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VEB Supervisory Board to consider restructuring of loans on Sochi projects

April 17, 2014, 12:29 UTC+3 MOSCOW
The meeting participants would also discuss new versions of the bank’s statutory documents
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Skiing resort in Sochi (archive)

Skiing resort in Sochi (archive)

© ITAR-TASS/Vladimir Smirnov

MOSCOW, April 17. /ITAR-TASS/. Russian Prime Minister Dmitry Medvedev on Thursday will hold a meeting of the Supervisory Board of Vnesheconombank (VEB), at which the issue of restructuring of a number of loan contracts on Sochi projects will be considered. This issue was put on the agenda within the framework of activity of the government’s interdepartmental commission for the creation of additional conditions for effective use of the Olympic heritage.

The government’s press service reported that the meeting participants would also discuss new versions of the bank’s statutory documents: Methods of calculation of the size of the equity capital, Methods of calculation of the capital adequacy ratio, Methods and procedure of calculation of the maximum risk per one borrower (a group of tied borrowers) and the overall major risk rate, as well as amendments to the Procedure of reserve formation for possible losses.

In addition, the Supervisory Board members will consider the results of the Development Prize competition. The prize is awarded by Vnesheconombank for contribution to Russia’s socio-economic development and merits in the sphere of implementation of national investment programmes and projects. A total of 231 applications were submitted for the competition. The projects — winners of the competition will be announced at the Petersburg International Economic Forum in May 2014.

Taking part in the meeting will be First Deputy Prime Minister Igor Shuvalov, deputy prime ministers Arkady Dvorkovich, Dmitry Kozak, Alexander Khloponin, presidential aide Andrei Belousov, Finance Minister Anton Siluanov, Economic Development Minister Alexei Ulyukayev, Vnesheconombank head Vladimir Dmitriyev.

The Bank for Development and Foreign Economic Affairs (Vnesheconombank) was established in 2007. The bank was established for the promotion of Russian economy competition growth, diversification of the Russian economy, stimulating investment activity. The bank provides investment, foreign economic, insurance, advisory support to projects in Russia and abroad that are aimed at the development of infrastructure, innovations, protection of the environment, support of the export of Russian products and services, as well as at the support of small- and medium-sized businesses. The supreme management body of Vnesheconombank is the Supervisory Board, comprising eight members and Vnesheconombank chairman. Dmitry Medvedev is the chairman of the Supervisory Board of Vnesheconombank.

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