Vnesheconombank: Role of the Bank in Modernizing Russia's Industry, Infrastructure and in Facilitating Private-Public Partnership
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STATE CORPORATION
“BANK FOR DEVELOPMENT AND FOREIGN ECONOMIC AFFAIRS
(VNESHECONOMBANK)”
Vnesheconombank: Role of the Bank in Modernizing
Russia’s Industry, Infrastructure and in Facilitating Private-
Public Partnership
Vladimir A. Dmitriev
Chairman of
Vnesheconombank
FRANKFURT-AM-MAIN, GERMANY
OCTOBER 16, 2007р CONTENTS
• General information on macroeconomic indicators and
banking system of Russia 3–5
• Development banks in the world: mission, targets and functions 6–8
• Challenges facing the Russian Economy – reasons for
establishment of the Bank for Development 9 – 14
• Introduction to Vnesheconombank 15 –23
• Establishment of the Bank for Development in the Russian Federation:
Federal Law “On the Bank for Development” 24 – 32
• Financial Memorandum of the Bank for Development for 2007-2010 33 – 38
• Infrastructure projects and PPP instruments in the Russian Federation 39 – 47
• Vnesheconombank selected credentials 48 – 52
• Contact details 53
2GENERAL INFORMATION ON
MACROECONOMIC INDICATORS
AND
BANKING SYSTEM OF RUSSIA
3KEY MACROECONOMIC INDICATORS
• Aggregate amount of the Stabilization fund of the • In January 2007 Russia has been moved
Russian Federation as of September 1, 2007 – into the third group by OECD country risk classification.
•
RUB 3409.07 bln (an equivalent of USD 136.4 bln).
Russia’s International Reserves as of October 1, 2007 – Forecast of key macroeconomic indicators to 2010
Source:MEDT, “On Key Adjustments to the 2006
•
USD 425 bln. Estimate, Socioeconomic Development Forecast
Aggregate amount of the Investment fund of the Russian for 2007-2009 and Estimates of Preliminary Key
Parameters for 2010
Federation for year 2006 – RUB 69.7 bln (an equivalent of
USD 2.788 bln); for year 2007 – RUB 110,6 bln. (an equivalent 2007 2008 2009 2010
of USD 4.424 bln). GDP, % 106.2 105.9 106.0 106.1
106.5-
CPI, % 107 106 106.5
108
Industrial
104.2 104.5 104.7 104.7
production,%
Investment in fixed
111 109.7 109.8 110.4
assets,%
Foreign direct
investment, USD 32 35 39 44
4 blnRUSSIAN BANKING SYSTEM PERFORMANCE
Selected Indicators of Credit Institutions Performance
Source: CBR mln. rubles
2004 2005 change, % 2006 change, %
Number of credit institutions 1516 1409 -7.1 1345 -4.5
Assets 7136.9 9750.3 36.6 14045.6 44.1
Capital 946.6 1241.8 31.2 1692.7 36.3
Corporate loans 3189.3 4187.9 31.3 5802.7 38.6
of which overdue debt 48.8 53.3 9.2 66.3 24.3
Consumer loans 618.9 1179.3 90.5 2065.2 75.1
of which overdue debt 8.6 22.1 157.0 53.9 143.9
Corporate deposits with
1273.1 1674.1 31.5 2361.2 41.0
banks
Private individual’s deposits 2003.4 2754.6 37.5 3793.5 37.7
“Russian banks – and bankers – are coming of age. In every way they are looking and sounding more like mainstream banks in developed
markets rather than new banks from emerging market.” “The Banker” May, 2007
5 “The Russian banking sector is one of the fastest-growing sectors of the economy today. The consumer credit boom, more investments in the
sector and increased consolidation are key processes in the sector.” PwC
Russia's Banking Industry Country Risk Assessment (BICRA) raised to 'Group 8' - S&P June 4, 2007р
DEVELOPMENT BANKS IN THE WORLD:
MISSION, TARGETS AND FUNCTIONS
6BANKS FOR DEVELOPMENT:
INTERNATIONAL EXPERIENCE
• Mission of the Banks for Development:
- Facilitate stable economic development of a country;
- Promotion of competitiveness of a national economy;
- Attracting investments to nationally important capital - intensive sectors of economy;
- leveling the differences in socio-economic regional development;
- Improvement of standards of living and social services in a country.
