Transcript of the beginning of the meeting:

Vladimir Putin: Mr Dmitriyev, how is the work going on the Direct Investment Agency? What are the most interesting projects? What are the prospects? Please.

Vladimir Dmitriyev: Mr Putin, the agency, to be more exact, the managing company, has been registered with the taxation service. It is presently being registered with the Federal Service for Financial Markets. This is a technical issue. The main thing is that after meeting with investors on May 18, we received numerous positive signals about Russia’s investment climate and the establishment of the Direct Investment Fund. I have prepared a digest of various quotations and recent publications. I cannot put it more eloquently than the CEO of a Kuwaiti investment agency who said that Russia has all the right cards to be at the forefront.

Vladimir Putin: Wonderful. How do they respond in terms of investment?

Vladimir Dmitriyev: As far as we know, a Chinese investment agency is ready to invest both in joint projects with the fund and other projects independently.

Vladimir Putin: We have agreed that they will be investing in individual projects launched and supported by the agency rather than in the agency itself. What progress has been made in this aspect?

Vladimir Dmitriyev: The recent forum confirmed that there are sectors that attract investors, above all innovative sectors, such as pharmaceuticals, medical equipment, food industry, agriculture, and energy efficiency, as well as sectors related to middle class growth. This indicates that investors feel a significant growth potential in Russia’s middle class and, correspondingly, their consumption and sectors that will be working to meet the middle class’s demands.

Naturally, basic sectors with growth potential also attract investors.

As for investments, I believe that it is still too early to speak about specific amounts, but we are sure that there is money and there are projects to invest in.

Vladimir Putin: Some investors are already working in this country. It is very important to support their intention to expand cooperation.

Vladimir Dmitriyev: We expect technical and organisational issues to be finalised this summer. The future team of the fund is being comprised, as is the managing company. Thus, we expect to start working on specific projects by September.

Vladimir Putin: Do you believe that the agency will be able to get involved in specific projects and, if yes, which ones exactly? What do you expect?

Vladimir Dmitriyev: I believe that we will strike one or two deals by the end of the year. I don’t think that the money set aside for this year – 62 billion roubles – will be used up, but I believe that together with the fund we will be able to raise about half a billion [US dollars]  for various specific projects.

I would also like to inform you – and this relates to our social activity – that the bank’s Supervisory Board approved Vnesheconombank’s sponsorship programme last year. We held the first tournament called Tennis Legends in Moscow. We invited former global tennis stars, including Bjorn Borg, Goran Ivanisevic and Carlos Moya, and prominent Russian tennis players, such as Yevgeny Kafelnikov, Marat Safin and Andrei Cherkasov, alongside Russian amateur players. We held one doubles tournament, in which the doubles included an amateur and a professional player. On the second day, a tournament for the professionals was held. This tournament was a big event for many people – young people, children and simply people interested in tennis. So, thank you for your part in agreeing to and approving this programme.

Vladimir Putin: How is the bank’s sponsorship programme organised in general?

Vladimir Dmitriyev: We act in various areas according to the budget. We recently had a meeting with the Moscow Patriarchate that is completing certain infrastructural works with the bank’s assistance. We are also finishing a programme to build a recreation centre for young people attending church at the St Daniel Monastery. As I said, we also have a long sports programme. We give much attention to culture. For example, we support young performers and singers from the Mariinsky Theatre. Two students from the theatre annually receive Vnesheconombank prizes. There are many more areas that we support through sponsorship and charity programmes.

Vladimir Putin: Do you support ice hockey and the national team?

Vladimir Dmitriyev: Unfortunately, we do…

Vladimir Putin: You don’t feel like speaking about Russia’s national ice hockey team?

Vladimir Dmitriyev: We either put in too little money, or too much. But things are as they are. We support the team indeed, but the money is not the most important thing here. The team is comprised of professional players who in total have more money than Vnesheconombank’s budget. Hopefully, God will help us next time.

Vladimir Putin: No, God helps those who help themselves. We need to work. Naturally, experts are presently deciding how the team will be reformed. Afterward, decisions will be taken on team members, on how its work and training should be organised. However, the team will need further assistance and financial support. Let’s look into sponsorships programmes once again at a meeting of the Supervisory Board.