12.10.2017, Meetings in Berlin
Vnesheconombank's Representative to Germany Alexander Romanov participated in the 10th Enterpriser Congress «Law in Russia».
The Congress focused on actual German – Russian economic cooperation issues, such as innovative enterprises and start–ups promotion, machine–building industry development, localization of production in Russia, as well as on impact of the new US–sanction. Alexander Romanov held talks with German and Russian partners – representatives of the German Committee on Eastern Economic Relations, the Union of the Russian Enterprises in Germany, the Russian Industrial Development Fund.
The congress was hosted by the German Committee on Eastern Economic Relations and the Wegweiser Media & Conferences GmbH to facilitate a comprehensive dialog and practical solutions for German–Russian economic cooperation.
28.09.2017, German – Russian Strategic Working Group meets in Berlin
The representative of Vnesheconombank in Germany Alexander Romanov participated in the 36th meeting of the German – Russian Strategic Working Group for Economy and Finance that took place in Berlin.
Co – Chairmen of the Group — the deputy minister of Ministry for Economic Development of the Russian Federation Mr. Alexey Gruzdev and the parliamentary state – secretary in the Federal Ministry of Economy and Energy Mr. Matthias Machnig emphasized the significance of a German – Russian business community dialogue.
The participants of the meeting focused on investment projects and cooperation branches, such as Russian component supplier integration to global value added chains, stimulation of mid – size enterprises, energy efficiency and renewable energy, digital economy, dual professional education system and training.
21.06.2017, Region Moscow government presentation in Berlin
The representative of the Vnesheconombank in Germany Mr. Alexander Romanov met the deputy chairman of the Moscow region government Mr. Denis Butsaev in Berlin. The following topics have been discussed: export support for regional manufacturers of high-technological goods and fund-raising for industrial modernization projects aiming supply of german and european machinery and equipment.
The presentation of the Moscow region economic potential focused on industrial parks, as well as on particular projects in chemical, elektrotechnical, food industries, agriculture and health care branches. The event was hosted by the German Committee on Eastern European Economic Relations.
20.06.2017 Federal Association of the German Industry: Annual Event 2017
The Vnesheconombank Representative in Germany Mr. Alexander Romanov participated in the Day of the German Industry 2017 on 20.June in Berlin. More then 1500 guests among others the top managers of the German Industry have been welcomed in the Berlin Concert-Hall at Gendarmenmarkt by the Federal Chancellor Mrs. Angela Merkel (CDU) and the SPD-Chairman and Chancellor-candidate Mr.Martin Schulz. The other prominent guests of the event such as Chairmen of the Alliance 90/Green Party and the FDP, Cem Özdemir und Christian Lindner applied to the votes of the german industry due to coming election campaign. The forum occured to be an intensive dialog between policy and business, which is focused on supporting the industry through digitalization, environment and barrier–free international trade.
06.04.2017, The 5th east forum Berlin took place
The Vnesheconombank's Representative in Germany Mr. Alexander Romanov attended the 5th east forum Berlin. More than 300 participants from about 20 states discussed road-map issues for joint economic and trade space in Europe and in Eurasia from Lisbon to Vladivostok. Top-ranking speakers such as the chairman of the Eurasian Economic Commission (EAEC) Tigran Sargsyan, Minister of Trade of the EAEC Veronika Nikishina and the WTO deputy general director Karl Brauner emphasized significance of common trade rules and economic dialog intensification between the EU and the EAEC.
The Participants discussed also common digitalisation standards in Europe and in Eurasia, as well as innovation potentials of economy through digitalisation.
For info: the forum was hosted by the Committee on Eastern European Economic Relations, UniCredit and the METRO GROUP. The Federation of German Industries, the German Industry and Commerce Chamber were co-operation partners of the forum.
29.03.2017, Frankfurt. The Vnesheconombanks Rep.Office and the Project Finance International GmbH to present smart-designed and cost-efficient entry-strategy to the Russian market
The political relations between Germany and Russia are not prosperous. The economic cooperation and practical intentions of German enterprises are far ahead of political conditions.
For this reason the Rep.Office of Vnesheconombank and the Project Finance International GmbH inform German medium-sized enterprises about legal and tax regulations, market-entry strategy and an industrial park in Russia designed for German medium-sized companies needs.
The industrial park Ludinovo is located in 2 hours from multi-industry cluster of Kaluga, where numerous big-name international manufacturers are settled.
The German–speaking support and full-service package are provided for medium–sized companies in Ludinovo on acceptable conditions.
More info about the industrial park: www.tecpark-kaluga.de
For information: Project Finance International GmbH – The center of competence provides full–scale support for German–speaking small and medium enterprises in international projects. The center initiated a project of the industrial park in Ludinovo that paves the way for German companies to the Russian market.
29.03.2017, Berlin. Russian medium-sized companies capital raise issues as the main topic of fireside conversation in the Embassy of Russia
On the invitation of the ambassador of the Russian Federation to Germany Mr. Vladimir Grinin and the Russian Economic Council in Germany, representatives of German and Russian banks (Vnesheconombank, VTB Deutschland AG, Sberbank, Deutsche Bank, Commerzbank) discussed financing instruments for enterprises with russian shareholders: such as capital raise, export finance, investment protection, transactions and other bilateral banking cooperation issues.
The Vnesheconomabank Representative to Germany Mr. Alexander Romanov reported on instruments of the Russian export-promotion system for non-commodity exporters. Russian companies operating in Germany emphasized complicated access to medium- and longterm capital funding during investment project structuring.
The Russian Economic Council in Germany unites representatives of banks and companies practically involved in the German–Russian trade and economic cooperation.
23.02.2017, VEB to participate Long Term Investors Club Meeting in Frankfurt
Mr.Sergey Bogatenkov, Director of International Finance Department and Mr.Alexander Romanov, Head of the Vnesheconombank Rep.Office in Germany attended the Long Term Investors Club (LTIC) steering committee meeting, hosted by KfW – German Development Financial Institution.
The representatives of the worlds leading financial institutions in the long–term finance sector focused on the updating their activity concerning infrastructure investments data collection and prudent regulations.
For info: VEB work actively on joint long–term investments concept and is a member of LTIC since 2009.
23–24.02.2017, VEB to participate D20 5th Conference and SME–Finance Forum in Frankfurt
Mr.Sergey Bogatenkov, Director of International Finance Department and Mr.Alexander Romanov, Head of the Vnesheconombank Rep.Office in Germany attended 5th Conference of G20 Development Financial Institutions (DFIs) and at the SME–Finance Forum hosted by KfW. The DFIs–representatives endorsed the Statement of the Heads of G20 Financial Institutions with a Development or Public Mandate (D20).
The Statement emphasizes D20 coordination measures in infrastructure investment and long–term finance sectors such as:
The SME–Finance Forum and Workshop were focused on the DFIs role in SME–finance and fostering SME finance in sustainable global value chains.
For info: The D20 conference format is initiated by VEB. The D20 conferences are held annually since 2013.
16.02.2017, 750 million USD Eurobonds redeemed
State Corporation «Bank for Development and Foreign Economic Affairs (Vnesheconombank)» on February 13, 2017 fulfilled its obligations to redeem Series 5 eurobonds issue in total amount of 750 million USD.
The Vnesheconombank Series 5 eurobonds issue was placed on February 13, 2012 with a maturity of 5 years and a coupon rate at 5,375% per year.
The Irish Stock Exchange noticed the listing deletion of the Vnesheconombank Series 5 eurobonds issue on February 14, 2017.
05.12.2016, Essen. VEB to finance a PET Production Plant in Russia
VEB provides financing for an approx. EUR 300 million petrochemical project in Russia. From the German side facilitates AKA Bank a credit line covered by the German ECA Euler–Hermes guarantee to the project.
In framework of the project signed on 05.12.2016 in Thyssenkrupp Industrial Solutions (TKIS), the russian JSC Polyester Plant Ivanovo and Ivanovo Region an agreement to the amount of EUR 150 million for engineering and construction a new PET polymer and staple fibre production plant in Russia. German producer Uhde Inventa–Fischer and Oerlikon Neumag enter the project as mashines and equipment suppliers. The start of production with the annual capasity of up to 200,000 tonns is planned for 2019.
The project aims to foster import substitution of fibre materials for medical technik, car components, textile industry and furniture production in Russia, to enhance petrochemical raw materials processing and to create new jobs in the Ivanovo region.
05.12.2016 «Round table» in the Russian Embassy in Berlin
The Representative Mr. Alexander Romanov participated in the meeting headed by the ambassador of the Russian Federation to Germany Mr. Vladimir Grinin with the Russian Economic Council in Germany.
The meeting was focused on the coordination issues aiming to provide the Russian producer's economic interests in Germany and in the EU.
The Russian Economic Council in Germany unites representatives of Russian banks and companies practically involved in the German–Russian trade and economic cooperation.
01.12.2016 The representative meets the German Electro-Industry Association
The Representative Mr. Alexander Romanov reported at the German Electro–Industry Association meeting in Frankfurt on operating and investment perspectives for German producers in economically sanctioned Russia.
At the Q&A round Mr.Romanov replied numerous questions of the german and international companies regarding the Russian economy conditions, investment climate and new features of the russian economic legislation for foreign investors.
The topics of the industrial production localisation & import substitution programms in Russia as well as production cooperation projects aiming to boost export caused great interest of the audience.
17-18.11.2016, Vnesheconombank's delegation visited Frankfurt
Chairman Sergey Gorkov heading the delegation of Vnesheconombank's board members and top managers visited Frankfurt to participate in the Frankfurt European Banking Congress.
Chairman Sergey Gorkov, the First Deputy Chairman Nikolay Tsekhomskiy, Deputy Chairman Alexey Ivanchenko and high-ranking managers hold meetings with German and international banks. The participants discussed the financing models of projects in process and bilateral cooperation in future.
The Frankfurt European Banking Congress considers to be an efficient meeting point for the international financial elite aiming to cope with the global and regional challenges of the financial markets.
15.10.2016 BRICS ICM member banks meet at the BRICS Summit
During the BRICS Summit in Goa, India, BRICS Interbank Cooperation Mechanism (ICM) member banks held an annual meeting.
The heads of the banks discussed the basic mechanisms for making settlements and providing funding for projects in currencies of the BRICS countries, prospects of placement on the Russian stock market of ICM member banks' bonds denominated in Russian rubles and foreign currencies, including currencies of the BRICS countries and reviewed the results of operation of the New Development Bank.
In his speech Vnesheconombank's Chairman Sergey Gorkov pointed out: «The ICM partner banks have created the basis for successful collaboration in a wide range of fields, including agreements for development of financial cooperation. It is time that we move to the next level of cooperation and fill the framework with relevant projects and meaning.» Today Vnesheconombank has been implementing together with the BRICS financial partners over 10 projects on a bilateral basis. It should be noted that the China Development Bank (CDB) is Vnesheconombank's main partner.
Sergey Gorkov also participated in other events during the second day of the Summit. He attended the meeting of heads of development institutions and the New Development Bank and delivered a speech during the Financial Forum.
10.10.2016 Vnesheconombank ranked among the top ten most reliable banks in central and eastern Europe
VEB is the only Russian financial institution to enter the top ten most reliable banks in the CEE region in 2016 according to Global Finance Magazine.
Global Finance Magazine named Vnesheconombank tenth in its list of safest bank in Central and Eastern Europe.
Banks were selected through an evaluation of long–term foreign currency ratings–from Moody's, Standard & Poor's and Fitch–and total assets of the 500 largest banks worldwide.
Global Finance is a monthly financial magazine founded in 1987, with headquarters in New York (USA).
06.10.2016, Meetings and Conferences in Berlin
Vnesheconombank's Representative to Germany Alexander Romanov participated in the 6th "Enterpriser Congress Germany–Russia", the conference "Law in Russia" and the video–conference "SME–support in the Eurasian Economic Union (EAEU) and in Germany". Mr. Prof. Dr. Braverman – Director of the Russian Federal Corporation for SME–Support" has given speeches at the events.
Alexander Romanov held talks with German and Russian partners such as the Eastern Committee of the German Economy, the Federal Corporation for SME-Support, the Union of the Russian Enterprises in Germany, Wegweiser GmbH and the law consulting agency Beiten Burkhardt.
