Dmitry Medvedev: "Last year, the bank’s loan portfolio grew by one-third and now exceeds one trillion roubles. On the whole, the bank developed even more quickly than planned, with lending targets met in early 2013."
Dmitry Medvedev’s introductory remarks:
Meeting of the Vnesheconombank Supervisory Board
Good afternoon. Today, we are holding the first meeting of the Supervisory Board in 2014. I would like to say a few words about the results of 2013. Last year, the bank’s loan portfolio grew by one-third and now exceeds one trillion roubles. On the whole, the bank developed even more quickly than planned, with lending targets met in early 2013. Obviously, this was largely linked with planned events and current developments, primarily the 2014 Winter Olympics. And the 2014 Winter Paralympics are scheduled to begin tomorrow. Vnesheconombank is the main creditor of many Olympic construction projects. Although you and I have devoted a lot of time to this issue and have often debated what should or should not be done, these complicated projects would have never been implemented without this support and without steady and timely funding. You and I should also realise this, and I would like to thank the bank’s team for this.
And now, I would like to say just a few words about the agenda which has several important items on it, including major projects involving the bank. For instance, I would like to single out the establishment of a company that will manufacture up-to-date polymer materials in Tatarstan. Hopefully, if we implement this project, we will be able to manufacture the entire range of organosilicon substances which, as is known, are strategic raw materials and feedstock. These substances are used in the aircraft, shipbuilding, petrochemical, and electronics industries. I hope that this project will have some rather good export prospects.
Dmitry Medvedev: "Last year, the bank’s loan portfolio grew by one-third and now exceeds one trillion roubles. On the whole, the bank developed even more quickly than planned, with lending targets met in early 2013. Obviously, this was largely linked with planned events and current developments, primarily the 2014 Winter Olympics. Vnesheconombank is the main creditor of many Olympic construction projects."
Meeting of the Vnesheconombank Supervisory Board
There are plans to establish a credit line worth almost eight billion roubles for financing this project. Most of these assets will be used to purchase Russian-made equipment and the services of Russian contractors, which is also quite good.
I would like to mention one more issue, specifically, support for export operations. Fairly recently, on 20 February, I issued a number of instructions on this issue at a Government meeting. Of course, an absolute majority of these instructions are addressed to Vnesheconombank as the main development institution in this area. Therefore I am waiting to hear a report, and, naturally, I expect well-coordinated work involving the bank and its affiliated organisations.
Dmitry Medvedev: "There are plans to establish a credit line worth almost eight billion roubles for financing this project. Most of these assets will be used to purchase Russian-made equipment and the services of Russian contractors."
Vnesheconombank Chairman Vladimir Dmitriyev
We have to make this work more systematic and purposeful. With this in mind, we are establishing a committee on exports and foreign economic strategy under Vnesheconombank’s Supervisory Board. The committee will be expected to ensure effective cooperation between state power and management agencies, exporters and the main business associations, to provide essential assistance whenever necessary, and probably to amend legislation. The committee will also submit proposals on additional methods for protecting the rights of investors and Russian companies, as well as recommendations on export priorities. These proposals should be formulated and submitted at a meeting of our supervisory board.
We will examine these and, naturally, some other issues. So, let’s get down to work.
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