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OJSC the Far East and the Baikal Region Development Fund’s Board of Directors First Meeting Held at Vnesheconombank

28 november 2011 года
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The first meeting of the Board of Directors of the Far East and the Baikal Region Development Fund – a subsidiary of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was held at Vnesheconombank. The Board of Directors was formed by a decision of Vnesheconombank - the sole founder of the Fund. It is comprised of representatives from the Russian Regional Development Ministry, the Russian Economic Development Ministry as well as from the Office of the Presidential Envoy in the Far Eastern Federal District.

In the course of the meeting its participants discussed issues of forming governance bodies of OJSC the Far East and the Baikal Region Development Fund. Vnesheconombank Chairman Vladimir Dmitriev was elected as Chairman of the Board of Directors.

In September of 2011, Vnesheconombank’s Supervisory Board approved founding documents of OJSC the Far East and the Baikal Region Development Fund. The Fund was registered in the city of Khabarovsk in November of 2011. It is the second largest regional development institution set up by Vnesheconombank after OJSC the North Caucasus Development Corporation. The Fund is to operate on the territory of 12 constituent entities occupying almost half of the Russian territory.

As a development institution Vnesheconombank participates in implementing 13 investment projects on the territory of the Far Eastern Federal District. The projects’ total value is 156.6 billion rubles, with the Bank’s participation share being 71.1 billion rubles out of which 35.0billion rubles were already invested as of November, 2011.

Given the fact that that the Fund’s main line of activity is to assist in developing investment activity in the Russian constituent entities being part of the Far Eastern and the Siberian (the Baikal) Federal Districts and promote products, instruments and mechanisms developed by the Bank to be used on the said territories, Vnesheconombank’s participation share in investment projects in the Far East could at double in the mid-term.

Raising investments from non-budgetary sources for the construction of infrastructure facilities as part of large-scale projects aimed at a comprehensive socio-economic development of territories in the Far East and the Baikal region is to become one of instruments.

The Board of Directors meeting made a decision that the Fund would become a member of the Inter-Regional Economic Cooperation Association of Russia’s Far East and the Baikal Region. A decision was on issuing securities was also taken.

 

Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail; pres@veb.ru


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