Prime Minister Vladimir Putin chairs a meeting of Vneshekonombank’s Supervisory Board
27 september 2011
Vladimir Putin's opening remarks:
Ladies and gentlemen,
Today, we are here to consider Vneshekonombank's medium-term strategy through the year 2016. The development plans take into account the bank's expertise as a development institution. We will focus on enhancing this aspect in the years ahead. The VEB should take a more proactive role in investment policy, operating as a powerful driving force behind projects aimed at restructuring the Russian economy to enhance its resistance to any kind of outside stress. Some of the top priorities are high-tech and infrastructural programmes and projects that create new jobs for skilled workers.
The VEB is already working toward a profound modernisation of the domestic economy. The credit portfolio of the bank as a development institution has grown by more than 80% compared with the beginning of 2009. That growth is in large part a result of the crediting of key industrial enterprises, high-tech sectors, transport, and major construction projects in areas such as electronics, infrastructure and mechanical engineering for transportation.
I will now highlight some of Vneshekonombank's priority goals for the next four years.
First of all, the bank will invest about 2 trillion roubles in the Russian economy by the end of 2015, which is a substantial amount, accounting for about 2.4% of the GDP. Its credit portfolio will more than double, with an increase in the share of loans for high-tech and innovative projects to 20%, from the current 15%.
The VEB's cooperation with the Strategic Initiatives Agency will become an important area of the bank's activity in innovation. The bank could act as an advisor, providing qualified expert support in selecting the projects that the agency will put forward.
Another key task will be to dramatically increase support of high-tech exports. Vneshekonombank must do everything it can to help Russian companies gain a foothold on the most advanced and promising [foreign] markets. With this in mind, the bank's loans to our exporting companies should amount to around 90 billion roubles by the year 2016, so as to support the promotion of their innovative and high-tech products.
Today we need to approve the charter of the Russian Export Loans and Investments Insurance Agency, and to form its governing bodies. Its authorised capital amounts to 30 billion roubles. The new agency will take on part of the financial risk, assisting our exporters to win over international markets and promote their goods and services on them. We expect the agency to work proactively. Hopefully, with the agency's help, some Russian exporters will be able to insure their contracts as early as this year.
Thirdly, and importantly, the VEB must continue to develop programmes of support for small and medium-sized businesses, which has been a strategic priority for the bank. There will now be a special emphasis placed on supporting companies that operate in non-trade sectors, on financing innovative projects related to the creation of new production lines, quality merchandise and technology.
And, of course, the bank must continue contributing to housing programmes. It has already put aside some 250 billion roubles towards mortgage development, including the rescheduling of housing loans.