Decisions by Vnesheconombank’s Supervisory Board

Opening remarks

Dmitry Medvedev, the Chairman of the Russian Government, Chairman of Vnesheconombank's Supervisory Board

At its meeting on 27 September 2016, the Supervisory Board’s agreed the terms of financing for Vnesheconombank’s two major investment projects:

Amendments were made to the terms of financing for projects delivered by Bryansk Meat Company LLC and designed to build and increase the capacity of, a complex to produce high-yield beef cattle and a meat processing complex, including amendments to the distribution of financing limits and payment schedule. To complete the projects, Vnesheconombank will provide the company with USD 592mn;
Amendments were made to the financing structure of a project by the Transmashholding Group. The project provides for delivery of railway cars for the Moscow Metro, with a RUB 27.62bn loan facility to finance the project approved by the Supervisory Board on 29 March 2016.

The Supervisory Board acknowledged a business priorities report of VEB-Leasing whose business model will be refocused to address the strategic aims of the Bank for Development. In particular, these include promotion of priority industries and infrastructure, export support, and facilitation of state programmes designed to develop national equipment manufacturing.

Furthermore, the meeting approved the closure of Vnesheconombank’s regional representative offices and extension of moratorium on sponsorship and charity work till the end of this year. Initially, the moratorium was imposed in March this year till 30 September 2016.

The Supervisory Board also agreed the basic approaches to Vnesheconombank’s functional structure formation.

Press Office
E-mail: press@veb.ru

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