The following issues were discussed at the meeting: extending a credit line for the development of the Elga coal deposit; financing an investment project for the production of ammonia, methanol and carbamide in Tatarstan; adopting a plan for additional capitalisation of the Export Insurance Agency of Russia (EXIAR).
Transcript:
Dmitry Medvedev: Good afternoon, colleagues.
Today, we are holding a Supervisory Board meeting. As always, to be honest, there is a lot on its rather packed agenda. The agenda volume is predetermined by Vnesheconombank’s investment-policy role. As a development bank, it helps to implement the most diverse projects, such as projects in cutting-edge technology.
Today, we will set the strategic long-term guidelines for Vnesheconombank’s development and discuss its involvement in financing infrastructure projects. We will also talk about major construction projects, such as the construction of Olympic facilities.
Before we start our restricted-attendance meeting, I would like to discuss a few issues. First, I would like to single out the allocation of a $2.5-billion-plus Vnesheconombank credit line for the development of the Elga coal deposit.
It is common knowledge that this is the world’s largest undeveloped coal deposit, and it is located in southwestern Yakutia. We are launching a large-scale coal-production project in Yakutia. Our task is to tap into the rich potential of Russia’s Far Eastern regions, and, generally, this fits nicely into our programme for developing Russia’s Far East. And, of course, we must create modern growth points, invest in cost-effective jobs and more actively integrate the Far East into the common economic space. In the long-run, this should create conditions for improving the quality of life in the Far East, which is our area of focus.
I would also like to single out another project; namely, a proposal to finance investment in producing ammonia, methanol and carbamide in Tatarstan. This is another major project. I would like to remind you that, two and a half years ago, the Supervisory Board approved a $1.6 billion loan for building this facility. Nevertheless, some adjustments need to be made depending on the results of this work, including a certain increase to the credit-line limits.
This is a major, interesting project. I hope that state-of-the-art energy-saving technologies will be used. And I hope that the project will become environmentally friendly. We must minimise the project’s environmental impact, and all products must be competitive. They must have good sales prospects on global markets and, of course, on the domestic market.
Let’s start discussing the agenda.
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