The congress as a neutral discussion platform should contribute finding of comprehensive practical solutions. The congress und the conference aimed to resolve actual problems in the German–Russian relations during the current crisis and economic sanctions and to indicate trends und changes in trade and finance law in Russia. In framework of the video–conference supported by the Russian trade representative office in Germany took place presentations of Russian SMEs and an exchange of ideas for the bilateral cooperation format.
24.06.2016, German-Russian Strategic Working Group meets in Berlin
The representative of Vnesheconombank in Germany Alexander Romanov participated in the meeting of the German–Russian Strategic Working Group for Economy and Finance that took place in Berlin after 2 years break.
Co–Chairmen of the Group — the first deputy minister of Ministry for Economic Development of the Russian Federation Mr. Alexey Likhachev and the parliamentary state–secretary in the Federal Ministry of Economy and Energy Mr. Uwe Beckmeyer stressed the significance of a German–Russian business community dialog.
The Group focused on bilateral investment projects and perspective cooperation branches, such as energy, environmental protection, professional training and scientific research.
Afterwards attended the Group Co–Chairmen the second conference of German– Russian business platform.
27.05.2016, Vnesheconombank participates in the D20 events
Vnesheconombank‘s delegation participated in Beijing in the fourth Group of Twenty meeting of the countries financial development institutions‘ heads – D20 and a conference devoted to issues of moving to the world‘s innovative, viable, interrelated and inclusive economy.
Participants in the D20 events discussed prospects for development between development banks of the Big of Twenty countries, their interaction with international and regional financial development institutions. A special attention was given to issues devoted to a role of long–term investments in building innovative economy, ensuring inclusive growth as well as to reducing poverty level.
There was also a sitting of the Long–Term Investors Club (LTIC) Coordinating Committee in the course of which they discussed the Club‘s and its governing bodies‘ main lines of activity. VEB has been the Club‘s member since June of 2009.
As part of the D20 events, VEB‘s management held a number of meetings in a bilateral format with the management of the following partner banks: the China Development Bank Corporation, the Export–Import Bank of India, the Development Bank of Southern Africa Limited and others.
The fifth meeting of the Group of Twenty countries financial development institutions‘ heads is scheduled to be held in Germany in 2017.
It was Vnesheconombank‘s initiative in 2013 to hold meetings of G20 development institutions in the D20 format. The D20 format enables development institutions to discuss pressing problems facing the world economy thus contributing to forming the G20‘s economic agenda.
04.05.2016, Sergei Gorkov appointed as Russia‘s Representative in BRICS Business Council
Russian President Vladimir Putin appointed Vnesheconombank‘s Chairman Sergei Gorkov as Russia‘s representative in BRICS Business Council for a period of three years from 2016 to 2018.
BRICS is an informal group of states comprising Brazil, Russia, India, China and South Africa. The BRICS Business Council was established during the BRICS Summit held on March 2013 in Durban, South Africa. Under a decision of the heads of state it is comprised of five representatives from each country.
The Business Council‘s objective is to identify problems and constraints that hinder the growth of economic, trade and investment ties between the BRICS countries as well as make proposals and recommendations to address them.
26.02.2016, Sergey Gorkov has been appointed Chairman of Vnesheconombank
Vnesheconombank announces the appointment of Sergey N. Gorkov as Chairman of Vnesheconombank.
Sergey N. Gorkov was born on December 1, 1968.
He graduated from the Academy of the Federal Security Service of Russia.
From November 2008 he worked as Director of HR Policy Department at Sberbank of Russia. In October 2010 he was appointed Deputy Chairman of the Executive Board of Sberbank. Previously he held senior positions in major Russian companies.
Sergey Gorkov was awarded the Medal of the Order of Merit for Services to the Fatherland, 2nd class and the Certificate of Honour of the Russian Government.
19.02.2016, 4th Russia – Conference «Market. Modernization. SME–Sector»
On February 19th in Berlin attended the Vnesheconombank‘s Representative Mr. Alexander Romanov the 4th Russian Economic Conference «Market. Modernization. SME–Sector». The state–secretary of the German economic and energy ministry Mr. Matthias Machnig and the minister of Russian economic development ministry Mr. Alexey Uljukaev addressed their welcome speeches to the participants.
The conference is organized by the German industry and trade chamber jointly with the Russian division of the German foreign trade chamber. The conference concept offered a platform to discuss Russian – German political and economic relations, economic sanctions outcomes, import substitution measures and to check mass media coverage objectivity in Russia and in Germany. About 500 top–ranking businessmen and officials from both states participated in the conference.
17.02.2016, Vnesheconombank Repaid 500 Mio CHF Eurobonds
State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) fulfilled its obligation to redeem Eurobonds amounting to 500 million CHF on February 17, 2016.
Debut 5–year CHF Eurobonds Series 4 were issued on February 17, 2011 at the coupon rate of 3.75%.
15.01.2016 Measures to Improve Financial Sustainability of Vnesheconombank
On December 30, 2015, the Russian Government released two resolutions and an executive order aimed at improving Vnesheconombank‘s financial sustainability.
Under these documents
• procedure of depositing Federal budget funds with Vnesheconombank has been approved,
• amendments have been made to requirements for financial assets, into which resources of the National Welfare Fund can be placed, thus increasing by 5 years periods of those deposits, previously placed with Vnesheconombank with a concurrent reduction of interest rate and setting interest payment moratorium of up to 3 years.
Amendments under Resolution 1491 will allow Vnesheconombank to improve its capital adequacy and financial result.
Amendments to the deposits placement under Resolution 1495 will have a gradual positive effect on VEB‘s capital by reducing interest expense and a corresponding improvement of the financial result. Changing the terms of deposits will also improve the Vnesheconombank‘s liquidity. The amendments primarily relate to
• reduction of interest rate to 0,25% per annum,
• extension of deposit maturity up to 20 years,
• setting a grace period for interest payment for up to 3 years, during which interest is accrued, not capitalized and not paid. Interest accrued for the grace period is paid upon its completion, with interest paid annually thereafter. Moreover, this will increase Vnesheconombank‘s net assets value.
Amendments by Executive Order 2750–r approving the Rules of depositing Federal budget funds with Vnesheconombank, will create an additional fundraising source for Vnesheconombank, and increase its investment projects financing.
22.10.2015, After 2 Years Break the St. Petersburg Dialogue resumed its activity
Sergey Vasiliev, Deputy Chairman — Board Member of Vnesheconombank and Alexander Romanov, Representative of Vnesheconombank in Germany participated in the 14th St. Petersburg Dialogue.
The St. Petersburg Dialogue was opened on 22 October 2015 in Potsdam after 2 years break by its Co–Chairmen — Mr. Roland Pofalla, former Chef of the German Chancellor Administration und Mr. Wiktor Subkow, the Russian Ex–Prime Minister. More than 200 Guests from Russia and Germany attended the dialog — the politicians and the civil society representatives reviewed the today‘s relationship between two countries. On 23 October 2015 took place the discussions in 8 working groups on the topic of «Modernization as a Chance for a Consolidated European Home«. The participants emphasized a positive role of the St. Petersburg Dialogue for a further normalization of the Russian–German cooperation.
15.09.2015, The 5th Enterpriser Congress and the 8th Investment and Economy Conference in Berlin
Vnesheconombank‘s Representative to Germany Alexander Romanov participated in podium discussions in the final plenary session of the «5th Enterpriser Congress Germany–Russia 2015» that should contribute to reshape the German–Russian economic relations. Also he joined a round table focused on the Russian business expectations from German Government and Economy.
The Events took place on the political crisis background between European Union and Russia. Its negative impact to the economic cooperation resulted in decline of the German – Russian trade volume by one–third.
The participation of the German government was a positive sign of the congress by contrast to 2014. In particular, Dr. Rainer Sontowski – State–secretary in the Federal Ministry of Economy and Energy – held an address to the congress.
The Ambassador of the Russian Federation to Germany Mr. W. Grinin, Chairman of Wegweiser Media & Conferences GmbH Dr. Klaus von Dohnanyi and Director of the Economic Institute by the Russian Science Academy Prof. Dr. R. Grinberg and other prominent quests spoke at the congress.
The congress und the conference aimed to resolve actual practical problems in financing of mutual trade, an effective legal protection for foreign investments in Russia, economic branches trends und changes in trade and finance law.
14.09.2015, Book Presentation in Berlin
Vnesheconombank‘s Representative to Germany Alexander Romanov attended the monograph presentation «Recognizing Germany – Russian scientific elite observe contemporary Germany».
The German version of the book contains addresses of prominent Russian politicians, bankers, enterprisers and artists regarding renovation and rethinking German–Russian ties.
Vnesheconombank besides other companies had granted support to the project. The presentation took place in the Trade and Economic Office of the Embassy of the Russian Federation in Berlin.
25.08.2015, Participation on an Economy Day of the Ambassadors Conference 2015 in the Federal Foreign Office
Vnesheconombank‘s Representative to Germany Alexander Romanov attended an Economy Day of the Ambassadors Conference 2015 in Berlin on an invitation of the Federal Foreign Office.
The main topics of the agenda were the foreign policy and economy, migration and development of Europe.
The Federal Foreign Minister Mr. Frank–Walter Steinmeier stressed significance of the economic relations with Russia in his address to the quests of the Economy Day. A podium discussion was focused on the today"s German–Russian relationship.
27.06.2015, The Russian orthodox monastery in Götschendorf celebrates its 10 years anniversary.
The representative of Vnesheconombank in Germany Alexander Romanov participated in a ceremony dedicated to the 10 years signing of an agreement between the German federated state of Brandenburg and the Diocese of the Russian Orthodox Church in Germany about the handover of a building in G�tschendorf to the Russian Orthodox Church for the creation of a Russian orthodox center.
2006 came an idea to found in Germany a Russian orthodox monastery. Later begun the Diocese to build a new church. The construction was financed by Russian companies among them Vnesheconombank.
The idea was to create the monastery as a focus point of a Russian-German center where the German public can meet the Russian church and culture traditions.
In the ceremony participated also the Ambassador of the Russian Federation to Germany Mr. Vladimir Grinin, the Orthodox Archbishop of Berlin and Germany Feofan, members of the German Parliament.
25.06.2015, An annual meeting of the Committee on Eastern European Economic Relations took place in Berlin
The Vnesheconombank‘s Representative Mr. Alexander Romanov participated at an annual meeting of the Committee on Eastern European Economic Relations in Berlin. The participants called for a soon cancellation of sanctions against Russia. «The German Export to Russia dropped 2014 by 6,5 billion Euro and 2015 it may be the next 9 billion. A negative influence of sanctions may be a reason for reduction of 150000 workplaces in Germany», said Mr. Eckhard Cordes, the Chairman of the Committee.
22.04.2015, The 3rd east forum Berlin took place
The Vnesheconombank‘s Representative in Germany Mr. Alexander Romanov participated at the east forum Berlin. On 22 April 2015 UniCredit, the Committee on Eastern European Economic Relations, the METRO GROUP with the support of the Governing Mayor of Berlin hosted the 3rd east forum Berlin. The focus of this international conference, in view of the growing tensions in Europe, is to revive the vision of a common European economic space from Lisbon to Vladivostok. This year the east forum Berlin discussed in particular the impact of the Ukraine crisis, looked at the current debate on a new EU Neighborhood Policy and sought possible answers to the increasing confrontation between the EU and Russia. Among speakers were Dr. Johannes Hahn, EU Commissioner for Neighborhood Policy and Enlargement Negotiations; Dr. Giuseppe Vita, Chairman of the Board of Directors, UniCredit; Dr. Eckhard Cordes, Chairman, Committee on Eastern European Relations; Dr. Gernot Erler, Coordinator for Intersocietal Cooperation with Russia, Central Asia and the Eastern Partnership Countries as well as high–ranking representatives from South East Europe, Russia and Central Asia.
