Prime Minister Vladimir Putin chaired a meeting of Vneshekonombank (VEB) Supervisory Board
Putin's introductory remarks:
Good afternoon, colleagues,
Today, we should discuss a wide range of issues, including VEB's participation in implementing the Government's anti-crisis measures, such as the programmes to support small and medium-size business. We will also discuss the VEB-drafted proposals on its participation in funding the construction of Olympic facilities.
At the Government meeting earlier today, I spoke about additional measures to support the banking system. I mentioned in particular the allocation of additional funds to VEB, which will allow it to expand its performance and carry out its commitments and decisions in time.
Under the law and memo on fiscal policy, one of the priority tasks of the Bank of Development is to support small and medium-size business. This primarily applies to companies that are operating in production, introducing new technologies, and creating jobs. As we understand, this is particularly urgent today.
By now, the bank has already issued loans totaling 8.9 billion roubles, and should fund no less than 30 billion roubles worth of projects before the end of this year. We should endorse today all documents required for this programme's implementation.
One more serious question on our agenda is linked to preparations for the Olympics in Sochi. VEB is designed to be a major money lender to the companies involved in the construction of Olympic facilities. In the conditions of the global crisis, this will allow builders to attract long-term loans on acceptable terms, given, of course, proper guarantees of compliance with commitments.
I consider it necessary for VEB to issue loans exclusively for the payment of the work done. Needless to say, its real scope and costs should be permanently monitored.
The VEB Board has adopted basic approaches to the bank's participation in funding the construction of Olympic facilities. We will also review them today.
I suggest starting the discussion of the said issues.
