Russian Prime Minister Dmitry Medvedev conducts a meeting on Vnesheconombank’s additional capitalization
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D.Medvedev: “There is a need for Vnesheconombankto maintain required volumes of support for the national economy in the current situation when the country’s economic policy relies above all on domestic sources of funding”. |
Dmitry Medvedev’s opening address:
Today, our meeting is devoted to Vnesheconombankand issues related to its current standing and its potential additional capitalization. Naturally, the reason for it is that Vnesheconombank is a leading and the most important development institution in our country operating under a special law.It commits financial resources for modernizing the Russian economy and stimulating inflow of investments. The Bank plays a special role on the long-term funding market.
In the recent years, Vnesheconombank has been instrumental in implementing quite a few large-scale projects, which are designed to overcome infrastructure restrictions, boost natural resources utilization efficiency, support industrial exports, stimulate the development of territorial clusters and as a whole address serious objectives of the country’s development.
I’d like to mention such important projects as the construction of the Boguchan Hydroelectric Power Plant as well as Sheremetjevo-3 and Pulkovo terminals, the Western High-Speed Diameter, the Khabarovsk oil refinery's modernization, the development and manufacturing of our SukhoiSuperjet 100.
Moreover, Vnesheconombank became a major creditor of a whole number of construction projects including the Olympic construction project. Its efficient financial support helped to successfully implement infrastructure projects in Sochi although in a number of cases we had to make pretty difficult decisions and Vnesheconombank had to make such difficult decisions too.
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D.Medvedev: “Vnesheconombank became a major creditor of a whole number of construction projects including the Olympic construction project. Its efficient financial support helped to successfully implement infrastructure projects in Sochi”. |
In general, we should admit that the Bank’s participation in this kind of projects was necessary and justified.Until recently, the Bank has succeeded in raising credit facilities on international markets to fund investment projects. Now, as you know, the situation has changed – our partners not only refuse to participate in this kind of projects but limit activities of a number of banks. Nevertheless, Vnesheconombank remains to be a quality borrower and an efficient creditor.There is a need for Vnesheconombankto maintain required volumes of support for the national economy in the current situation when the country’s economic policy relies above all on domestic sources of funding” and on such approaches which should allow us to create advanced, quality products and support exports. All this is of primary importance now, so my proposal is to discuss these issues today at our meeting.
Origin: Internet-Site of the Government of the Russian Federation
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