27.02.2015, The Representative of Vnesheconombank participated in the Russia–Conference in Berlin
The German–Russian Chamber of Industry and Commerce Abroad (AHK) and the Association of German Chambers of Commerce and Industry (DIHK) jointly hosted the third Russia–Conference «Market. Modernization. SME–Sector.» on February 27nd in Berlin. With more than 500 participants is the Russia–Conference one of the biggest Russian events in Germany, which gives the possibility to receive the information about the actual stand in Russia at first hand. In the conference participated the prompt quests � Dr. Martin Wansleben, General Manager of DIHK e.V.; Mr. Wladimir Grinin, Ambassador of the Russian Federation to the Federal Republic of Germany; Dr. Rainer Seele, President of the German–Russian Chamber of Industry and Commerce Abroad (AHK) and Chairman of Wintershall Holding Ltd.; Mr. Michael Harms, Chairman of the German–Russian Chamber of Industry and Commerce Abroad (AHK) and the others. Vnesheconombank was presented by Mr. Alexander Romanov, Head of the Representative Office in Germany.
Despite of a complicated political and economic situation emphasized all speakers a bilateral willingness to cooperate on an active long–term basis. The participants of the event were by the opinion that the terms «Market, Modernization and SME–Sector» should not leave their actuality in the future.
13.01.2015 Petr Fradkov appointed as Vnesheconombank First Deputy Chairman
Petr Fradkov was appointed as Vnesheconombank First Deputy Chairman, Member of the Board. A relevant decision was taken by the Bank‘s Supervisory Board in December of 2014.
Petr Fradkov is to be responsible for VEB‘s participation in pursuing national foreign economic policy, providing financial and guarantee support for exports of Russian companies as well as for raising funds on capital markets and interbank lending. He is to be also responsible for coordinating work on enhancing and maintaining relations with Russian and foreign investors.
Petr Fradkov was born on February 7, 1978 in Moscow.
In 2000, he graduated from Moscow State Institute of International Relations (University) of the Russian Foreign Ministry majoring in world economics.
In 2007, he graduated from Kingston Business School of Kingston of Kingston University majoring in Master Business Administration, the Academy of National Economy under the Russian Government majoring in Master of Business Administration. Ph.D in economics.
In 2000 – 2004 — expert of the first category, Vnesheconombank‘s Deputy Representative in the United States of America, Department Head of Vnesheconombank of the USSR.
In 2004 – 2005 — Deputy Director General of the Far East Shipping Company (OJSC).
In 2005 – 2007 — Deputy Director of Directorate - Department Head, First Deputy Director of Vnesheconombank of the USSR Directorate.
From June of 2007 — Board Member of State Corporation «Bank for Development and Foreign Economic Affairs (Vnesheconombank)», Vnesheconombank Deputy Chairman.
From October of 2011 — Board Chairman–Director General of OJSC EXIAR, Board Member of State Corporation «Bank for Development and Foreign Economic Affairs (Vnesheconombank)».
From December of 2012 to December of 2014 — Board Chairman– Director General of OJSC EXIAR.
On 25 November 2014 visited a Russian Delegation Stuttgart.
The delegation was headed by Minister of Economy and Development of the Russian Federation, Chairman of Vnesheconombank and President–Chairman of VTB, representatives of industry and Russian regions.
It took place meetings with big companies and small and medium enterprises of the German machinery from Baden-Württemberg. The theme of the dialog was normalization of the German–Russian economic and trade relationships in the nearest future.
The Chairman of Vnesheconombank Vladimir Dmitriev was interviewed by the newspaper «Der Tagesspiegel».
On 25 November 2014 the Chairman of Vnesheconombank Vladimir Dmitriev answered the questions of the newspaper
On 23 September 2014 took place the Day of the German Industry 2014
The Vnesheconombank's Representative in Germany Mr. Alexander Romanov participated at the Day of the German Industry 2014 in Berlin. About 1300 guests among others the top managers of the German Industry have been welcomed by the Federal Chancellor Mrs. Merkel, Federal Minister of Economy and Energy Mr. Gabriel, Federal Minister of Transport and Digital Infrastructure and also the French Prime Minister Manuel Valls.
The forum became an intensive dialog between policy and business, which was focused on supporting the industry through digitalization, environment and barrier–free international trade.
On 7 July 2014 took place the 4th Business Congress in Berlin
The Vnesheconombank′s Representative in Germany Mr. Alexander Romanov participated at the 4th Business Congress in Berlin. The meeting brought together 250 participants from Germany, Russia and Ukraine to discuss problems and possibilities for further cooperation. After an opening ceremony the guests participated at different workshops. For example the Committee on Eastern European Economic Relations organized a podium “Chances for German Small and Medium Enterprises in Russia”.
On 26 June 2014 took place an annual meeting of the Committee on Eastern European Economic Relations
The Vnesheconombank′s Representative in Germany Mr. Alexander Romanov participated at the annual meeting of the Committee on Eastern European Economic Relations in Berlin. The event brought together the business and political circles from the East and West to discuss actual topics and intensify the cooperation. A speech title of Mr. Siegfried Russwurm, the Deputy Chairman of Siemens AG, became a slogan of the event: “Business Area Europe – Cooperation instead Confrontation.”
10.04.2014 “Gagarin. The First in Space.” demonstrated in Berlin
On 10 April 2014 the film “Gagarin. The First in Space.” was demonstrated in the Embassy of the Russian Federation in Berlin. The film was created und demonstrated by a financial support of Vnesheconombank. The show is dedicated to the Day of Cosmonautics, which is celebrated in Russia on 12 April.
More than 150 quests participated in the event. The Ambassador of the Russian Federation Mr. Vladimir Grinin, the Representative of Vnesheconombank in Germany Mr. Alexander Romanov and the first German astronaut Mr. Sigmund Jähn welcomed the participants. At conclusion took place a reception.
09.—10.04.2014 The 2nd east forum Berlin took place
The Vnesheconombank’s Representative in Germany Mr. Alexander Romanov participated at the 2nd east forum. The east forum Berlin is the dialogue platform organized by UniCredit, the Committee on Eastern European Economic Relations and the Federal State of Berlin took place on 9 and 10 April 2014. It brings together leaders from the political and business circles in the East and the West to discuss actual political and economic topics, overcome barriers for businesses and intensify networks for cross–border projects.
02.12.2013 Vnesheconombank, SME Bank and the KfW Banking Group Hold a Conference on Supporting Small and Medium–Sized Enterprises
In the city of Munich on November 28–29, Vnesheconombank, SME Bank and the KfW Banking Group held a Russian–German Conference «Regional Programs of Small and Medium–Sized Enterprises — Germany′s Business Experience and Possibilities for Implementing it in Russia». The conference′s participants studied German business experience in providing support for SMEs at the regional level and discussed prospects for using international practices in Russian regions.
In the attendance of the conference were representatives of government authorities and constituent entities of the Russian Federation as well as Germany′s authorities and administrations responsible for issues of economic development and support for SMEs, representatives of SME support infrastructure institutions from Russia and Germany, management of Russian banks — partners of SME Bank.
Giving a welcoming address to the conference′s participants Vnesheconombank Deputy Chairman — Member of the Board Mikhail Kopeikin said, «KfW is a reliable partner in all Vnesheconombank′s lines of activity and the most important source of long–term investments for Russian small and medium–sized enterprises. Since 2009, Vnesheconombank has raised about 500 million euros (20 billion rubles) which were used to fund the SME sector which is of paramount importance for any country′s economy».
Kopeikin also stressed that Germany′s federal government is particularly active in supporting small and medium–sized enterprises. In this respect, business experience in supposing SMEs is of special significance for Russia, given great potential for the development of SMEs in Russia.
The Russian delegation visited a Bavarian biochemical cluster — Bio Biotech Cluster Development GmbH to share experience in creating and developing territorial clusters. Particular attention was given to small and medium–sized enterprises′ participation in such projects.
In the course of the working trip the conference′s participants held meetings with the management of Bavaria′s Development Bank and representatives of the Bavarian Ministry of Economic Affairs and Mass Media, Energy and Technology in the course of which they identified main lines of their further cooperation.
30.08.2013 Vnesheconombank and KfW Hold a Conference on Financing Innovative SMEs
Vnesheconombank together with Germany′s state development bank KfW held its regular conference on 27–28 August, 2013. The conference «Financing Innovation – Closing the Funding Gap» was devoted to financing innovation programs of small and medium–sized enterprises.
Vnesheconombank Deputy Chairman – Member of the Board Mikhail Kopeikin participated in the conference: “Together with Vnesheconombank′s long–time and reliable partner we are addressing a task which is of primary importance for our development institutions. This task is aimed at long–time financing of small and medium–sized enterprises′ projects in innovations and modernization. Since 2009 Vnesheconombank has raised 400 million euros from KfW which were used to fund SME sector.”
The conference′s participants, namely, representatives of authorities and business, SME supporting institutions and the banking community studied Russian and foreign experience in providing financial support for SMEs, practical issues of participating in the programs aimed at supporting innovative SMEs, new joint initiatives of Vnesheconombank and KfW.
17–18.07.2013 The International Conference “Sustainable Growth through Long–Term Investments” held in Moscow
On the threshold of the G20 finance ministers′ and central bank governors′ meeting Vnesheconombank organized an International Conference “Sustainable Growth through Long–Term Investments”in Moscow.
In the context of Russia′s chairmanship in the Group of Twenty, a meeting of heads of G20 member countries development institutions took place. First Deputy Prime Minister Igor Shuvalov participated in the meeting.
Speaking on the conference Vnesheconombank′s Chairman Vladimir Dmitriev said: “Vnesheconombank′s mission today is to enhance cooperation with leading international financing institutions and development institutions of all world regions. Development institutions are the most important sources of long–term investments”.
In the attendance of the Conference were representatives of more than 50 national and multilateral financing development institutions.
At their session in the course of the Conference, members of the International Development Finance Club (IDFC) discussed issues of cooperation between national and international development institutions aiming to increase efficiency of investments used to develop infrastructure, “green growth”, energy efficiency and renewable energy.
In the course of the Conference Vnesheconombank signed some memorandums of understanding to enhance further cooperation with development banks and held bilateral meetings.
18.07.2013 Vnesheconombank meets the European Investment Bank (EIB)
The state corporation (Bank for Development and Foreign Economic Affairs “Vnesheconombank”) and the European Investment Bank (EIB) hold a meeting in the course of the international conference “Sustainable Growth through Long–Term Investments“ in Moscow.
From Vnesheconombank took part at the meeting Mr. Vladimir Dmitriev, Chairman; Mr. Alexander Ivanov, Deputy Chairman; Mr. Ilja Minichev, Director of Structured Finance and Debt Department; Mr. Daniil Algulijan, Director of Export Guarantees Department and Mr. Alexander Romanov, Head of the Representative Office in Germany. From EIB – the President Mr. Dr. Werner Hoyer, President; Mr. Heinz Olbers, Director and Mr. Virgil Nae, Head of the Representaitve Office in Russia.
Vnesheconombank and EIB have discussed perspectives of the future cooperation: development of the transport, municipal and social infrastructure, SME sector support, ecological projects and projects structured on the PPP–basis.
17.07.2013 Vnesheconombank and KfW agree to develop ecologically safe infrastructure in Russia
In the course of the International Conference “Sustainable Growth through Long–Term Investments” State Corporation ′Bank for Development and Foreign Economic Affairs (Vnesheconombank)′ and KfW Banking Group signed a Memorandum of Understanding.
The Memorandum is designed to promote the development of the solid waste utilization sector in the Russian Federation based on the principles of environmental protection and increased ecology levels.
On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of KfW Banking Group — by Chief Executive Director Ulrich Shröder.
The parties agreed to launch an Initiative on Modernizing Social Infrastructure. The Initiative will focus on investing funds in upgrading existing and/or building new urban and regional waste treatment systems.
Public companies and companies established on the principles of public private partnership (PPP) at municipal and regional levels are to become final beneficiaries. A mechanism for selecting projects as part of the Initiative is to be additionally agreed upon by the parties.
Under the Memorandum the parties agreed to share information of mutual interest as well as participate in selection and preparation of projects.
