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Meeting between Chairman of the Government of the Russian Federation Dmitry Medvedev and Chairman of Vnesheconombank Sergey Gorkov

12 september 2016 года
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Excerpt of transcript:

Dmitry MedvedevSergey Nikolaevich, will you update me on the work on the Bank’s development plan in compliance with the instructions by the Supervisory Board, as well as considering the need for streamlining of the Bank’s overall operations and its capital increase.

Sergei GorkovDmitry Anatolievich, the Bank’s operations have been normalized. In a month and a half, we have raised additional USD 3bn worth of liquid assets including CNY 10bn from Chinese regional banks. All this makes us feel pretty secure this year in terms of liquidity.

We are finalizing the strategy and are ready to present it at the next meeting of the Supervisory Board. General development policies have been approved by the Ministry of Industry and Trade. Also, we have formulated a new strategy for export leasing.

So overall, the Bank is back to normal. Furthermore, we undertake investment operations, as limited as they due to the lack of liquidity. However, we commissioned a plant in Krasnoyarsk last week, namely, an export-oriented wood-processing complex of Kraslesinvest.

Dmitry MedvedevThis plant, is it a loan or equity participation?

Sergei GorkovWell, it’s both: we participated as equity partners and debt providers. Today, the plant has the capacity of 300 000 tons, but we expect to reach 600 000 tons next year. The plant is to become one of the major ones.

Dmitry MedvedevSuch industrial enterprises are much needed now because they allow processing of wood on the territory of the Russian Federation rather than exporting of round timber to be processed abroad and leave us with just a little money for raw material.

Anything else of importance lately?

Sergei GorkovThis week we are putting into operation a plant in the Orenburg Region to produce household gas stoves and refrigerators. It is also important in terms of exports, primarily, to Central Asia and Iran.

Also this week we have opened a CSKA stadium with some additional funding provided by the Bank.

We’ve got quite a few of such projects in our portfolio. Despite tight liquidity, we do our best to find ways to complete them.

Dmitry MedvedevOf course, the existing projects are of paramount importance for the country, for the economy, and the required funding should be found for them to be delivered. However, the Bank’s statutory objectives such as promotion of exports, including non-resource exports and support for small- and medium businesses should not be overlooked given the Bank’s participation in a number of programmes and earmarked funding available. This should be the focus of the work.

<…>


Origin: Internet site of the Government of the Russian Federation
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