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Vnesheconombank revenue to drop by 20-30% by 2015 - Dmitriyev

September 27, 2011, 22:17 UTC+3

“Our revenue forecast for this year is unchanged, 30 billion rubles,” he said

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MOSCOW, September 27 (Itar-Tass) —— The revenue of Vnesheconombank will drop by 20-30% by 2015, Vnesheconombank CEO Vladimir Dmitriyev said at the Tuesday meeting of the bank’s Supervisory Board.

“Our revenue forecast for this year is unchanged, 30 billion rubles,” he said.

The bank revenue will decline in the following years, he said.

Vnesheconombank will invest 2 trillion rubles in the Russian economy before the end of 2015, Prime Minister Vladimir Putin said at the meeting.

“Before the end of 2015 Vnesheconombank is due to invest about 2 trillion rubles in the economy of Russia. That is a substantial sum, about 2.8% GDP,” Putin said.

“It is necessary to enlarge the credit portfolio of the Development Bank by more than twice,” he said.

In addition, Vnesheconombank has reserved 250 billion rubles for house mortgage programs, including re-financing of mortgage loans, Putin said.

“Vnesheconombank should play a more active role in the investment policy and be the locomotive of projects, which are bound to change the structure of the national economy,” the premier said. “Support to high-tech and infrastructural programs and projects, which will create new jobs, will become a priority.”

In addition, it is necessary “to enlarge the share of high-tech and innovative projects, from 15% to 20% in the total amount of financing,” Putin said.

“A strategic priority of Vnesheconombank is further development of small and medium business. The main emphasis will be put on companies operating in the non-trade sector,” Putin said.

He said he expected Vnesheconombank to start cooperation with the Agency for Strategic Initiatives and act as a consultant and an expert.


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