13.06.2013 Vnesheconombank and KfW Banking Group continue their Work on Establishing an International Fund to Support Entrepreneurial Activity in Russia
Vnesheconombank and KfW Banking Group signed a Memorandum of Understanding on setting up a Joint Selection Panel on Selecting an Investment Manager for an International Fund to Support Entrepreneurial Activity in Russia. A signing ceremony was held in the city of Berlin on June 13 in the course of a meeting of the Russian–German Strategic Working Group on Cooperation in the Field of Economics and Finance.
On behalf of Vnesheconombank Group the Memorandum was signed by Deputy Chairman — Vnesheconombank Board Member Mikhail Kopeikin, on behalf of KfW Banking Group –Director of Department for Eastern Europe, Caucasus and Central Asia Cherifa Larabi.
The Memorandum lays down the procedure for forming the panel, its composition, criteria for selecting an investment manager, basic requirements for facilities to be funded worked out in line with the approved concept for establishing the said Fund.
The panel is to analyze and evaluate applications from applicants and submit its proposals to Vnesheconombank′s Board and corporate governance bodies of KfW Banking Group for selecting an investment manager.
Memorandum of Understanding on the Establishment of an International Fund to Support Entrepreneurial Activity was concluded between Vnesheconombank and KfW in the course of Russian–German summit interstate consultations in November of 2012. A decision to establish the Fund was approved by Vnesheconombank′s Supervisory Board in October of 2012.
Vnesheconombank and KfW intend to contribute 150 million US dollars each to the Fund. The Fund′s amount is expected to reach 900 million US dollars by 2016 through raising funds from other institutional investors.
"The Fund′s financial resources are to be used to fund development projects of medium–sized production enterprises on the territory of Russia for a period of more than 3 years, explained Mikhail Kopeikin. Projects will be funded both through extending direct long–term targeted credits and through extending subordinated loans to financing institutions. In the future direct long–term credits might be also extended to medium–sized enterprises and direct investments might be made in production facilities′ charter capital".
9-11.04.2013 Vnesheconombank participates in Hannover Fair 2013
As the official Partner Country for Hannover Messe, Russia offered convincing evidence of its prowess as a major industrial nation. Boasting an impressive presentation of industrial expertise, the Partner Country emphasized its position as a partner in global trade and consolidated its international business contacts. In addition to the central stand in Hall 26, Russian companies staged pavilions within the Energy, Research & Technology, Motion, Drive & Automation and Metropolitan Solutions.
Vnesheconombank was presented on Hannover Messe as a key Russian financial development institution. Anatoly Tikhonov, First Deputy Chairman – Board Member, and Andrey Sapelin, Deputy Chairman, participated in the Energy forum. The PPP–Centre Head Mr. A. Bazhenov hold a speech on the Metropolitan Solutions forum and participated in podium discussions. 140 companies presented the latest sustainable urban development concepts and technologies as well as a wide range of best–practice solutions for urban infrastructures. Vnesheconombank discussed the financing models for the potential projects with German partners, i.e. the manufacturing of Siliceous Crystals and the production of the modern town busses based on the German technologies.
In particular, numerous discussions with representatives from German industry and the business community are expected to provide a real boost to business cooperation between Russia and Germany.
15.03.2013 Vnesheconombank Raises Credit Facilities from the European Investment Bank
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and the European Investment Bank (EIB) entered into a credit agreement. Under the agreement EIB is to extend 200 million euros to Vnesheconombank to fund projects of small and medium–sized enterprises as well as other projects in line with financing institutions′ standards. Projects are expected to be funded through Vnesheconombank′s subsidiary banks.
The parties give high priority to projects designed to develop socio–economic infrastructure including transport and power engineering infrastructure; information and telecommunications technologies, local private sector, ecological projects (including mitigating climatic change consequences).
This agreement would help to enhance mutually beneficial cooperation between Vnesheconombank and EIB as part of supporting the initiative "Partnership for Modernization" put forward by the European Union and the Russian Federation at the summit in June of 2010.
The credit agreement was made to build on the Memorandum of Understanding signed by the parties earlier. Under the Memorandum the financing institutions agreed to work together on projects being implemented by European and Russian companies in Russia as part of Partnership. The parties agreed to extend up to 500 million euros each to this end provided that potential projects are in line with financial criteria of Vnesheconombank and EIB.
16.01.2013 Vnesheconombank and Deutsche Bank finance construction of a modern pig-breeding complex in Bashkortostan republic
State corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and Deutsche Bank AG, Frankfurt concluded a loan agreement to finance a project for construction of a pig–breeding complex on the territory of Bashkortostan Republic.
Deutsche Bank AG provided a 7–year facility of up to RUB 625 million insured by the German export credit agency Euler Hermes for financing 85% of the German equipment supply contracts and up to 100% of the respective insurance premium.
20.12.2012 Vnesheconombank signs Credit Agreement with KfW Bankengruppe
State Corporation "Bank for Development and Foreign economic Affairs (Vnesheconombank)" and KfW Bankengruppe (KfW) with the assistance of the Council of the Baltic Sea States (CBSS) entered into the second commercial agreement under the Pilot Financial Initiative.
Credit facilities under the credit agreement in the amount of up to 65 million US dollars will be provided in the ruble equivalent at a fixed rate. The raised credit facilities are to be used by Vnesheconombank to fund the project aimed at processing mixed household waste of Saint Petersburg.
18.12.2012 Vnesheconombank raises credit facilities from german DZ BANK AG to finance construction of Kazbek technological park
State corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and DZ BANK AG, Frankfurt am Main concluded loan agreements to finance a project aimed at creation of the first innovation technological park on territory of Chechen Republic.
DZ BANK AG provided a 10–year facility of up to EUR 42 million, insured by the German export credit agency Euler Hermes, for financing of 85% of the German equipment supply contracts and up to 100% of the respective insurance premium.
A 7–year, up to EUR 7 million commercial facility was also raised by Vnesheconombank from DZ Bank AG.
16.11.2012 Vnesheconombank and KfW Entered into a Credit Agreement under the Program of the Council of the Baltic Sea States
In the course of the Russian–German Interstate Summit Consultations, State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and German State Bank KfW signed a Credit Agreement on Extending 110 million US dollars to Vnesheconombank.
On behalf of Vnesheconombank the Agreement was signed by Member of Board — Deputy Chairman Mikhail Kopeikin and Deputy Chairman Alexandr Ivanov and on behalf of KfW — by KfW Bankengruppe Board Member Gunter Braunig.
Under the Agreement credit resources are to be used to support and promote small and medium–sized enterprises as well as public private partnership projects in the field of environmental protection, innovations and modernization in the North–West region of the Russian Federation (Saint Petersburg, the Leningrad region, Pskov region, Novgorod region, Kaliningrad region).
M. Kopeikin said that as of today they received applications for participating in the program for a total amount of more than 100 million US dollars from 5 banks actively operating in the region in extending xcredits to SMEs. Moreover, pilot projects of innovative small and medium–sized enterprises are being thrashed out with the participation of Russian constituent entities administrations and development institutions. "Credit agreements are expected to be signed with partner banks this December and in early 2013 financial resources are to be extended to enterprises implementing SME projects in innovations and modernization", he explained.
In his turn A. Ivanov stressed that credits would be extended for a period of up to 5 years at the rates in line with lower level of the market for lending to SMEs.
This Agreement was signed to build on the Memorandum of Understanding signed in May of 2012 between the Permanent International Secretariat of the Council of the Baltic States, KfW and Vnesheconombank. The Council is comprised of eleven Baltic Sea States and the European Commission, with its partners being Russian and German state development banks, namely, Vnesheconombank and KfW. In June of 2012, the Russian Federation was appointed Chairman of the Council.
The Council of the Baltic Sea States is a general political forum for regional intergovernmental cooperation. It performs its functions through network and project activities designed to boost competitive edge of the Baltic Sea region. The Council is comprised of eleven states of the Baltic Sea region: Denmark, Estonia, Finland, Germany, Island, Latvia, Lithuania, Norway, Poland, the Russian Federation, Sweden as well as the European Commission.
02.11.2012 Vnesheconombank Conducted a Refresher Course at the Finance Academy´s PPP Department on 15–27 October, 2012
A refresher course "Management of Public Private Partnership Projects in Russia´s Regions" was held from 15 to 27 October with the expert assistance of Vnesheconombank´s specialists on the basis of the joint public private partnership department at the Finance Academy.
Among the speakers at the refresher course were Vnesheconombank Chairman, Head of the Public Private Partnership Department, Doctor of Economics Vladimir Dmitriev, Director of Vnesheconombank´s Public Private Partnership Directorate, First Deputy Head of the Public Private Partnership Department, Professor Alexandr Bazhenov, leading specialists of the Bank´s structural subdivisions as well as experts of Vnesheconombank´s partner institutions including international financial institutions, legal, auditing, law and engineering companies.
The training consisted of distance and intramural courses. The distance course included self–study of theoretical materials on the basics of public private partnership (PPP). During their intramural course its participants considered regulatory and legal aspects of implementing PPP in Russia including PPP implementation models. They also dealt with issues of preparing PPP projects, including technical aspects, main principles of project financing, investment analysis and marketing of such projects. In the course of the training top priority was given to practical training classes, specifically, to discussing concrete examples of implementing Russian and foreign PPP projects.
All in all, in the attendance of the training were 61 people from 25 Russian regions, among them were heads and specialists of executive authorities, development institutions and private companies participating in preparing and implementing projects and agreements in the field of PPP.
12.10.2012 Vnesheconombank Participates in the Session and the Conference of the Long Term Investors Club
On October 8, 2012, Vnesheconombank Chairman participated in the session of the Steering Committee of the Long-Term Investors Club held in Luxemburg in the European Investment Bank Headquarters.
Members of the Steering Committee discussed the Club´s performance for the past year as well as new programs and initiatives. Members of the Steering Committee welcomed new member of the Club the Development Bank of Japan.
Vnesheconombank´s delegation also participated in the 4th International Conference of the Long–Term Investors Club. Board Member — Deputy Chairman Sergei Vasiliev acted as a moderator of the conference´s main session devoted to long term financing influence on economic growth.
The session´s participants — major politicians, economists and businessmen discussed issues of improving cooperation aimed developing favorable conditions for funding promising long–term projects.
High priority was also given to upgrading mechanisms for providing long–term financing in such sectors as infrastructure, small and medium–sized enterprises, power engineering and environmental protection.
The Long–Term Investors Club was created in April of 2009 at major European institutional investors´ initiative. The Club´s principal objective is to develop a joint investment policy as well as to enhance cooperation between major global investors. At present, the Club is comprised of such financial institutions as the European Investment Bank (EIB), the China Development Bank, Cassa Depositi e Prestiti, Kreditanstalt für Wiederaufbau (KfW), Caisse des Dépôts et Consignations (CDC) and others. Vnesheconombank Chairman Vladimir Dmitriev is a member of the Steering Committee and a vice–president of the Club. Member of Board — Deputy Chairman S. Vasiliev is Vnesheconombank´s representative (Sherpa) in the Long–Term Investors Club.
20.08.2012 Vnesheconombank is among the first ten of the World´s Safest Banks in Central and Eastern Europe
Global Finance Magazine has named Vnesheconombank one of the World´s Safest Banks in Central and Eastern Europe.
Winners were selected through an evaluation of the 500 largest banks worldwide. Having taken eighth place Vnesheconombank has become the only Russian financial institution in the first ten banks of this magazine´s rating. The safest banks were selected through an evaluation of long−term credit ratings – from Moody´s, Standard & Poor´s and Fitch and total assets. The rating is published by the magazine annually.
Global Finance is a monthly magazine founded in 1987 with its headquarters in New York (the US) publishing articles on finance and investments.
30.07.2012 A Regular Meeting of the Working Group on Implementing the Agreement on Cooperation between Development Institutions Held
Under the chairmanship of Board Member – Vnesheconombank Deputy Chairman Mikhail Kopeikin a regular meeting of the Working Group on Implementing the Agreement on Cooperation between Development Institutions in Securing Continuous Financing of Innovation Projects was held at the Russian Economic Development Ministry
The meeting´s participants discussed the action plan for improved access to development institutions, above all, for small and medium−sized enterprises operating in the production and innovation sectors. One of the most important issues discussed was the one of creating a fund to support small and medium−sized enterprises by Vnesheconombank jointly with the KfW Banking Group, with the fund focusing on financing the development of medium−sized production facilities. They also discussed Vnesheconombank´s proposal for the possibility of setting up a federal guarantee fund which could help to address the issue of credit collateral security for medium−sized enterprises.