• Targets of the Bank for Development:
- Support of strategic sectors of the economy;
- Support of state investment programs;
- Support of regional development;
- Support of small and medium businesses;
- Support of infrastructure development;
- Support of innovations and high-tech industry;
- Support of modernization of industries;
- Support of import-substitution and promotion of industrial export.
• Mechanisms:
- Long term financing of projects;
- Attraction of foreign direct investments;
- Private-public partnership;
7 2 - Provision of economic incentives;
- Promotion of co-financing;
- Technical consultancy.Kreditanstalt fur Banco Nacional de China Development Development
Name Wiederaufbau Desenvolvimento Development Bank of Japan Bank of
(KfW) Econômico e Social Bank (CDB) (DBJ) Kazakhstan
(BNDES) (KDB)
Country Germany Brazil China Japan Kazakhstan
Founded 1948 1952 1994 1999 2001
Charter RS 13.9 bln RMB 158 YEN 1215.4 bln Tenge 70.6 mln
EUR 13.6 bln
capital (USD 7.7 bln) (USD 21 bln) (USD 10.4 bln) (USD 583.1 mln)
80% - Federal 100% Federal 100% State 100% 84.49% -
Government Republic Government Government
Ownership
20% - Federal 15.51% - Local
States Bodies
Legal Special Laws Special Laws Special Law Special Law Special Law
Framework
Operations 100% Borrowings Liabilities – 50% Operations 100%
guaranteed by the 100% guaranteed by the guaranteed by
State Government; guaranteed by Government; the Government;
Support Immunity from the Government; State Financing; Immunity from
taxation State Financing additional taxation
capitalization
allowed
Ministry of finance Ministry of economic State Council Ministry of finance Central Bank and
development Financial
Supervision Supervisory
Board
8р
CHALLENGES FACING THE RUSSIAN
ECONOMY – REASONS FOR
ESTABLISHMENT OF THE BANK FOR
DEVELOPMENT AND FACILITATION OF
PPP MECHANISM IN RUSSIA
9DEMAND FOR INVESMENTS IN THE RUSSIAN FEDERATION
Source: Regional policy institute
Large-scale industrial projects (each more than USD 100mln.)
for years 2007-2015
Region Amount of investments (USD bln.)
Central Region 30,1
North-Western Region 19,5
Southern Region 9,6
Povolzhie (Volga Region) 18,5
Ural Region 97,5
Siberian Region 82,9
Far East Region 110,1
Total in Russia 369,2
Industrial projects of smaller size (each less than USD 100 mln.) –
amount to USD 230 bln.
10 Total requirements for investments - exceed USD 600 bln.RECENT DEVELOPMENTS AND REFORMS IN RUSSIA HAVE LED TO A
CALL FOR ESTABLISHMENT OF SEVERAL DEVELOPMENT
INSTITUTIONS
•Further economic growth requires new industrial and market capacity
–Macroeconomic stabilization
–Healthy public finances and stable local currency
–Significant capital resources available
–Decreased political and economic risks
•Industry responds
–National projects to renew housing, healthcare and education
–Restructuring of the Russian railways, electricity and utility, nuclear and
aerospace industries
–Implementation of the strategic plan for the development of national transport
infrastructure
•Government is working on and passed the respective legislation for:
–Concessions
–Special economic zones
–Energy and utility tariffs
–Toll roads
11THE FOLLOWING DEVELOPMENT INSTITUTIONS HAVE BEEN
ESTABLISHED OF RESTRUCTURED IN 2005-2007
Infrastructure Innovations and technology
Federal Agency for Special Federal Agency for Special
Development incentives Economic Zones (industrial, Economic Zones (technology
ports, tourism, innovative) and innovation)
RosNanoTech
(nanotechnology corporation)
Development investments Vnesheconombank Vnesheconombank
State Corporation Russian Venture Company
“Olympstroy” (Sochi – 2014
development corporation)
Rosavtodor
Russian Investment Fund
12 Development subsidies Housing and Utility
Restructuring FundBANK FOR DEVELOPMENT – A DRIVING FORCE TO SECURE
PRIVATE INVESTMENTS ATTRACTION
1 USD
of long-term investments and guarantees provided by the Bank
secures
