On Introducing Changes to the Rules for Forming and Using Budget Allocations of the Investment Fund of the Russian Federation

The Government of the Russian Federation hereby decrees to:

Approve the attached changes to be introduced to the Rules for Forming and Using Budget Allocations of the Investment Fund of the Russian Federation approved by Resolution of the Government of the Russian Federation dated March 1, 2008 # 134 (Collection of Legislation of the Russian Federation, 2008, #10, art. 932, #26, art. 3064).

Chairman of the Government of the Russian Federation V. Putin

APPROVED by
Resolution of the Government of
the Russian Federation
dated December 29, 2008, #1064

CHANGES
to be Introduced to the Rules for Forming and Using Budget Allocations of
the Investment Fund of
the Russian Federation

1. In point 19:
a) in paragraph five the second and third sentences are to be taken out;
b) in paragraph six the words “shall be effected by the Ministry of Regional Development of the Russian Federation” are to be replaced with the words “shall be effected”.

2. Section V is to be taken out.

3. Point 25 is to be taken out.

4. In point 28:
a) subpoints “l” and “r” are to be taken out;
b) subpoint “s” is to be added with the words “and the investor’s responsibilities for conducting transactions in monetary funds in order to pay the investor’s expenditure obligations to implement a project through settlement accounts opened for the investor with State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ (hereinafter shall refer to as Vnesheconombank)”.

5. Point 32¹ is to be added:
“32¹. The Ministry of Regional Development of the Russian Federation within a week from the date of receiving documents meeting the requirements specified by point 32 hereof shall send the above mentioned documents  (one copy in electronic format) in order to receive expert opinions:
to the Ministry of Economic Development of the Russian Federation (with respect to projects of national significance);
to Vnesheconombank acting as a financial consultant to the Government of the Russian Federation on projects (with respect to projects of national significance and regional investment projects).
Documents, which fail to correspond to the above-mentioned requirements, shall be returned to their initiators with proper justification within a week from the date when they are received by the Ministry of Regional Development of the Russian Federation.
Vnesheconombank shall submit its expert opinion about whether a project is in line with financial, budgetary and economic efficiency criteria to the Ministry of Regional Development of the Russian Federation within a month from the date of receiving the documents.
Within a week after receiving Vnesheconombank’s expert opinion, the Ministry of Regional Development of the Russian Federation shall transfer funds to Vnesheconombank’s account to pay for services on preparing an expert opinion in the amount of 0.02 percent of the value of a project of national significance, or 0.06 percent of the value of a regional investment project.
Vnesheconombank’s services on preparing an expert opinion shall be paid for by way of using budget allocations of the Fund.”.

6. The first paragraph and subpoint “a” of point 33 are to be stated as follows:
“33. The Investment Commission is to be responsible for selecting projects on the basis of:
a) Vnesheconombank’s expert opinion about a project,”.

7. Point 34¹ is to be added:
“34¹. In the case that Vnesheconombank submits its expert opinion stating that a project fails to correspond to financial, budgetary or economic efficiency criteria, the Investment Commission shall be entitled to take a motivated decision on selecting the project for financing by way of using budget allocations from the Fund.”.

8.  Point 63¹ is to be added:
“63¹. Vnesheconombank shall be responsible for monitoring the investor’s expenses to implement a project on the basis of data on cash flow in the investor’s settlement accounts opened with Vnesheconombank and shall submit relevant financial statements to the Ministry of Regional Development of the Russian Federation.”.

9. Point 76 is to be taken out.

10. Subpoint “a” of point 80 is to be stated as follows:
“a) an expert opinion about a project submitted by Vnesheconombank;”.

11. In point 85:
a)      the first paragraph is to be taken out;
b)      in the second paragraph the words “specified applications” shall be replaced with the words “applications for receiving budget allocations of the Fund.”.

Origin: Internet-portal of the Government of the Russian Federation