In the course of the meeting its participants listened to the information on the progress of implementing the program of popularizing innovative and inventive activities in Russia.
The meeting´s participants also agreed to formulate a general plan for the development of innovation infrastructure, with the plan providing for measures for participating in implementing programs of supporting innovation clusters and technological platforms as well as programs aimed at securing small−sized innovation enterprises´ access to orders of large companies implementing innovation development programs.
18.05.2012 In the course of the Russian-German Strategic Working Group Meeting Presentation of International Fund to Support Entrepreneurship was made
In the course of the 31st meeting of the Russian-German Strategic Group on Economic and Financial Cooperation in Berlin a presentation of a project on establishing a Fund to Support Entrepreneurship was made. The project was initiated by State Corporation ´Bank for Development and Foreign Economic Affairs (Vnesheconombank)´ jointly with KfW Banking Group.
A Memorandum of Understanding between Vnesheconombank and the KfW on the Possible Establishment of such a Fund was signed in Hannover on July 19, 2011 in the course of the 13th round of Russian-German Interstate Summit Consultations.
Making a presentation of the project, Board Member, Vnesheconombank Deputy Chairman Mikhail Kopeikin stressed that Russia´s and Germany´s interests on this issue coincided as Russian companies´ increased investment demand created new opportunities for German exports.
The Fund is planned to provide support for small and medium-sized enterprises (SMEs) both through target funding of Russian banks (taking into account a significant shortage of long-term liabilities in the banking system) and through direct funding of dynamically advancing medium-sized enterprises.
The Fund´s structure proposed by consultants and comprised of several tranches differing on the level of risk and profitability will make it possible to divide risks taking into consideration demands of all investors and ensure attractive cost of funds for funding recipients. The Fund´s financial model developed in the course of research substantiated such structure´s operational capability and great demand for funding terms and conditions that the Fund will be able to offer ensuring at the same time a high level of profitability for investors.
Mikhail Kopeikin also stressed that the proposed scheme for establishing and managing the Fund provides for a clear-cut motivation system for all participants in the investment process as well as ensures a high operational transparency of the Fund in line with international standards.
KfW Vice President Ronald Ziller said that the Fund´s structure and its instruments were in line with the practice of the world´s leading development institutions including KfW.
After the presentation, Russian Economic Development Deputy Minister Alexei Likhachev backed Vnesheconombank´s and KfW´s proposal to establish the Fund and offered to agree upon main parameters of the Fund with KfW and other potential investors, hold necessary corporate procedures for approving participation in the Fund within a four-month period and report results of work at the next meeting of the Russian-German Strategic Working Group scheduled for September of 2012.
27.04.2012´�Vnesheconombank´s Financial Statements under IFRS for 2011 Published
Vnesheconombank publishes consolidated financial statements under IFRS for 2011. For the reported period the Bank´s assets increased by 24% or by 488 billion rubles from the start of 2011. This growth was brought about by Vnesheconombank Group´s increased portfolio: it increased by 441 billion rubles due to the Bank´s and Group´s expanded activity. And the proportion of the portfolio of loans extended to customers in the Bank´s assets increased to 49% as of 01.01.2012 from 39% as of 01.01.2011. The amount of funds invested in credit institutions for 2011 increased by 10% and was 458 billion rubles.
The said growth in the financial resource base was brought about by the increase in the following components: credits raised from banks increased for 2011 by 228 billion rubles (by 10%), funds received from placing debt securities by 74 billion rubles (by40%), customers´ funds - by 62 billion rubles (by 21%) and the growth was caused by the increased amount of time deposits.
Due to negative results on transactions in foreign currency and diminished yields on securities caused by the stock market´s negative dynamics during 2011, the profit for 2011 was 7.48 billion rubles.
06.04.2012 Vnesheconombank Becomes the Most Reliable Russian Bank among Banks of Central and Eastern Europe
State Corporation ´Bank for Development and Foreign Economic Affairs (Vnesheconombank)´ took ninth place in the research rating of the most reliable banks of Central and Eastern Europe according to Global Finance Magazine.
The evaluation of the Magazine´s experts was based on such criteria as credit ratings assigned by international credit agencies, asset growth, and efficiency.
Global Finance Magazine is an influential international publication. It publishes financial news, articles and research.
13.03.2012 Vnesheconombank to Fund Construction of Patriarchal Spiritual Youth Center.
A meeting between Chairman of State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" Vladimir Dmitriev with His Holiness Patriarch of Moscow and All Russia Kirill was held in the Patriarch´s Official Residence at the St. Danilov Monastery on March 13.
In the course of their meeting the two men discussed cooperation between Vnesheconombank and the Russian Orthodox Church.
Since 2011, a program on constructing the St.´�George the Victor Monastery in Getschendorf (Germany) and creating on its basis an Orthodox Culture Center has been underway. His Holiness Patriarch stressed the importance of the orthodox monastery´s construction outside Berlin where a great number of our compatriots reside now.
Under the Russian Orthodox Church Program "Providing Support for Constructing Temples in Moscow" the Bank is considering the project to construct an orthodox temple for 250-300 worshippers in order to include it into the state corporation´s charitable and sponsor activities program for 2013.
Vnesheconombank takes an active part in the construction of the Patriarchal Center for the Spiritual Development of Children and Youth at the Danilov Monastery. In the past five years, the Bank has been transferring monetary funds for repairing the monastery´s utility lines, constructing and equipping the Spiritual Center as well as implementing its youth programs. At present, the construction work is nearing completion and by the end of the year the first stage of the Center´s premises is to be commissioned.
His Holiness Patriarch Kirill hailed Vnesheconombank´s activities and stressed the importance the Russian Church attaches to its work with youth in the Moscow episcopate, across Russia and abroad. He said that it was important to build the Patriarchal Center to implement various youth spiritual education programs and thanked Vnesheconombank´s management for financial assistance in constructing this very important church facility in the Russian capital.
07.02.2012 Vnesheconombank Places an Issue of Eurobonds of Series 5 Denominated in US Dollars
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" placed an issue of eurobonds of series 5 denominated in US dollars under the EMTN Program.
The amount of the issue was 750 million US dollars, maturity of bonds is 5 years, and coupon yield is 5.375% per annum.
BNP Paribas, J.P. Morgan Securities Ltd, Morgan Stanley & Co. International plc and The Royal Bank of Scotland plc acted as organizers of the transaction.
30.01.2012 The Russian Direct Investment Fund Purchases a Stake in the Russian MICEX-RTS
The Russian Direct Investment Fund (the RDIF) (the Fund´s managing company is a 100% Vnesheconombank´s subsidiary) jointly with the European Bank for Reconstruction and Development (the EBRD) purchased a stake in the united stock exchange MICEX-RTS in the amount of 6.29% and 1.25% respectively.
A decision by the EBRD and the RDIF to purchase a stake in the MICEX-RTS is a part of the long-term strategy for developing Russia´s market and boosting the stock exchange´s appeal and it also helps to create a competitive international financial center in Moscow.
This is the RDIF´s first transaction. The Fund was set up only six months ago. The Fund is designed to act as a co-investor of the largest direct investment funds, strategic and other financial investors thus contributing to raising foreign investments for Russia.
30.01.2012 Vnesheconombank and Deutsche Bank finance a modern pig-breeding complex construction in Voronezh region
State corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and Deutsche Bank AG, Frankfurt concluded loan agreements to finance a pig-breeding complex construction project in Voronezh region.
The project «Construction of a modern pig-breeding complex with a capacity of 42 thousand tons in live weight per year in Voronezh region» is implemented by "APK AGROECO" LLC. The total project value is RUB 5.8 billion, with Vnesheconombank´s commitment being RUB 4.6 billion.
Deutsche Bank AG provided a 7-year facility of up to RUB 814 million, insured by the German export credit agency Euler Hermes, for financing of 85% of the German equipment supply contracts and up to 100% of the respective insurance premium. A 5-year, EUR 70 million commercial facility was also raised by Vnesheconombank from Deutsche Bank.
30.11.2011 Vnesheconombank to Extend Banking Guarantee as a Security of OJSC Spurt´s Obligations
In the course of the Second Annual Forum "Small and Medium-Sized Enterprises -- Contribution to the New Economy" State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and OJSC Spurt entered into Agreement on extending a guarantee in favor of the German Banking Group Kreditanstalt fur Wiederaufbau (KfW).
The Agreement provides for Vnesheconombank to grant a banking guarantee worth 31.8 million US dollars as a security for fulfilling OJSC Spurt´s obligations under the long-term credit extended by KfW.
The Credit Agreement between KfW and Spurt Bank was concluded as part of the German-Russian Initiative on Funding Small and Medium-Sized Enterprises. Under this Agreement the German Bank is to extend a credit worth 30 million US dollars to OJSC Spurt for a period of 4 years to further fund small and medium-sized enterprises operating in the energy efficiency sector.
The Agreement on the German-Russian Initiative on Funding Small and Medium-Sized Enterprises was signed between Vnesheconombank and KfW Bank in February of 2009.
02.11.2011 Russian-German Conference on Small and Medium-Sized Enterprises Held
A Russian-German conference on small and medium-sized enterprises Programs of Supporting Small and Medium-Sized Enterprises: Development and Prospects. A Role of development Institutions was held in Saint-Petersburg. State Corporation ´´Bank for Development and Foreign Economic Affairs (Vnesheconombank)´, Banking Group KfW Bank and Open Joint Stock Company SME Bank acted as organizers of the conference.
The conference was held with the assistance of the German Federal Ministry of Economics and Technology (under the TRANSFORM Program) and the Office of the Presidential Envoy to the North-West Federal District as well as with the organizational support of LLC OST-EURO-Consult.
The main theme of the conference was the promotion of Russian-German business relations and informing the banking and business community on Vnesheconombank´s and KFW´s joint programs in providing support for SMEs.
The Presidential Deputy Envoy to the North-West Federal District opened the conference and then German Deputy Consul General in Saint-Petersburg Ferdinand von Weyhe gave a welcoming address.
Among the speakers at the first podium discussion devoted to issues of government for small and medium-sized enterprises through development institutions in Russia as well as to Vnesheconombank´s programs of funding SMEs were Director of Vnesheconombank´s SME Promotion Department, Director of the Russian Economic Development Ministry´s SME Development Department Natalia Larionova, Director General of the Russian SME Promotion Agency Natalia Smirnova, the Chairman of SME and Consumer Market Development in the Leningrad region, representatives of Saint-Petersburg´s government.
Alexei Eskindarov said that Vnesheconombank cooperates actively with KfW in providing support for Russian small and medium-sized enterprises and implementing joint programs designed to provide SMEs with wider access to financial resources. To this end, Vnesheconombank raised 300 million euros from KfW and 100 million euros of these funds were used to implement innovation and modernization projects.
The second round was devoted to discussing Vnesheconombank´s and KfW´s practical experience in funding SMEs as well as to cooperation with foreign development institutions. Among the main speakers at the conference were: Director for CIS countries and Eastern Europe at KfW Eva Witt, Board Member-SME Bank First Deputy Board Chairman Dmitry Golovanov, Head of Institutional and Banking Division, Structured Finance at Eurasian Development Bank Victoria Chentsova. Representatives of the banks that organized the Forum told its participants about Russian-German cooperation in implementing projects aimed at supporting SMEs, new initiatives and instruments for financing projects, above all, innovation and modernization ones. In his address D. Golovanov said, SME Bank has moved to a new stage of supporting small and medium-sized enterprises, that is, those enterprises that promote new technologies, master thoroughly new methods of doing business. In our opinion these small and medium-sized enterprises are involved in implementing modernization, innovation, energy-efficiency and resource-saving projects. These enterprises are sure to become standard-bearers of the Russian economy. And as far as they are concerned, development institutions would always have sufficient capabilities to support them.
It´s of crucial importance today to assist small and medium-sized enterprises in implementing modernization, innovation and energy-efficient projects. SME Bank´s strategy is aimed at funding this sort of enterprises. In order to unlock Russian SMEs potential they need to be funded adequately provided with incentives by the state. They also have to apply the world´s best practices including in the monetary policy.
