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VEB, Roskosmos conclude cooperation agreement

November 29, 2011, 14:12 UTC+3

The State Corporation Bank for Development and Foreign Economic Affairs

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MOSCOW, November 29 (Itar-Tass) — The State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, VEB) and the Federal Space Agency (Roskosmos) has concluded a cooperation agreement, it is said in a joint statement released by the VEB and Russian Space Agency on Tuesday.

The agreement provides for the establishment of strategic partnership and promotes long-term effective and mutually beneficial cooperation between the parties to implement projects and programs in the space industry, aiming at the modernisation and development of the Russian rocket-space complex, including the creation of new space technologies, development and production of rocket and space equipment, development of ground space infrastructure, retooling of production facilities, energy efficiency and energy conservation in industry enterprises, the use of space activities in the national interests. “Implementing the agreement will also promote the export of Russian high-tech products and services and strengthen the cooperative ties between the participants in the international space activities,” it is stressed in the statement.

The State Corporation Bank for Development and Foreign Economic Affairs was established in 2007 as a development institution. The activities of the bank aim to overcome infrastructure constraints to growth, modernisation and development of non-oil economy, high-technology industry, at encouraging innovation, exports of high technology products, implementing projects in special economic zones, projects in the field of environmental protection, support for small and medium-sized businesses.

In 2010, Vnesheconombank carried on its core activity as a Bank for Development and stepped up its international efforts. Twice in the year Vnesheconombank placed eurobonds on the international markets. The volume of the eurobond issues exceeded 3 billion US dollars, bond maturity periods were seven, ten and fifteen years. In 2010, Vnesheconombank entered into agreements with many regions on implementing projects and programs aimed at innovation development of the Russian constituent entities. The Bank initiated the signing of a multilateral agreement between development institutions to provide support for innovation line of development in SMEs and became one of the founders of the Skolkovo Centre.

As a national development institution Vnesheconombank participated in implementing investment projects aimed at supporting mono-cities. The Bank virtually completed the rehabilitation of its three subsidiary banks (Svyaz-Bank; Globexbank; Prominvestbank, Ukraine). Vnesheconombank Group was formed.

In order to streamline Vnesheconombank’s structure the following departments were established: the Innovation and High Technology Department, the Natural Resources Department, the Regional Policies Department, representative offices were opened in Yekaterinburg, Pyatigorsk and in the French Republic.

In March 2010, VEB approved a Program of Vnesheconombank’s investments in affordable housing construction and mortgage lending projects. The program provides for investing funds in the total amount of 250 billion roubles. In August, Vnesheconombank was appointed as a single provider of services on investment consulting for the state needs of the Russian constituent entities to form investment projects implemented on the terms of public private partnership.

In November 2010, the North Caucasus Development Corporation was registered. The Corporation was established to help to pursue the government policy aimed at developing the North Caucasus Federal District and raising investments for the region to create new jobs. In November of the same year Vnesheconombank was the first Russian financial institution to have raised funds for a period of 15 years. Vnesheconombank’s fifteen-year eurobond issue was a record one in terms of bond maturity period among issuers of corporate eurobonds on the international market since the global economic crisis.

In December 2010, Vnesheconombank’s first Report on Sustainable Development for 2009 was published.




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