The newspaper “Vedomosti” familiar with the new strategy of Vnesheconombank (VEB). 23 June, it should consider the Bank’s Supervisory Board, headed by Prime Minister Dmitry Medvedev.
As the newspaper notes, for the transition to the new model, the Bank will require about five years. At this time the Bank will need help from the state. “Public funds are critical to addressing the problems of the old portfolio and for lending to new projects”, — explained the “Vedomosti” an official close to the Supervisory Board.
Thus, the Bank with the help of state intends to obtain funds in the capital to attract cheap long-term funding, including from the national wealth Fund and the Central Bank to obtain funds to subsidize interest rates on loans and use funds of government programs. In fact, in the new model government funding is regarded as basic. This will allow creditrate investment projects at a reasonable price, told the newspaper the employee of the Bank.
Among other measures to improve their lishnego provisions of the VEB considers and market financing (e.g. pension funds and internal bonds, but this, according to a Bank employee, just too expensive, so his involvement is yet limited. External borrowings are allowed only when hedging currency risk.
The strategy States the intention of the VEB focus on investment in infrastructure and industrial projects. In 2017, the Bank plans to Finance new projects by 80 billion, and by 2021 to increase the investment up to 200 billion rubles.
The new team of the Bank also expects that it will continue to clear the balance from bad debts. The problem consists mainly of so-called special projects, for example, the Ukrainian credit and the Olympic construction. The risk is estimated at 700 billion rubles.
According to the newspaper, VEB is also considering the possibility of creating a separate legal entity to work with special projects. Close to the Supervisory Board of man explained that the founder of such a structure will be the state. The Bank in this case will only control for the “adequate remuneration”. The newspaper’s source said that the Bank will not Fund the unit, and special projects will not be reflected on the balance sheet. Their funding can be allocated in the amount of 20 billion to 50 billion rubles annually.
The Bank relies on government support and in connection with the need to payments on foreign debts. New management of the Bank assesses the size of the required subsidy for this purpose in the 805 billion to 2021. This year they will amount to 150 billion, half of these funds have already listed. The representative of the Ministry of Finance promised that the Bank debt will be paid in the right amount and in a timely manner.
Earlier it was reported that VEB plans to get rid of “excess” subsidiaries. In particular, it was about the FUND, the SME Bank, development Fund of the Far East development Corporation and the North Caucasus. As wrote “Kommersant”, the Bank expects to attract up to 180 billion rubles through the sale of property.
These items are present in the new strategy of the Bank, specify “Vedomosti”. In 2016-2017 VEB plans to get rid of the Russian direct investment Fund (RDIF) and SME Bank. After that, from its membership, withdraw the Ukrainian Prominvestbank, the Belarusian Bank Belveb, Svyaz-Bank, “GLOBEKS”, “VEB innovations”, “VEB Asia”. In turn, the Russian export centre, including EXIAR and Roseximbank and VEB engineering, VEB capital and the Fund of development of monotowns is planned to be retained.
As wrote , last week the Chairman of Bank Sergey Gorkov has presented employees with new values of the Corporation, calling the project “WEB 2:0″. Then he said that the basis of the strategy the strategy will form the development, leadership, partnership, team, honesty, patriotism.” In a press-service of the Bank said that for several months that the Gorkov directs the EBV, a program to introduce new values, almost nothing was spent.