The third round was devoted to finance and credit support for business and investment activity as well as to overcoming administrative barriers to entrepreneurial activity. Sergei Zimin acted as a moderator of the round-table discussion. Among the speakers at the third round of discussions were representatives of SME Infrastructure Support Institutions as well as heads of small and medium-sized enterprises of Saint-Petersburg, the Leningrad region and other regions of the North-West Federal District. They told about various aspects of supporting businessmen and about the current problem and way of addressing them.
In the opinion of most speakers the conference became a platform for sharing experience in providing support for SMEs in Russia and Germany. And further cooperation would make it possible to address issues of creating a favorable environment for promoting small and medium-sized enterprises.
In the course of the Forum, Banking Group KfW and OJSC Spurt signed a Credit Agreement. Under the Agreement credit resources worth 30.0 million US dollars are to be used to fund SME energy-efficiency projects. The said funds are provided by KfW against Vnesheconombank´s guarantee as part of implementing the Agreement on the German-Russian Initiative on Supporting SMEs signed between Vnesheconombank and KfW.
In the attendance of the Forum were representatives of government authorities of the North-West Federal District including the Government of the Leningrad region, and the Government of Saint-Petersburg, the German General Consulate in Saint-Petersburg , SME infrastructure support institutions of Saint-Petersburg and the North-West Federal District, representatives of partner banks Banking Group KfW and SME Bank, as well as representatives of small and medium-sized enterprises of Saint-Petersburg and the North-West Federal District and regional mass media
20.10.2011 Vnesheconombank and Germany´s BHF-BANK Aktiengesellschaft sign loan agreements
The State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) and Germany´s BHF-BANK Aktiengesellschaft, a leading provider of export and commodity finance with a long track record in structured export finance in Russia and other Eastern European countries, have signed several individual loan agreements. These facilities will finance the supply of German equipment as part of the project aimed at developing and engineering the production of a new family of YAMZ-530 engines with an engine capacity range of 120-315 hp implemented by OJSC Avtodiesel (YAMZ).
The agreements were signed on behalf of Vnesheconombank by Petr Fradkov, Member of the Board Deputy Chairman, and on behalf of BHF-BANK Aktiengesellschaft by Walter Schwertner, Vice President and Uschi Kirchner, Vice President.
Within the scope of the above documents, BHF-BANK Aktiengesellschaft will provide Vnesheconombank with loans totalling EUR 31.48 million. The amount of the loan agreement with Euler Hermes coverage is EUR 26.89 million. The total tenor of the Euler Hermes-backed financing is 8 years. The commercial loan agreement amounts to EUR 4.59 million.
The implementation of this project will help to meet demand among Russian manufacturers of trucks, agricultural and road construction equipment for competitive diesel engines assembled as far as possible using Russian-made components and parts. The launch of a new production facility with a high proportion of local input will help to ensure that products have lower unit costs than similar imported goods.
04.10.2011 On Signing Credit Agreement with WestLB AG
State Corporation ´Bank for Development And Foreign Economic Affairs (Vnesheconombank)´ and WestLB AG, Dusseldorf (WestLB) signed an individual credit agreement on extending a credit to Vnesheconombank.
Under the agreement signed WestLB is to provide Vnesheconombank with credit resources to fund a contract with German Company Avermann Maschinenfabrik GmbH & Co. KG against the coverage of Germany´s state insurance Agency Euler Hermes Kreditversicherungs AG (Hermes) for a period of up to 7.5 years.
The credit line is to be used to fund the project to create a home-building factory to construct prefabricated concrete buildings in the Rostov region. The project is being implemented by LLC Irdon.
27.09.2011 Vnesheconombank Joins the International Development Finance Club
State Corporation ´Bank for Development and Foreign Economic Affairs (Vnesheconombank)´ participated in founding the International Development Finance Club (IDFC). A corresponding agreement was signed by 19 leading national and regional development banks on September 25, 2011 in the course of the IMF and the World Bank session in Washington DC.
This organization was founded to exchange experience and new ideas associated with implementing projects in such sectors as infrastructure, ecology, energy efficiency, innovations, social development, development of small and medium-sized enterprises and poverty alleviation. The Club is to undertake its activity in accordance with its Statutes which set forth the Club´s goals, strategic objectives and institutional structure as well as in accordance with the Working Program for 2011-2014.
Meetings of member-banks are expected to be timed to coincide with annual sessions of the IMF and the World Bank as well as with other important international events a part of which presentations are scheduled on funding projects in the Club´s top-priority lines of activity. KfW Bankengruppe acted as an initiator of setting up the Club. Its Head Ulrich Schroeder was elected as Chairman of the Club.
Members of the International Development Finance Club are KfW Bankengruppe, the China Development Bank, Banco Nacional de Desenvolvimento Economico e Social (BNDES), the Japan International Cooperation Agency (JICA), the Black Sea Trade and Development Bank (BSTDB), the Andean Development Corporation (CAF), the Development Bank of Southern Africa (DBSA), the Industrial Development Bank of Turkey (TSKB), the Small Industries Development Bank of India (SIDBI), the Croatian Bank for Reconstruction and Development
26.09.2011 Vnesheconombank joined the Montreal development institutions forum
Within the framework of the World Bank - IMF Annual Session in Washington (USA), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) and financial development institutions of Brazil, Canada, China, Germany, Mexico, France and India concluded a Memorandum of Understanding to establish the Montreal Development Institutions Forum.
For and on behalf of Vnesheconombank, the Memorandum was signed by Mikhail Kopeikin, Member of the Board Deputy Chairman.
The major goal of the Memorandum is promoting Micro-, Small- and Medium-sized Enterprises (MSME) and providing a global collaborative platform where the Members can share and exchange best in class knowledge and information on important MSME-related topics.
In the opinion of the Forum participants, multilateral cooperation within the framework of the Forum will enhance the quality of services provided by the development institutions to global standards.
The establishment of the Montreal Development Institutions Forum was initiated by Business Development Bank of Canada.
Founding Members of the Montreal Development Institutions Forum: State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), Banco Nacional de Desenvolvimento EconÃ�mico e Social (BNDES), Business Development Bank of Canada (BDC), China Development Bank (CDB), KfW Bankengruppe, Nacional Financiera (NAFIN), French State Agency OSEO and Small Industries Development Bank of India (SIDBI).
01.08.2011 The Russian Development Bank Changes its Name to SME Bank
Vnesheconombank Chairman Vladimir Dmitriev´s Address
Esteemed colleagues and partners!
I am happy to inform you about Russian Development Bank´s rebranding. From today, it has a new trade name ´The Russian Bank to Support Small and Medium-Sized Enterprises´ in abbreviated form SME Bank.
It´s very important for Vnesheconombank that its subsidiary Bank not only changes its name but gets a lot closer to small and medium-sized enterprises. The Bank´s rebranding demonstrates very important changes in the Bank´s activity. The Bank is going to become a key instrument in the whole system of the state´s support for small and medium-sized enterprises.
In the most immediate future SME Bank is to launch a number of new services and products to maximize support for SMEs. They include standardized credit cards intended among other things for those who have just decided to start their own business as well as projects in energy efficiency, consulting and education. We have also plans to start issuing a special journal to publish various, useful, practical information as well as analyze and explain concrete real situations that people working in SMEs come up against every day in the Russian Federation.
We´ll expand SME Bank´s range of instruments for it to become a full-fledged development institution to be responsible for promoting non-trade and innovation small and medium-sized enterprises which are in the long run supposed to become the basis for economic growth and account for a significant share in GDP.
There is no doubt that the attempts we are making now would make it possible for Vnesheconombank to cooperate with SME Bank in implementing programs aimed at supporting SMEs a lot more efficiently. The Russian Development Bank had a collection of success stories of real businessmen who enjoyed the Bank´s support on its internet site. I´m sure that SME Bank will have a lot more of such success stories.
19.07.2011 Vnesheconombank and KfW Explore the Possibility to Set Up a Fund to Support Entrepreneurial Activities
As part of holding Russian-German interstate summit consultations in the city of Hannover in the presence of Russian President Dmitry Medvedev and Federal Chancellor Angela Merkel, State Corporation ´Bank for Development and Foreign Economic Affairs (Vnesheconombank)´ and Germany´s State Bank KfW entered into a Memorandum of Understanding.
On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf KfW by its Board Chairman Ulrich Schroder.
Under the Memorandum the parties are exploring the possibility to set up a Fund to Support Entrepreneurial Activities in order to expand the range of instruments for funding small and medium-sized enterprises in Russia by way of raising long-term foreign investments.
The financial institutions intend to make arrangements for preparing independent feasibility study to form the basis for subsequent measures and procedures including those for preparing a whole package of documents required to set up the aforementioned Fund.
A Fund to be set up would make it possible to raise additional funds to finance small and medium-sized enterprises by using advanced mechanisms for funding innovation projects with due regard to the best foreign business practices in this sector.
For many years under the TRANSFORM Program, KfW has been supporting the economic development of the financial and SME sectors in Russia. As an authorized representative of the Federal Finance Ministry and the Federal Economics and Technologies Ministry, KfW provides support for its partners by way of offering targeted consulting services (in such sectors as law-making, conducting refresher courses for managers and providing support for SMEs and boosting the development of financial system) as well as assisting refinancing programs.
In 2009, Vnesheconombank and KfW joined their efforts by entering into an agreement on a scheme to refinance Russian banks that provide support for SMEs in the amount of 200 million euros and by approving a scheme for refinancing modernization and innovation activities undertaken by SMEs in the amount of 100 million euros.
10.06.2011 Vnesheconombank and the European Investment Bank Agree to Cooperate under the Partnership for Modernization Initiative
State Corporation ´Bank for Development and Foreign Economic Affairs (Vnesheconombank)´ and the European Investment Bank (the EIB) entered into a Memorandum of Understanding.
On behalf of Vnesheconombank the Memorandum was signed by Management Board Member Vnesheconombank Deputy Chairman Petr Fradkov, on behalf of the European Investment Bank by its Vice President Eva Shrejber.
This Memorandum aims to promote mutually beneficial cooperation under the Partnership for Modernization Initiative. The Initiative was launched by the European Union and the Russian Federation at the May 2010 summit.
Under the Memorandum the financial institutions are determined to work together on projects to be implemented jointly by European and Russian companies in Russia under the Partnership. The parties believe that 500 million euros might be provided by each party to this end in the case that potential projects are in line with Vnesheconombank´s and the EIB´s financial criteria and are approved by authorized corporate governance bodies.
The parties are to give top priority to projects in the following sectors:
At their 25th summit in Rostov-on-Don on May 31 June 1, 2010 Russia and the EU launched the Partnership for Modernization Initiative. The Partnership aims to help Russia to address issues of modernizing the Russian economy. The Partnership for Modernization´s top-priority lines are aimed at expanding opportunities for investing in the key sectors by way of encouraging economic growth and innovations, promoting bilateral trade and economic ties, creating favorable conditions for small and medium-sized enterprises, aligning technical regulations and standards as well as providing a high level of intellectual rights protection, developing a sustainable low-carbon economy and energy efficiency, enhancing cooperation in the innovation, research and development, space and other sectors.
24.05.2011 Vnesheconombank raises credit worth 80 million euros from WestLB AG, London Branch
State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) and WestLB AG, London Branch (WestLB) signed an Agreement on extending a credit worth 80 million euros to Vnesheconombank. Under the Agreement the credit line is to be used to fund the real economy, specifically, to fund the project aimed at creating a home building factory to construct prefabricated reinforced-concrete buildings in the Rostov region, with the project being implemented by LLC Irdon.
WestLB AG is a European commercial bank with a focus on business in Northern Rhine Westphalia, Germany´s largest Federal state. As of December 31, 2010, the Bank´s total assets amounted to 191.5 billion. The Bank is one of the most important financial institutions of Germany
17.05.2011 Vnesheconombank Chairman Vladimir Dmitriev Becomes Head of PPP Department at the Finance University
A ceremony of opening a public private partnership department was held at the Finance University under the Government of the Russian Federation.