3 USD 4-5 USD
of private investments into infrastructure of private investments into special economic
projects zones and technical-implementation parks
By 2010–2012 approximately 45% investments into the Russian economy will be
connected with initial investments of the Bank for Development
13VNESHECONOMBANK - IMPLEMENTATION OF PPP CONCEPT
Involvement Criteria
Financial Consultancy
Importance for Russian economy
Conformity with social-economic
Equipment purchases financing
development program of Russia
Design works financing Positive social effect
Positive financial expert opinion
Construction financing
14 4INTRODUCTION TO
VNESHECONOMBANK
15KEY MILESTONES IN VNESHECONOMBANK’S DEVELOPMENT
Rating upgrade by Fitch
and S&P to BBB. Upgrade
to Baa2 by Moody’s. Federal Law “On Bank for
Predecessor bank, Appointed as the Agent of the VEB successfully closes Development” № 82-FZ
Vneshtorgbank of the USSR Government of the Russian its debut US$500 Million was signed by the President of
founded. Federation. Syndicated facility. the Russian Federation.
Vneshtorgbank of the USSR Purchase of 94.6% of Rating upgrade to BBB+
renamed to Eximbank of Russia. by Fitch and S&P.
Vnesheconombank (VEB). Appointed State Trust VEB ensures an early
Management Company to repayment of the debut US$500
handle pension savings funds. Million Syndicated facility and
enters into
• Status of a “Specialised State Bank” a US$800 Million Syndicated
facility.
• Equity fully owned by the State
• Developmental functions as a specialisation
• Full range of investment banking services
16 • Supervised by the Government of the Russian FederationVNESHECONOMBANK’S POSITION IN THE RUSSIAN BANKING
SYSTEM (BEFORE MAY 17,2007)
TIER I: REGULATOR
THE BANK OF RUSSIA
(the Central Bank of the Russian Federation)
TIER II: PARTICIPANTS
COMMERCIAL BANKS AND CREDIT
SPECIALISED STATE BANKS
INSTITUTIONS
Commercial banks
Vnesheconombank
(including banks with state participation)
(Bank for Foreign Economic Affairs of the USSR)
(1238)
Commercial banks
EXIMBANK of Russia
(wholly foreign owned)
(Export-Import Bank of the Russian Federation)
(52)
Russian Development Bank
Other Credit Institutions
(52) ROSSELKHOZBANK
17 (Russian Agricultural Bank)RUSSIAN BANKING RATINGS
Moody’s * Standard &
BANKS Fitch Ratings
Poor’s
Vnesheconombank BBB+ Baa2 BBB+
Sberbank BBB+ Baa2 –
VTB BBB+ Baa2 BBB+
Gazprombank – Baa2 BBB-
Bank of Moscow BBB+ Baa2 –
Alfa Bank BB- Ba1 BB
MDM Financial Group BB Ba1 BB
Bank Uralsib B+ Ba3 BB
* Foreign LT Bank Deposits
18INTERNATIONAL PRESENCE
St. Petersburg
London
Frankfurt-am-Main
Milan Beijing
New York
Delhi
Johannesburg
19 8 Rep. Offices worldwideFINANCIAL DATA AS OF YEAR-END 2006 20
ASSETS 21
KEY RATIOS
ROE, ROA and Cost/Income ratio
2004 2005 2006
ROA (Net income / Total assets) 1,4% 3,7% 2,4%
ROE (Net income / Total equity) 11,6% 27,7% 25,6%
22
Cost/Net operating income 62% 33,4% 31%REVENUE STRUCTURE
2004 2005 2006
Net interest income 114 186 208
Fee and commission income, net 28 37 33
Gains less losses from trading securities 6 247 271
Gains less losses from foreign currencies 43 -25 92
Share in net income of associates 0 0 5
Dividend income – 7 11
Other operating income 2 3 2
Total revenue (USD million) 193 455 622
23Establishment of the Bank for Development in
the Russian Federation:
Federal Law on the State Corporation “Bank
for Development and Foreign Economic
Affairs (Vnesheconombank)”
24KEY ELEMENTS OF FEDERAL LAW “ON BANK FOR DEVELOPMENT”
17.05.2007 №82 - FZ
As a result of a merger of EXIMBANK of Russia and Russian Bank for Development, on the basis
of Vnesheconombank of USSR the new entity was founded - State Corporation «Bank for Development and
Foreign Economic Affairs (Vnesheconombank)»
• Mission:
To ensure Russian economy growth by means of stimulating investment activity, development of
infrastructure, support of innovative technologies and Russian industrial export.
