OREANDA-NEWS. September 04, 2009. A meeting of Vnesheconombank’s Supervisory Board was held. A decision to set up a specialized engineering company by Vnesheconombank was made at the meeting. It will be responsible for conducting an expert examination of project documentation, a technological and financial audit, exercising control over the target and effective use of funds when building facilities financed by the Bank as well as for organizing training of managerial and technical personnel. A leading world engineering and project management company will be the Bank’s partner in participating in this institution. Thus, a required center of competence for managing major projects of national significance will be formed.

The Supervisory Board was presented with basic parameters of its subsidiary banks’ current status and forecasts for their development. With respect to Svyaz-Bank and Bank Globex, which are being reorganized by Vnesheconombank, it was stated that in the coming 5 years Vnesheconombank’s efforts will be aimed at securing their sustainable financial position and enhancing their customer base. A concept for the development of Vnesheconombank’s subsidiary banks is to be submitted for consideration by a Supervisory Board meeting in the near future.

The Supervisory Board also approved a lending limit of 545 million dollars for a period of 8 years to build infrastructure of an oil loading terminal under the project aimed at building a fluid cargo complex in the commercial seaport of Ust-Luga. This would allow to increase the oil and oil product loading terminal’s capacity to 30 million tons.