A new department headed by Vnesheconombank Chairman Vladimir Dmitriev was established by the Bank jointly with the Finance University. The department will engage employees from Vnesheconombank´s key structural subdivisions, the Bank´s partner companies as well as leading expert practitioners and specialists from the International PPP center under the UN EEC as lecturers.
The PPP department´s activity is designed to expand the range of educational programs related to public private partnership, training, retraining, professional development of managers and specialists in the field of PPP, doing research in order to provide support for developing PPP in the Russian Federation.
28.04.2011 Vnesheconombank raises a record syndicated loan
Vnesheconombank signed an agreement in Moscow today with a number of leading foreign banks on raising a syndicated loan worth 2.450 billion dollars. The credit tenure is 3 years. The credit rate is 6-month LIBOR+1.3% per annum. The transaction was closed with a significant oversubscription as Vnesheconombank initially planned to raise a loan of 2 billon US dollars.
Currently the loan parameters are all-time high for the Russian syndicated loan market. The amount of loan received by Vnesheconombank is maximal compared to loans raised by Russian banks recently. 19 banks participated in the loan including the largest banks from Europe, the US and China.
Among the Mandated Lead Arrangers and bookrunners were The Bank of Tokyo-Mitsubishi UFG Ltd, Barclays Bank PLC, BNP Paribas, China Development Bank Corporation, Hong Kong Branch, Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, Mizuho Corporate Bank Ltd, Societe Generale, Sumitomo Mitsui Banking Corporation Europe Limited.
Mandated Lead Arrangers were Banc of America Securities Limited, Citibank NA, London Branch, Goldman Sachs International, ING Bank N.V., JPMorgan Chase Bank, N.A., Morgan Stanley Bank International Limited, The Royal Bank of Scotland N.V. WestLB AG, London Branch. Barclays Capital acts as the coordinator and paying agent of the syndicated loan.
The credit resources raised are to be used by Vnesheconombank to fund current investment projects.
18.02.11 Vnesheconombank and DZ BANK AG signed credit line agreement
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, Frankfurt am Main (DZ BANK AG), signed Credit Line Agreement.
The Agreement was signed by Vnesheconombank's Member of the Board Deputy Chairman Mr. Peter Fradkov and DZ BANK'S Member of the Board Mr. Wolfgang Köhler.
The aim of this Agreement is to finance investment projects of Vnesheconombank's clients predominantly with the participation of German companies on the territory of Russian Federation.
As Germany's fifth largest bank DZ BANK AG forms part of the German cooperative financial services network, which comprises more than 1,100 local cooperative banks (Volksbanken und Raiffeisenbanken) and is one of Germany's largest private-sector financial services organizations measured in terms of total assets. Within the cooperative financial services network, DZ BANK AG functions both as a central institution for more than 900 cooperative banks and their 12,000 branch offices and as a corporate and investment bank with a growing European and selective Asian reach. DZ BANK AG has branches in London, New York, Singapore and Hong Kong as well as subsidiaries and representative offices in key financial centres throughout the world.
DZ BANK AG has the Representative Office in Russia from 1989. It takes an active part in setting contacts between German and Russia companies and supports investments projects of largest Russian companies by different types of financing and crediting.
03.11.10 On signing loan agreements between Vnesheconombank, BHF-BANK AG and KfW IPEX-BANK GmbH
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", BHF-BANK Aktiengesellschaft and KfW IPEX-BANK GmbH signed two Individual Loan Agreements. The aim of these agreements is to finance supply of German equipment for the project for construction of high-level wood processing manufacture.
Within the scope of the above documents the German banks will provide to Vnesheconombank two loans for the total amount of EUR 62.6 million. The amount of Loan Agreement signed under Euler Hermes coverage is EUR 53.84 million. The total tenor of the Euler Hermes backed financing is 10 years. The amount of the Commercial Loan Agreement is EUR 8.76 million.
BHF-BANK is acting as an Agent under these Agreements.
This project is included in the list of the priority investment projects in the sphere of forest exploitation.
BHF-BANK is a modern German private bank focused on corporate and private banking. The bank is a leading provider of export and commodity finance and has a long track record in structured export finance in Russia and other Eastern European countries.
15.07.10 On Signing a Letter of Comfort with the Banking Group KfW
In the course of holding Russian-German consultations at the summit level in the city of Yekaterinburg, State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and the Banking Group KfW signed a Letter of Comfort on Implementing Programs of Cooperation in Supporting SMEs and innovations.
On behalf of Vnesheconombank the Document was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of KfW by its First Vice President Dr. Lutz Funke.
The Letter of Comfort was signed by to build on the Memorandum of Understanding concluded between Vnesheconombank and KfW on the German-Russian Innovations and Modernization Program. The Memorandum was signed in April of 2010. The Letter of Comfort provides for opening a credit line for Vnesheconombank's subsidiary bank, the Russian Development Bank, in the amount of 100.0 million euros. The said funds will be used for expanding the current Program of Supporting Small and Medium-Sized Enterprises and will allow to make debt financing more affordable for SMEs involved in implementing innovations and modernization projects.
A letter of comfort is a prerequisite for opening a credit line for the Russian Development Bank.
Vnesheconombank and KfW believe that the opened credit line would improve terms of lending to SMEs including those operating in the innovation sector.
14.07.2010 Vnesheconombank's Public Private Partnership Center Gives Presentations in the Non Deal Road Show Format
A series of non deal road show presentations organized by Vnesheconombank's Public Private Partnership Center (PPP Center) in cooperation with Vnesheconombank's representative offices in Great Britain and Germany were held from July 5 to July 9 2010 at Vnesheconombank's representative offices in London and Frankfurt- on-the Maine.
For the most part these events are aimed at giving presentations of Vnesheconombank's standard projects to develop public infrastructure in energy efficiency, environmental protection and comprehensive urban development sectors on the terms of public-private partnership to attract expertise, advanced technologies and foreign companies" business experience in order to apply them in investment infrastructure projects.
The presentations were attended by representatives of ministries and departments, financial institutions, various lines of business: specialists of leading construction and engineering companies, equipment suppliers, communal services complex operators, representatives of consulting and legal firms specializing in implementing investment infrastructure projects including Arup, EC Harris, Mott MacDonald Ltd, Berwin Leighton Paisner LLP, UK Trade and Investment, PricewaterhouseCoopers LLP, KPMG LLP, EBRD, Macquarie Group, HOCHTIEF, Fichtner GmbH & Co KG, STRABAG International GmbH, EnBW Energie Baden-W?rttemberg AG.
The presentations enabled representatives of foreign companies to take a look at the potential for developing business on Russia's emerging market for PPP projects and make arrangements for further cooperation with the PPP Center on the issues of their possible participation in regional projects.
Public-Private Partnership Center established in 2008 is a structural subdivision within State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)". The Center's main mission is to manage Vnesheconombank's activity in offering consulting services to government authorities, constituent entities of the Russian Federation, administrations of municipalities and enterprises on arranging PPP projects in need of raising financial resources of the Bank or other financial institutions.
29.04.10 Vnesheconombank Extends Guarantees to KfW Bank to Secure NDB Bank's and AKB Spurt's Obligations
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" extended to Kreditanstalt fur Wiederaufbau (KfW), Germany two banking guarantees to secure NDB Bank's obligations (the city of Nizhny Novgorod) for an amount of 16.25 million US dollars and AKBs Spurt's obligations (the city of Kazan) for an amount of 10.8 million dollars against long-term credits extended by KfW Bank.
Relevant credit agreements were concluded between KfW and AKB Spurt and NDB under the German-Russian Initiative on Financing Small and Mediu-Sized Enterprises. Under the agreements, after receiving Vnesheconombank's guarantees KfW is to extend credits to NDB Bank and AKB Spurt for an amount of 15 million US dollars and 10 million dollars respectively. Credit resources are to be provided for a period of 5 years in order to further finance Russian small and medium-sized enterprises (MSE).
The Agreement on the German-Russian Initiative on Financing Small and Medium-Sized Enterprises was signed by Vnesheconombank and KfW Bank in February of 2009.
13.04.10 On Signing a Memorandum of Understanding on the German-Russian Innovation and Modernization Program between Vnesheconombank and KFW
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and the Banking Group KfW signed a Memorandum of Understanding on the German-Russian Innovation and Modernization Program.
On behalf of Vnesheconombank the memorandum was signed by Management Board Member- Vnesheconombank Deputy Chairman Mikhail Kopeikin and on behalf of KfW by its First Vice President Roland Ziller.
This Memorandum aims to encourage innovative development and modernization of small and medium-sized enterprises (SME) in the Russian Federation as well as to intensify economic cooperation between Russian and German enterprises.
Under the Memorandum the parties intend to assist banks operating in Russia in obtaining financing to further bankroll SMEs to enhance their innovative development and modernization. Innovations and modernization are taken to mean a successful development and implementation of technologically new products and processes as well as technologically upgraded products and processes and market penetration (product innovation) or use in the production process (process innovation).
The total amount of funds that Russian banks are to receive to further finance innovative SMEs will amount to 100 million euros (in addition to200 million euros to be made available to banks under the German-Russian Initiative on Providing Financial Support for SMEs). The Memorandum also determined requirements to SMEs potential recipient of financial support as well as top-priority sectoral lines of activity to be financed.
The following mechanisms are to be used to implement the Memorandum:
The Memorandum was signed to build on the Agreement on Cooperation concluded earlier under the German-Russian Initiative on Providing Financial Support for SMEs.
29.01.10 A framework agreement of $1.49 bln and ECA backed loan agreement for $533.8 mln between Vnesheconombank and Calyon, Deutsche Bank AG, Intesa Sanpaolo SPA, ING Bank N.V., Societe Generale, KfW IPEX-Bank GMBH, Sumitomo Mitsui Banking Corporation Europ Ltd.
On January 22, 2010, State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and a club of banks including Calyon, Deutsche Bank AG, Intesa Sanpaolo SPA, ING Bank N.V., Societe Generale Corporate and Investment Banking (Initial Mandated Lead Arrangers & Bookrunners) and KFW IPEX-Bank GMBH and Sumitomo Mitsui Banking Corporation Europe Limited (Mandated Lead Arrangers) signed a Common Terms Agreement for the total amount of USD 1.49 billion to be on-lent for the financing of the construction of polypropylene production complex in Tobolsk, Tyumen region, Russia, executed by OOO "Tobolsk-Polymer" and sponsored by Sibur Holding.
Within the scope of the Common Terms Agreement, a first financing tranche in the form of a Hermes Facility Agreement for the amount of USD 533.8 million was also signed. The aim of the Hermes Facility Agreement is to finance a contract between OOO "Tobolsk-Polymer" and Linde-KCA-Dresden GmbH, Germany. The total tenor of the Export Credit Agency (ECA) backed financing under Euler-Hermes insurance is 13.5 years.
Calyon is acting as Global Coordinator and Documentation Agent for the financing and Deutsche Bank as Facility Agent and Hermes Agent.
28.10.09 On Holding German-Russian Forum On Small and Medium-Sized Enterprises
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and Banking Group Kreditanstalt fur Wiederaufbau Bankengruppe (KfW) held a German-Russian Forum "Development of Small and Medium-Sized Enterprises under the Conditions of the Financial Crisis".
In attendance of the Forum were Management Board Member, Vnesheconombank Deputy Chairman Mikhail Kopeikin; Ronald Ziller, KfW, Director of the Department for Financing Central, Eastern, Southern European, CIS and Northern Caucasus countries; Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany to the Russian Federation Jurgen Walter Schmidt; Chairman of the Committee on the Development of Small and Medium-Sized Enterprises of the Tatarstan Republic Timur Shagivaleev; President of Nongovernment Organization "Opora Rossii" Sergei Borisov; representatives of Russian and German line ministries; small and medium-sized enterprises.
Speaking before the Forum's participants, Vnesheconombank Deputy Chairman Mikhail Kopeikin told them about the beginning of implementing the Agreement "The German-Russian Initiative on Financing Small and Medium-Sized Enterprises". The Initiative provides for KfW to extend long-term credits against Vnesheconombank's guarantees to Russian lending institutions for them to finance SMEs. The Agreement is worth 2000 million euros. Under this Agreement, 8 Russian banks and the KfW Group entered into individual agreements, moreover, Vnesheconombank issued its first guarantee for a Russian bank in the amount of 32.8 million US dollars.
