
MOSCOW, September 30. /ITAR-TASS/. Upon receiving sufficient documentation on the construction of integrated home-building factories in the Rostov region by the INTECO Company, Vnesheconombank is ready to explore the possibility of participating in this project. Vnesheconombank Chairman Vladimir Dmitriev told journalists about it.
According to him, VEB continues to examine the materials made available.”In order to get divorced one should first get married”, Dmitriev commented on a number of publications in the mass media that wrote that VEB had got divorced with INTECO and would not participate in this project.
“We are examining the project on a routine basis”, said Dmitriev. As soon as we receive enough materials to examine the Rostov project thoroughly we’ll study them and make a decision in accordance with the established procedures”.
VEB’s Supervisory Board approved a proposal for a new remuneration system in the state corporation
Moscow. September 30. INTERFAX-AFI – Vnesheconombank’s Supervisory Board approved a proposal for a new remuneration system in the state corporation, VEB Chairman Vladimir Dmitriev told journalists about it.
“We also made a decision to approve a proposal agreed upon with the key financial and economic authorities for a system of financial indicators which would form the basis for VEB’s remuneration system”, he said at a briefing after Vnesheconombank’s Supervisory Board meeting.
Moreover, the Bank’s Supervisory Board approved regulations on a personnel and remuneration committee.
“We are forming a full-fledged management structure in line with the international banking standards. This structure is designed to manage Vnesheconombank as a state corporation”, he added.
V.Dmitriev said that all these decisions had been made without any linkage to a possible transformation of VEB into a joint stock company.
According to him, VEB’s proposals for employee remuneration were made on the basis of indicators of the five largest banks with state participation.
VEB is to provide sponsorship of 360 million rubles to Russia’s national hockey team
MOSCOW, September 30 – RIA Novosti. Vnesheconombank is to provide sponsorship of 360 million rubles in this season to Russia’s national ice-hockey team, Vnesheconombank Chairman told journalists about it.
According to him, the decision was taken on Thursday at the Bank’s Supervisory Board meeting conducted by Russian Prime Minister Vladimir Putin.
“Another decision I’d like to mention is the one on providing sponsorship of 360 million rubles to Russia’s national ice-hockey team. The funds are to be used to support the team in this season as well as to form the basis for our ice squad’s successful performance at the 2014 Winter Olympics”, said Dmitriev.
Vladimir Putin's preliminary remarks:
Ladies and gentlemen,
Today we are holding a regular meeting of the Vnesheconombank Supervisory Board.
When we decided to reorganise VEB in 2007, we envisaged more than just another agency to develop and modernise the national economy.
I want to remind you that implementing international initiatives to develop infrastructure and launch innovations is undoubtedly one of Vnesheconombank's priorities.
I cannot but mention in this regard that a month ago VEB was elected to the Long-Term Investors Club, which brings together the largest and most authoritative government development banks of foreign countries.
I am confident that Vnesheconombank will make a worthy and constructive contribution to its work, and cooperation will benefit both the Russian economy and our partner countries.
A few days ago, VEB placed the first issue of ten-year Eurobonds to total $1.6 billion. As the bank CEO reported, demand greatly exceeds the offering, showing great confidence in the bank and readiness to invest in our country's key significant development projects.
VEB will be floating rouble bonds next and I hope they will be just as popular with investors, and these extra revenues from the domestic and foreign markets will help the bank to considerably increase the funds it generates for Russian industry.
Let us turn now to several items on today's agenda. We will consider the proposals for VEB to take part in lending money to new investment projects.
The comprehensive development of the Angara River's lower reaches in the Krasnoyarsk Territory is the most ambitious of these projects. It is one of the Siberian development strategy top priorities. The project envisages the construction of the Boguchany hydropower plant with a 3 hectowatt capacity, an aluminium plant and other industrial plants, and the necessary transport and social infrastructure.
The project will give practical results even within the year. I mean here the opening of the first unit of the Boguchany hydropower plant, which is scheduled to reach full capacity in 2013, when the Boguchany aluminium plant is also to open.
Vnesheconombank plans to invest 50 billion roubles in their construction. The power plant requires 28.1 billion and the aluminium plant 21.9 billion. Railway and highway construction will begin next.
I want to mention another energy project. VEB will take part in financing the construction of the Adler thermal power plant, part of the Olympic preparations in Sochi. The bank has earmarked 19.5 billion roubles for it, while overall plant construction costs are estimated at 28 billion roubles. Due to open before the end of 2012, the plant will produce 360 megawatts.
Last but not least, the decision has been made to establish a special export credit insurance agency, affiliated to Vnesheconombank. It will become one of the pivotal bodies in the national export promotion system, and will have an emphasis on machinery, equipment and other high-tech commodities and services.
As I know, a wide range of opinions have been advanced here on how to organise the agency's work, and it is good that we have come to an agreement on its principles.
Let us get down to business.
On Vnesheconombank’s Supervisory Board Decisions
VEB’s Supervisory Board approved financing a number of projects
Moscow, June 29. INTERFAX - The Supervisory Board of Vnesheconombank (VEB) at the session on Wednesday approved a number of large-scale projects, Vladimir Dmitriev, Chairman of the Bank, informed the journalists. In particular, according to his words, the financing required to complete the construction of the Boguchansk hydroelectric power station and the aluminium plant was approved. “After the approval by the Supervisory Board, VEB will start its financial support for these projects’ implementation – overall, about RUB 50 billion will be invested by VEB”, said V. Dmitriev.
