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Russian President Vladimir Putin Meets State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Chairman Vladimir Dmitriev

7 march 2008 года
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©INTERFAX 2008

Long-term credits account for almost 70% in VEB’s loan portfolio – Dmitriev

Moscow. March 7. INTERFAX – The loan portfolio of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ (VEB) reached nearly 200 billion rubles as of the end of 2007 and more than a half of this amount accounts for long-term credits said Vnesheconombank Chairman Vladimir Dmitriev at a meeting with Russian President Vladimir Putin on Friday.

“VEB’s loan portfolio reached nearly 200 billion rubles as of the end of 2007. It increased by almost 24% over a year”, said V.Dmitriev.

He stressed that long-term credits in excess of three years account for 68% in VEB’s loan portfolio. V.Dmitriev also said that this indicator in the banking system as a whole did not exceed 20%.

Thus Vnesheconombank Chairman V. Dmitriev stressed that the State Corporation gave high priority to finance long-term capital-intensive projects.

Answering the President’s question as to how VEB operates in its new capacity as the development institution V.Dmitriev stressed that the State Corporation “operates at its full potential”.

He reminded that Vnesheconombank started to operate as a development institution since last July when a memorandum on the Bank’s financial policy was approved. VEB’s Chairman called a later decision to increase the state’s contribution to the Bank’s charter capital by 180 billion rubles very important.

V.Dmitriev stressed that VEB works rather efficiently and in close contact with the Bank’s Supervisory Board, which includes key representatives of the Government’s economic bloc headed by the Prime Minister.

“Vnesheconombank works with its Supervisory Board on a daily basis and approves programs associated with financing economic reforms in the country”, said V.Dmitriev.

 

 

photo: the Russian President’s official site
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