• Goals and targets:
- Ensure banking support for federal programmes, commercial projects of national importance,
cross-border large scale projects of Russian companies;
- Support regional, infrastructure projects and development of high-tech industries;
- Enhance Russia’s export capability (especially in the field of export of high-value added goods);
- Support of import substituting industries in Russia.
• Focus on:
- Infrastructure and innovative projects;
- Development of special economic zones;
- Russian industrial (non-natural resources) export support;
25 - Financial support for small and medium enterprises ;
- Environment protection.FORMATION OF CHARTER CAPITAL
Vnesheconombank ZAO “Eximbank of OAO “Russian Bank
of the USSR Russia” for Development”
Equity capital as of 1 Jan. 2007 Estimated capitalization Estimated capitalization
RUB 19,6 bln RUB 5-6 bln RUB 20-22 bln
(USD 784 mln) (USD 200-240 mln) (USD 800-880 mln)
State Corporation “The Bank for Development and Foreign Economic
Affairs (Vnesheconombank)”
Forecasted charter capital RUB 250 bln (USD 10 bln)
According to the Federal Law “On Bank for Development”
charter capital shall be formed in the amount of not less than RUB 70 bln (USD 2.8 bln)
and not later than 6 months from the date of registration (I.e. 8December 2007)
Federal Budget
RUB 180 bln (USD 7.2 bln)
On June 8, 2007 Vnesheconombank was included in the Russian Unified State Registry of Legal Entities as a
26 4 ”state corporation”.SUPERVISORY COUNCIL
CHAIRMAN OF THE COUNCIL
VIKTOR ZUBKOV
Prime Minister
ALEXEY KUDRIN IGOR LEVITIN
Vice Prime Minister; Minister of Minister of Transportation
Finance
SERGEY NARYSHKIN VLADISLAV PUTILIN
First Deputy Chairman of the Military
Vice Prime Minister;
Industrial Commission within the
Head of the Government Staff Government; Federal Minister
SERGEY KIRIENKO HERMAN GREF
Head of the Federal Agency of Ex Minister for Trade and
Atomic Energy Development
VLADIMIR DMITRIEV VICTOR KHRISTENKO
27 4
Chairman of Vnesheconombank Minister of Industry and EnergyMANAGEMENT BOARD OF VNESHECONOMBANK
VLADIMIR DMITRIEV
Chairman of Vnesheconombank
NIKOLAY KOSOV ANATOLIY ZABAZNOV
Member of the Board Member of the Board
First Deputy Chairman Deputy Chairman
SERGEY LYKOV ALEXEI SMIRNOV
Member of the Board Member of the Board
Deputy Chairman Deputy Chairman
ANATOLY BALLO PETR FRADKOV
Member of the Board Member of the Board
Deputy Chairman Deputy Chairman
VLADIMIR SHAPRINSKIY SERGEY VASILIEV
28 4
Member of the Board Member of the Board
Chief AccountantMAIN FOCUS AND CORE ACTIVITIES
• Main focus of Vnesheconombank on:
- Industrial and high-tech products export promotion;
- Support of strategic sectors of economy;
- Support of regional development;
- Development of public-private partnership.
