OREANDA-NEWS. September 16, 2008. A meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board chaired by Russian Prime Minister Vladimir Putin was held at the Russian Federation Government House, on September 15.

The meeting approved the Bank’s participation in financing the following major investment projects:
• The Sevmash Production Association’s production program;
• OJSC Corporation VSMPO-AVISMA investment development program. The Corporation’s investment program is aimed at reconstructing and modernizing the facility and provides for increased production of deeply processed products. The implementation of this investment program will result in increased production of titanium sponge, it will increase by 20% (up to 44 thousand tons per year), and rolled titanium – by 46% (up to 46 thousand tons per year). The program’s total value is 26 billion rubles, the Bank’s participation share in the project will amount to 9.388 billion rubles. Funds are to be made available for a period of 5 years;
• Construction and operation of the alpine ski resort “Rosa Khutor” in Krasnaya Polyana. The Rosa Khutor project provides for creating a unique year-round sports and tourist complex. Under the project a number of Olympic sports facilities are planned to be built, they include an alpine ski center, a snowboard park, alpine ski routes to hold competitions in all 10 alpine ski events as well as hotel infrastructural assets. The project’s total value is 1,375 million US dollars. Vnesheconombank plans to earmark funds worth up to 750 million US dollars for a period of 15 years for this project’s implementation;
• Construction of a new integrated complex to manufacture ammonia, methanol and granulated carbamide in the city of Mendeleevsk, the Republic of Tatarstan implemented by OJSC “Ammonii”. The project provides for building an integrated facility to manufacture ammonia and methanol with a capacity of 2,050 tons of ammonia per day and 668 tons of methanol per day at the mineral fertilizers manufacturing factory Mendeleevskazot LLC. The total value of the project is 972.7 million US dollars. Vnesheconombank’s participation share will amount up to 350 million US dollars;
• Construction of a factory in the Ulyanovsk region to manufacture and assemble super- light jets Eclipse 500. The factory’s projected capacity will amount to 800 jets per year. Vnesheconombank is expected to finance the project in full. Its total value is 330 million US dollars;
• The Supervisory Board has also made a decision to establish a targeted financing limit for the Kazakhstan Development Bank to open a credit line worth up to 300 million US dollars with a repayment period of 15 years. The credit line is of targeted nature – funds will be made available to support the export of Russian companies’ industrial products and services to the Republic of Kazakhstan. Decisions on conducting each specific transaction are to be made by Vnesheconombank’s governing bodies including decisions on all substantial terms of these transactions.