Supervisory Board Approves Bank for Development’s Participation in Implementing 11 Major Projects worth 140 Billion Rubles

Moscow. March17. INTERFAX-AFI — The Supervisory Board of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ approved the Bank’s participation in implementing 11 major projects worth 140 billion rubles, said Vnesheconombank Chairman Vladimir Dmitriev at a meeting with mass media editors in Interfax.

Among projects approved, he mentioned a project aimed at building a timber-processing complex in the Boguchan district of the Krasnoyarsk Territory within the investment project «Development of Lower Angara Area’. Construction of the complex with a capacity of 800 thousand tons of pulp per year is scheduled for this year. VEB is to invest 40 billion rubles n the construction of the complex. Besides, VEB participates in the project to build a production facility of sub-micron semiconductor components in Zelenograd with topological standards of 0.11–0.13 micron. The project is being carried out by OJSC Angstrem-T. The Bank is to open a credit line to fund this project in the amount of 815 million euros for a period of 9 years.

VEB participates in a complex program of cooperation with the United Aircraft Construction Corporation. According to v. Dmitriev, the Bank is establishing a credit-documentary limit for the United Aircraft Construction Corporation in the amount of 24.69 billion rubles. The funds will be used among other things to establish a research-production aircraft construction cluster on the basis of TsAGI (The Central Aerohydrodynamics Institute), (the city of Zhukovsky, the Moscow region).

The Bank for Development also participates in implementing infrastructure projects including water supply and water drainage development project in the Rostov region. The project was initiated by OJSC Eurasian. The total value of the project is 41.5 billion rubles. VEB is responsible for opening a credit line in the amount of 4.5 billion rubles for a period of 14 years. VEB also participates in the project aimed at developing the infrastructure of industrial parks in the Kaluga region. The total value of the project is 6.4 billion rubles, its financing period is 10 years. Production facilities of strategic investors, namely, Volkswagen, Volvo Truck, Peugeot-Citroen will be placed there together with industrial sites of automobile components manufacturers with the total amount of investment being 100 billion rubles. «1 ruble in state investment is expected to raise 10 to 15 rubles in private investment. VEB is ready to allocate 5 billion rubles to implement this project», said v. Dmiriev.

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