• Core activities of Vnesheconombank:
Project financing:
- National projects;
- Infrastructure projects;
- Support of Russian companies’ activities abroad;
- Large-scale investment projects;
- Innovation projects.
Support of national export:
- Financing of export projects;
- Implementations of state policy for guarantee support;
- Insurance of export credits.
SME financing
Financial advisory services:
- Expert assessment of investment projects;
- Structured and funding solutions advisory.
29 Main criteria for participation in the project - efficiency and practical
importance for the country and its regionsMAIN FOCUS AND CORE ACTIVITIES
Support for State and Federal
programs and projects
Support for commercial projects
of national importance
Support of Russian industrial export
by insuring export credits
Financing of large-scale projects
on the following fields:
Non natural Special economic
resources export zones and regions
Protection of
Innovation
environment
Small and Medium
Infrastructure
30 businessAGENCY FUNCTIONS
• Service and repayment of the Government foreign debt:
- An agreement with the Russian Government of 1992-1993 to provide service
of the centralized foreign economic activities of the Russian Federation and external
debt of the former USSR and for management of the assets of the former USSR.
- An agreement with the Ministry of Finance of 1993 to service bonds issued
to replace funds on frozen accounts held by Russian legal entities.
- An agreement with the Ministry of Finance of 2000 to act as the general
agent in restructuring the MinFin Bonds Tranche III and service the Global
certificate of MinFin Bonds Tranche VIII.
• Record keeping of foreign financial assets
• Eximbank of Russia acts as agent-bank of the Russian Government for
implementation of the state policy to provide financial (guarantee) support to
industrial exports
31PENSION FUND MANAGEMENT
• In 2003 Vnesheconombank was nominated as the State Trust Management
Company for the trust management of pension savings funds accumulated by the
State Pension Fund of the Russian Federation;
• Vnesheconombank entitled to invest accumulated pension savings in accordance
with the Investment Declaration;
• 96,6% of all pension savings are under Vnesheconombank management;
• Funds transferred to Vnesheconombank for trust management
as of 30 June 2007 amounted to RUB 290 bln (USD 11.6 bln)
32FINANCIAL MEMORANDUM OF THE BANK
FOR DEVELOPMENT FOR 2007-2010
33FINANCIAL MEMORANDUM OF THE BANK FOR DEVELOPMENT
FOR 2007-2010
Principles of activities
• Absence of competition with commercial financial institutions
• Environmental responsibility
• Priority is given to the PPP type of projects
• Transparency
• Project’s recoupment
Major areas of investment activities
• Removal of infrastructure restrictions impending economic growth
• Enhancing the efficiency of natural resources utilization
• Fostering innovations
• Development of SME enterprises
• Support for exports of industrial production
34PROJECT SELECTION CRITERIA:
• Compliance with major areas of Vnesheconombank’s investment activities
• Compliance with specified investment areas
• Payback period – over 5 years
• Loan tenors as, a rule, exceed 3 years
Criteria for selection of projects:
Payback period Over 5 years
Total amount of project Over 2 bln. RUR
Vnesheconombank Over 1 bln. RUR
participation
• SME financing amount – shall not exceed RUR 150 mln
35 • SME loan tenors – over 2 yearsFINANCIAL MEMORANDUM OF THE BANK FOR DEVELOPMENT
FOR 2007-2010
Functions
• Expert evaluation of investment projects, advisory services
• Extension of loans and other forms of financing
• Issuing of guarantees and sureties, inclusive exports guarantees
• Participation in charter capital of legal entities
• Export credits insurance
Range of services extended:
• Syndicated lending
• Structured finance
• Debt finance
• Project finance
• Equity participation
36 • Advisory servicesFINANCIAL MEMORANDUM OF THE BANK FOR DEVELOPMENT
FOR 2007-2010
Priority areas:
- Aircraft and spacecraft construction industry (aerospace industry)
- Shipbuilding
- Electronic and high-tech industry
- Nuclear industry, inclusive of nuclear energy
- Transportation
- Power engineering industry
- Metallurgy (production of special steels)
- Wood processing industry
37
- etc.FORECAST
Source: MEDT by 2010:
• Credit portfolio to be increased up to RUB 770 bln
(USD 30.9 bln) from RUB 140 bln (USD 5.6 bln) in 2007;
• Borrowings from international
and domestic capital markets
to be increased up to
RUB 469 bln (USD 18.8 bln).
