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Vnesheconombank Chairman Vladimir Dmitriev Participates in the International Conference “Development of Russia’s Timber Industrial Complex” Held within the Framework of the Council for the Development of Timber Industrial Complex under the Government of t

12 march 2008 года
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©INTERFAX 2008.

Vnesheconombank and The Union of Russia’s Timber Industrialists are to establish an engineering center to implement projects in the timber industry.

Moscow. March 12. INTERFAX – State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ participates in carrying out projects in the timber industrial complex worth about 200 billion rubles, said the Corporation’s Head Vladimir Dmitriev.

“And VEB’s share in these projects is 150 billion rubles”, said V.Dmitriev Wednesday at a meeting of the Council for the Development of Timber Industrial Complex under the Government of the Russian Federation.

V.Dmitriev drew attention to the fact that in the course of implementing these projects investors’ participation share is not always optimal and is often not in line with the set objective of raising 4-5 rubles in private investment for each ruble in stat funds invested in a project. This often happens because projects are not prepared properly, budge estimate documentation is absent or poorly drawn up and engineering documentation is in short supply, said the Head of the Corporation.

In this respect, V.Dmitiev said that the Corporation had entered into an agreement with the Union of Timber Industrialists and one of the largest engineering company on establishing a Russian engineering center, which would help implement projects in the timber industry and a number of other sectors.

V.Dmitriev also called on investors to maintain close contacts and expand cooperation with the Bank for Development within public private partnership. “We have established the closest cooperation with federal and regional executive authorities, municipalities and those interested in foreign investment”, he said. Vnesheconombank’s Chairman said that at present VEB was carrying out projects in the timber industry on three levels: potential investors make their proposals and projects of the Ministry of Economic Development and Trade and the Ministry of Industry and Energy are being carried out.

V.Dmitriev said that when working with such projects VEB is guided by basic quantitative and qualitative criteria for its activity adhering to the principle of non-competition with commercial banks. Moreover, the state corporation’s lower level of participation in such projects has been set at 2 billion rubles, with VEB’s share having to be no less than1 billion rubles and a payoff period – no less than five years. “Projects being considered by the State Corporation and associated with the timber industry have been partially approved, are being carried out and are in full conformity with quantitative limits”, he said. As to qualitative criteria, projects should be aimed at securing more efficient use of natural resources, having high added value, being in line with VEB’s criterion of ecological responsibility and helping improve regional socio-economic


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