He reminded that these projects are implemented adopting a PPP approach, with the state and the territorial administrations undertaking the construction of the infrastructure – both road and social.
“Concerning one of these projects, he added, should the “Russian Railroads” and the Krasnoyarsk territory be unable to finance the infrastructure, VEB would be prepared to resolve the issue”, said V. Dmitriev.
To quote Mr. Dmitriev, presently all the schemes securing project viability have been developed and well tested with the instruments designed to minimize VEB’s risks put in place.
“As far as the Boguchansk hydro-electric power station and the aluminium plant are concerned, these are the projects where the term of funds allocation actually exceeds 15 years”, said V. Dmitriev.
In this case, he pointed out, complicated transactions have to be appropriately structured since long-term funds either in rubles or in foreign currency are not presently available.
Besides, the issue of continuing the financing of Vladivostok airport was another topic on the Supervisory Board agenda.
“Today the decision has been made to extend additional RUB 900 million to finance this project” said V. Dmitriev.
Also, the parameters of further financing the “Rosa Khutor” company have been agreed. (the construction of a mountain skiing resort in Sochi is underway).
“We continue financing and bring project parameters in conformity with the terms and conditions approved by the Supervisory Board for projects implemented in the run up to the Olympic games, I actually mean the interest rates”, Mr. Dmitriev specified.
Another important project is financing the construction of the Adler heat and power plant.
“The volume of financing amounts to almost RUB 20 billion, the term - 15 years, the rate well within the range of ones applicable for Olympic facilities. The same is true for the ratio of project initiator funds/credit leverage of Vnesheconombank”, said V. Dmitriev.
To quote the Russian Government Chairman Putin, an export credit insurance agency will be established within VEB’s structure.
Moscow, June 29. INTERFAX – V. Putin, the RF prime minister, unveiled plans to establish Vnesheconombank’s subsidiary – an export credit insurance agency.
“A decision has been prepared to create a specialised export credit insurance agency, VEB’s subsidiary, called to become one of the key elements of the exports support system”, said V. Putin at the meeting of VEB Supervisory Board on Wednesday.
He emphasized, the focus will be primarily placed on moving Russian-made machinery and equipment and other high tech goods to foreign markets.
After the session of the Supervisory Board, V. Dmitriev, VEB’s CEO, told the journalists that VEB would extend RUB 30 billion for the agency for its start up operations.
“The Agency is being created as a 100% subsidiary of VEB, and the Bank allocates RUB 30 billion for the Agency to launch its operations. Admittedly, in 2010, no state guarantees will be needed for the implementation of the first projects of the Agency”, he said.
VEB is considering issuing RUB 190 billion 20-year bonds.
Moscow. June 29. INTERFAX-Financial Information Agency – Vnesheconombank (VEB) is considering issuing 10-year bonds amounting to RUB 190 billion - V. Dmitriev, VEB’s CEO reported at the briefing on Wednesday.
“This program was also approved (by VEB’s Supervisory Board – the notes of Financial Information Agency). These are 10-year bonds amounting to RUB 190 billion”, he said and pointed out that VEB does not intend to place the whole amount all at once.
VEB’s CEO stressed that the first bond issue within the frames of this program is scheduled to be placed in autumn 2010. “The placement could be made already in autumn”, he added.
VEB agreed with “Svyazinvest” proposal related to the sale of 9.8% of shares of “Rostelecom”.
Moscow. July. INTERFAX – Financial Information Agency – VEB agreed with “Svyazinvest” proposal related to the sale of its 9.8% stake in “Rostelecom” (RTC: RTKM),V. Dmitriev, VEB’s CEO, informed to journalists.
“We have agreed the major parameters of the option agreement with “Rostelecom”. We agreed with “Svyazinvest” that this package will be purchased on a break-even condition”, he said.
V. Dmitriev pointed out that within this transaction two options could be exercised in three and four years. He reiterated that “Svyazinvest” will buy “Rostelecom” shares with due regard for the price at which VEB bought them, that is RUB 230 per share.
Sberbank refinances RusAl’s loan raised from VEB amounting to USD 4.5 billion – said Dmitriev.
Moscow. July 28. INTERFAX – Financial Information Agency – Sberbank of the Russian Federation refinances the RusAl’s loan amounting to USD 4.5 billion raised from VEB – said V. Dmitriev, VEB’s CEO, at the briefing on Wednesday.
“Today the parameters of the transaction were agreed. Sberbank undertakes to secure the refinancing”, he said and pointed out that the risks will be equally apportioned between Sberbank and VEB.
V. Dmitriev added that VEB will act as a pledge holder and a guarantor under this loan.
“The pledge (major package of shares of “Nornikel” – notes by Financial Information Agency) is to be equally divided between Sberbank and VEB”, he said.
According to Mr.V. Dmitriev’s judgment, the block of shares of “Nornikel” will remain under state control till the agreement terminates.
As it was reported earlier, “RusAl” requested Sberbank of the Russian Federation to refinance a loan amounting to USD 4.5 billion. German Gref, Sberbank’s CEO, declared that the transaction on refinancing the loan to “RusAl” will be implemented by Sberbank jointly with VEB.