38INFRASTRUCTURE PROJECTS AND PPP
INSTRUMENTS IN THE RUSSIAN
FEDERATION
39VNESHECONOMBANK – A NEW PRIVATE-PUBLIC PARTNERSHIP
INSTRUMENT IN THE RUSSIAN FEDERATION
Instruments of cooperation between the State and business in Russia
• Special economic zones;
• State Investment Fund;
• Concession mechanism;
• Participation of state institutions for development;
• Creation of technical-implementation parks;
• Innovation venture funds.
40ADVANTAGES OF PPP CONCEPT IMPLEMENTATION IN RUSSIA
• Possibility to realize social-important and relevant projects, not attractive for
traditional forms of private investments
• Concentration of the State Authorities on administrative functions
• Increase of efficiency of the projects due to partnership with private business
• Decrease of Government risks due to reallocation of project risks to private
investors
• Possibility to engage best management personnel, technology and engineering
• Decrease of the budget burden by way of private investments and reallocation
part of the total project costs and expenses to the project operator
41FUNDING OPTIONS FOR FINANCING
INFRASTRUCTURE PROJECTS IN RUSSIA
• Funding from the Investment Fund of the Russian Federation
• Providing Equity to the Project - directly and/or through infrastructure funds
• Debt from commercial and development banks
• Issue of Bonds, including project Bonds
• Participation of Multilateral Banks and Agencies – EBRD, NIB, IFC, EIB, e.t.c.
(in forms of both equity, debt and guarantee provider)
• Borrowings in the form of “untied facilities” with the support of guarantees /
insurance provided by Export Credit Agencies and Export-Import Banks.
42 2ADVANTAGES OF VNESHECONOMBANK IN FACILITATING PPP
Extensive experience in cooperation
High capabilities for economic with international, development
expertise of large-scale investment banks, financial institutions and
projects and project financing ECAs
Administrative links
(cooperation with federal and
regional authorities)
Experience in projects Excellent business reputation
financing and credit history
To support PPP mechanism in Russia Vnesheconombank together with
its foreign partners provides consultancy services to investors:
- in identifying joint projects that qualify as PPP in the framework of the Concession Law;
- in advising the sponsors on various structures of financing of PPP projects;
- in developing a bankable funding plan for PPP projects;
43 - in developing a financing and security structure for PPP projects;
- in arranging joint financing for PPP projects etc.AGREEMENTS ON COOPERATION FOR ASSESSMENT AND FURTHER
DEVELOPMENT OF LARGE-SCALE INDUSTRIAL AND
INFRASTRUCTURE PROJECTS
• Key Federal government bodies (Ministry of Transport of Russia, Federal
Ministry for Industry, Agency for Special Economic Zones)
• 21+ Russian regional authorities (Government of Chechnya, Tatarstan,
Bashkortostan, Kabardino-Balkariya and Chuvash Republics; Administration of
Krasnoyarsk and Krasnodar Territories: Administrations of Irkutsk, Kirov, Kurgan,
Orenburg, Sakhalin, Ulyanovsk, Murmansk,Voronezh, Ryazan, Tver,
Sverdlovsk, Amur, Stavropol, Novosibirsk regions)
44KEY TRANSPORTATION AND INDUSTRIAL INFRASTRUCTURE
PROJECTS
Transportation Infrastructure Projects:
• Construction of “Western High-Speed Diameter”, St. Petersburg (83,0 bln. RUR / 3.3 bln. USD);
• Construction of Moscow-Saint-Petersburg toll road (15-58km), Moscow (54,9 bln. RUR / 2,2 bln. USD);
• Construction of “Orlovsky tunnel” under Neva river, St. Petersburg (31,7 bln. RUR / 1,2 bln. USD);
• Construction of a new connection to the Moscow Ring Road of the M1 Moscow-Minsk Federal
Highway, Moscow (18,5 bln. RUR / 0,7 bln. USD);
• Construction of Volgo-Baltiysky waterway (North-West region) (8,0 bln. RUR / 0,3 bln. USD).