The Forum's participants discussed distinguishing features of small and medium-sized enterprises development under the conditions of the financial crisis and prospects for offering financial services to SMEs by Russian banks. The participants exchanged their business experience in promoting and supporting SMEs in the Russian regions and discussed examples of cooperation between Russian and German companies, banks and government authorities.
28.10.09 On Signing Memorandum on Cooperation between Vnesheconombank, KfW IPEX-Bank GmbH and the Government of the Republic of Tatarstan
In the course of the Forum "Development of Small and Medium-Sized Enterprises under the Conditions of the Financial Crisis", State Corporation "Bank for Development and Foreign economic Affairs (Vnesheconombank)", German Banking Group KfW IPEX-Bank GmbH and the Government of the Republic of Tatarstan entered into a Memorandum on Cooperation.
The Memorandum aims to promote cooperation in implementing projects to support small and medium-sized enterprises in the Republic of Tatarstan.
Cooperation in promoting leasing for supporting SMEs is seen by the parties as their first joint project.
Under the project KfW IPEX-Bank GmbH is to extend credit resources to Vnesheconombank's subsidiary banks against Vnesheconombank's guarantee. In their turn, these banks would extend credits to leasing companies for them to purchase agricultural equipment for leasing it out to small and medium-sized enterprises in the Republic of Tatarstan. Vnesheconombank's participation in implementing the project is conditional on the Tatarstan Government's co-financing of small and medium-sized enterprises" leasing projects.
The Memorandum was signed to build on the Framework Credit Agreement concluded in July 2009. The Agreement provides for KfW IPEX-Bank GmbH to extend credit resources to Vnesheconombank in the total amount of 500 million euros against export credit agencies" insurance coverage.
29.09.09 On Signing Credit Agreement between Vnesheconombank, DZ BANK AG and AKA Ausfuhrkredit- Gesellschaft, Germany
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", DZ BANK AG Deutsche Zentral-Genossenschaftbank (Germany) and AKA Ausfuhrkredit-Gesellschaft (Germany) signed an individual Credit Agreement.
Funds to be raised by Vnesheconombank will be used to finance the supplies of German equipment under the contract between LLC Volzhsk Construction Materials Factory (the Republic of Mari El) and MASA-Henke Maschinenfabrik GmbH (the city of Porta Westfalica).
Cooperation is carried out within Vnesheconombank's participation in the aerated concrete factory construction project in the city of Volzhsk (the Republic of Mari El) with an annual capacity of 600 thousand m3. The project provides for building a factory to manufacture products from aerated concrete for building low-rise housing with the use of German module home building technology.
This Credit Agreement was made to build on the framework agreement signed in 2005 between Vnesheconombank and AKA Ausfuhrkredit-Gesellschaft (the city of Frankfurt on the Maine).
DZBANK Group is a part of the financial cooperative association - FinanzVerbund, which incorporates about 1200 German cooperative banks includin Volksbanken and Raiffeisenbanken. Within the FinanzVerbund financial association DZ BANK is a central bank for more than 1000 German cooperative banks.
Limited liability company AKA Ausfuhrkredit-Gesellschaft (Germany) was established in 1952. It is designed to support German exports. 20 German banks are its shareholders.
25.09.09 On signing an Agreement between Vnesheconombank and Bayerische Landesbank
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and Bayerische Landesbank (Germany) signed a Framework Credit Agreement.
The agreement envisages the possibility of raising credit resources by Vnesheconombank in order to finance supplies of equipment and/ or services from Germany and other Organisation for Economic
Co-operation and Development (OECD) member states to the Russian Federation for the purpose of implementing projects aimed at Russian economic development.
Conclusion of the Framework Credit Agreement is a clear demonstration of high level of Russian-German economic cooperation, as well as both bank's intention to further bolster partnership relations.
Bayerische Landesbank (BayernLB) is one of the largest banks in Germany and was established in 1972. Under its revised strategy, it will concentrate on Small and Medium Enterprises, large corporates, commercial real estate and retail banking segments from now on. BayernLB has strong relationships with German and international customers and is excellently positioned in export and project financing, particularly in the growing renewable energy market. The Bank's assets as of June 30th, 2009 have amounted to EUR 404,56 billion.
16.07.2009 On Signing a Memorandum of Understanding between Vnesheconombank and KfW
In the course of Russian President Dmitry Medvedev's visit to the Federative Republic of Germany, State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and the Banking Group KfW signed a Memorandum of Understanding.
On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of KfW by its Managing Board Chairman Ulrich Schroder.
Under the Memorandum, Vnesheconombank and KfW have agreed for OJSC Promsvyazbank to join the German-Russian Initiative on Financing Small and Medium-Sized Enterprises in status of participant and stated their intentions to go on implementing the said joint initiative and take measures to seek new participants.
The Memorandum was signed to build on the Agreement signed in February 2009 "On the German-Russian Initiative on Financing Small and Medium-Sized Enterprises" between Vnesheconombank and KfW. This Agreement aims to promote the development of small and medium-sized enterprises in the Russian Federation by way of providing mid-term financing, encouraging entrepreneurial activity in the regions and supporting banks responsible for lending to small and medium-sized enterprises.
Under the Memorandum on Vnesheconombank's Financial Policies, one of its top-priority lines of activity is to participate in implementing projects aimed at encouraging small and medium-sized enterprises.
16.07.09 On Signing a Framework Credit Agreement between Vnesheconombank and KfW IPEX-Bank
Today, in the course of Russian President Dmitry Medvedev's visit to the Federative Republic of Germany, State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and KfW IPEX-Bank GmbH, Frankfurt am Main (Germany) entered into a Framework Credit Agreement.
This Agreement calls for providing Vnesheconombank with credit resources in the total amount of 500 million euros against insurance coverage by export-credit agencies.
Under the Agreement the credit line is to be used to finance projects aimed at boosting the development of the Russian economy with the projects providing for supplying equipment to the territory of the Russian Federation from Germany and other European countries.
The signing of the Framework Agreement with KfW IPEX-Bank GmbH is another Vnesheconombank's step aimed at promoting Russian-German relations within economic cooperation between the two countries.
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe and is represented in the key economic and financial centres throughout the globe.
16.07.09 Vnesheconombank's Guarantee to the Banking Group KfW to Secure Promsvyazbank's Obligations
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" provided the Banking Group Kreditanstalt fur Wiederaufbau (KfW), Germany, a guarantee worth 32.8 million US dollars to secure OJSC Promsvyazbank's obligations under the Banking Group KfW's long-term credit.
The Credit Agreement between Promsvyazbank and KfW was signed within the framework of "The German-Russian Initiative on Financing Small and Medium-Sized Enterprises" in April 2009. Under the Agreement, KfW is to extend a credit worth 30 million US dollars for a period of 5 years to Promsvyazbank in order to finance small and medium-sized enterprises.
The guarantee was delivered on July 16, 2009 in Munich in the course of a regular round of Russian-German interstate summit consultations.
The Agreement on "The Russian-German Initiative on Financing Small and Medium-Sized Enterprises" was signed by Vnesheconombank and the Banking Group KfW in February 2009.
04.02.09 On signing an agreement between Vnesheconombank and KfW Bankengruppe
Today, on February 4, 2009, in Moscow, state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and Kreditanstalt f?r Wiederaufbau Bankengruppe (KfW Bankengruppe) signed an Agreement on the German-Russian Initiative for SMEs Financing.
On behalf of Vnesheconombank, the document was signed by Vladimir Dmitriev, Chairman. KfW Bankengruppe was represented by Wolfgang Krogh, Member of the Managing Board, and Doris Koehn, Senior Vice President.
The Agreement is aimed at rendering assistance to Russian small- and medium-sized enterprises (SMEs). To this end, it envisages providing medium-term finance for SMEs, as well stimulation of entrepreneurial activities in regions and support for banks that grant credits to SMEs.
In accordance with the Agreement, to finance SMEs, KfW Bankengruppe will extend to Russian commercial banks against the guarantee of Vnesheconombank targeted loans for the total amount of EUR 200 million. The loan tenor is up to 5 years.
Given the fact that when selecting SMEs eligible for financing priority is to be given to projects, which aim, among other things, to develop and introduce energy-saving technologies, the implementation of the Agreement would also contribute to improved environmental protection.
The Agreement signed might be viewed as a continuation of the Agreement on Cooperation signed in July 2007 between Vnesheconombank and KfW Bankengruppe.
08.12.08 On agreement between Vnesheconombank and Euler Hermes Kreditversicherungs-AG
Today, on December 8, 2008, state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and Euler Hermes Kreditversicherungs-AG (Germany) signed a Cooperation Agreement.
On behalf of Vnesheconombank, the Agreement was signed by Mr. V. Dmitriev, Chairman of Vnesheconombank. Euler Hermes Kreditversicherungs-AG was represented by Dr. Hans Janus, Member of the Board of Management, and Mr. Manfred Bruer, Managing Director of Euler Hermes ECA Consortium.
The Agreement expresses the parties" intention to establish strategic partnership and promote long-term, effective and mutually beneficial cooperation in export credit insurance against commercial and political risks, as well as in investment insurance.
The Agreement is a framework document aimed at ensuring support and providing stimulus for trade and investment between Russia and Germany through joint export credit and investment co-insurance and reinsurance.
The parties intend to share their experience of export credit insurance against commercial and political risks and stimulate the mentioned activity. The parties would also seek to increase personnel professional skills, deliver joint projects and exchange information on export credit insurance.
Euler Hermes Kreditversicherungs-AG is a private insurance company authorized by the state to provide export credit insurance against territorial (political) and commercial risks and investment insurance. The Company was established in 1917 to extend export credit guarantees on behalf and by order of the German Government. Euler Hermes is a member of the International Union of Credit and Investment Insurers (the Berne Union) and an active participant in OECD Working Party on Export Credits and Credit Guarantees. Euler Hermes undertakes its activities in more than 50 coun tries accounting for 36% of the global export credit insurance market.
16.10.2007 Agreement with KfW Bank on Implementing the Kyoto Protocol Signed
Today, on October 16, the State Corporation "The Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and the Bank Kreditanstalt fur Wiederaufbau (KfW) signed a Memorandum on Understanding and Cooperation in carbon quota trading.
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and KfW Board Director Ingrid Matthaus-Maier.
The Memorandum aims to promote cooperation in the joint development and implementation of projects to trade carbon quotas.
Under the Memorandum Vnesheconombank and KfW are determined to jointly examine and select projects as well as participate in carrying them out on the territory of the Russian Federation.
The Memorandum was signed to build upon the Kyoto Protocol and the United Nations Framework Convention on Climate Change.
16.10.2007 Presentation of Vnesheconombank for Foreign Investors Was Made in Frankfurt-on-the Maine
On October 16, a presentation of the Development Bank was made for foreign investors in Frankfurt on the Maine.
Representatives of major investment banks, specifically, ABN AMRO, Deutsche Bank, ING bank, Dresdner Kleinwort and others participated in the presentation.
19.07.2007 Vnesheconombank and KfW Bankengruppe Sign Agreement on Cooperation
Today, on July, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and Kreditanstalt fur Wiederaufbau (KfW Bankengruppe) entered into an Agreement on Cooperation.
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and by KfW Board Director Ingrid Matthaus-Maier.
The Agreement aims to strengthen economic and financial relations between Russia and Germany. This Agreement is designed to promote cooperation between financial institutions of the two countries taking into account the Development Bank's new lines of business. The Development Bank was established on the basis of Vnesheconombank.
The two sides agreed to carry out joint projects including those aimed at supporting medium- and small-size business. The Agreement also sets froth the two sides" intentions to jointly examine and work out projects designed to reduce green house gases atmospheric emissions.
Cooperation between Vnesheconombank and KfW is developing dynamically. The first agreements between the financial institutions on extending credits to the former Soviet Union and then to the Russian Federation were made between KfW and Vnesheconombank in 1991. KfW was the first foreign bank to sign an agreement with Vnesheconombank after it was transformed into the state corporation "The Bank for Development and Foreign Economic Affairs."