• Construction of transport infrastructure for natural resources development in the south-east
part of Chita region, Chita region (141,4 bln. RUR / 5,7 bln. USD);
Industrial Infrastructure Projects:
• Development of industrial facilities in Lower Angara River region (complex of aluminium
smelter, hydro-power station, pulp and paper plant, railway and auto roads, bridges),
Krasnoyarsk region.
45 • Construction of water supply and delivery system in the city of Rostov, Rostov region.VNESHECONOMBANK PARTICIPATION IN INDUSTRIAL AND
TRANSPORTATION PPP PROJECTS
Development of industrial facilities in Lower Construction of Moscow-Saint-Petersburg
Angara River region (complex of aluminum smelter, expressway (15-58km)
hydro-power station, pulp and paper plant, railway
and auto roads, bridges).
Initiator - ОАО “Corporation for development of Initiator – Federal Roads Agency of Ministry of
Krasnoyarsk region” transportation of Russia
Project amount – RUB 358.71 bln.(USD 14.35) Project amount – RUB 54.9 bln (USD 2.2 bln)
Investment Fund Financing – RUB 34.22 bln. Investment Fund Financing – RUB 25.8 bln
(USD 1.39 bln) (USD 1.03 bln)
Investor - Vnesheconombank Advisor – Vnesheconombank
Construction and reconstruction of water supply Construction of a new connection to the Moscow
and delivery system in Rostov and Rostov Region Ring Road of the M1 Moscow-Minsk Federal Highway
Initiator – ОАО “Evraziysky” Initiator – Federal Roads Agency of Ministry of
Project amount – RUB 22.14 bln (USD 885.6 mln) transportation of Russia
Investment Fund Financing – RUB 5.13 bln (205.2 mln) Project amount – RUB 17.26 bln (USD 690.4 mln)
Investor - Vnesheconombank Investment Fund Financing – RUB 10 bln (USD 400 mln)
Advisor – Vnesheconombank
Total amount of projects – RUB 453 bln (USD 18.1 bln)
46 Total amount of financing from Investment Fund – RUB 75,1 bln (USD 3 bln)SUPPORT OF NATIONAL EXPORT
• Acquisition of 94,6% stake in the State Specialised Russian Export-Import
Bank (Eximbank of Russia) in 2003
• 22 Co-operation Agreements of Vnesheconombank & Eximbank of Russia with
foreign ECAs and Eximbanks
• Support for Russian exporters of high value added goods under the
Government Concept of Russian Export Credit Scheme
• Launch of Export Transactions under the Ministry of Finance guarantees in
2005 and 2006, being jointly arranged with Vnesheconombank’s subsidiary
Eximbank of Russia
• Development of a number of various international sales structures for SSJ-100
a new regional jet produced by Sukhoi Civil Aircraft Company (total sales for
the period of 2008-2025 are estimated at 800 planes and amount to USD 27
bln.)
As of year end of 2006:
- Total amount of export and pre-export facilities - amounted to USD 1.26 bln;
47 - Total amount of guarantees for export contracts – increased to USD 988 mln.VNESHECONOMBANK SELECTED
CREDENTIALS
48VNESHECONOMBANK’S MAJOR DEALS IN 2007
OAO OAO MOSCOW ZAO SUKHOI CIVIL
TERMINAL BUSINESS INCUBATOR AIRCRAFTS
Sheremetievo-3 airport Technopark “Nagatino-I” Sukhoi SuperJet 100 aircraft
terminal construction development development
USD 211.1 mln. USD 200 mln. GBP 23,2 mln.
tenor 13 years tenor 4 years tenor 13 years
JBIC & NEXI Covered
United Loan Facility Loan Facility ECGD Covered
extended by SMBC Loan Facility
2007 2007 2007
AIRBRIDGE ZRT., OOO SVINOKOMPLEX
HUNGARY ZAO NEFTEGAZINKOR
SAFONOFSKOE
Acquisition of national Acquisition & Development Financing of the supplies
Hungarian Airline “Malev” of oil refinery in Bosnia & and services for building a
Herzegovina pig farm.
USD 102 mln. Support of national project
“Agriculture”
tenor 10 years EUR 350 mln.
tenor 5 years USD 49.9 mln.
tenor 8.5 years
Loan Facility
Payment Guarantee Loan Facility Deutsche Bank
Commercial Loan Facility
2007
49 2007 2007VNESHECONOMBANK’S MAJOR DEALS IN 2006-2007
VARIOUS OOO ORSK OOO ORSK
ZAO NEFTEGAZINKOR
ENTERPRISES REFREGIRATOR PLANT COMPRESSOR PLANT
Oil terminal consrtuction Pre-export financing of Reconstruction and Reconstruction and
at the sea-port of Ust- machinery and equipment creation of import creation of import
Luga substituting facilities substituting facilities
for fridge production for compressor production
EUR 268 mln. USD 512 mln.
tenor 12 years EUR 57.9 mln. EUR 31.9 mln.
tenor 8.5 eyars tenor 9.8 eyars
Loan Facility and China Development Bank
Payment Guarantee Tied Loan SACE Covered Loan JBIC & SMBC Covered
Facility Loan Facility
2006 2006 2006 2006
OAO KD AVIA OAO AUTODIESEL OOO TRIO-INVEST RYAZTSVETMET
Main production assets Logistic centre Financing of
Khrabrovo airport
renovation construction jointly with desulphuration plant
reconstruction in
IFC construction in Ryazan
Kaliningrad
USD 29.3 mln. USD 37 mln. EUR 22 mln.
USD 34 mln.
tenor 7 years tenor 8 years tenor 8.5 years
tenor 6.5 years
Slovene Export Euler-Hermes Covered SACE Covered
KfW Loan Facility
Corporation Loan Facility Loan Facility Loan Facility
2006 2007 2006
50VNESHECONOMBANK’S MAJOR DEALS IN 2006
AVIAIMPORT S.A. OOO OIL AND GAS
OAO OKB Sukhoi COMPANY ITERA
Financing Financing of supply of 5 civil
Financing of oil field
of Sukhoi SuperJet 100 aircrafts under the state
development
airplane export support program
development USD 450.9 mln.
USD 87.4 mln.
tenor 5 years
RUR 1,400 mio tenor 10 years
tenor – 9 years
Guaranteed by the Russian Syndicated Loan
Loan Facility
Ministry of Finance Co-Arranger
2006
2006 2006
OAO SARATOV
MURMANSK REGIONAL
POLYMERIC PRODUCTS OOO EURODON
CLINICAL HOSPITAL
FACTORY
Financing of construction Financing of reconstruction
Financing of equiment and equipment of poultry and purchase of equipment
supply factory
RUB 920 mln.
USD 6.5 mln. Support of national project tenor 10 years
tenor 6 years “Agriculture”
Loan Facility under the
Eximbank of India covered EUR 41.4 mln. Guarantee of the
Loan Facility tenor 7 years Administration of the
Murmansk region
51 2006 ECA covered Loan Facility
2006 2006RECENT EXPERTISE IN TRANSPORT INFRASTRUCTURE PROJECTS
Under the agreement Under the agreement Under the agreement
with the Ministry with the Ministry with the Ministry
of Transportation of Transportation of Transportation
Construction of 15–58 km Construction of a new exit Volgo-Baltiyskiy waterway
segment of to the Moscow Circular development program aimed
Moscow – St.-Petersburg Highway from MI (Belarus) at providing its stable functioning
speedway federal highway and improvement of its capacity
(including construction of gate II
of the Nizhni-Svirskiy
water facility)
Advisor to the Ministry Advisor to the Ministry Advisor to the Ministry
of Transportation of Russia of Transportation of Russia of Transportation of Russia
2006 2006 2006
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