OREANDA-NEWS. September 21, 2012. A decision was taken to renew the composition of the Fund’s Management Board at a meeting of the Far East and the Baikal Region Development Fund Board of Directors.

Gennady Alekseev was appointed as President of the Fund, Alexandr Bazhenov – Director of Vnesheconombank’s PPP Directorate was appointed as Head of the Fund’s Management Board.

Under a decision taken by the Board of Directors the Fund’s Management Board was increased to 7 persons. Newly elected members of the Fund’s Management Board will be responsible for managing specific lines of its activity and they will be also responsible for preparing, structuring, funding and implementing investment projects.

The Board of Directors also made a number of decisions aimed at organizing an efficient investment process as well as at cooperating with federal institutions, constituent entities of the Russian Federation and interested project initiators in order to accomplish tasks set earlier by the Board of Directors for 2012-2015.

Vnesheconombank’s loan portfolio under projects with the Fund’s participation is expected to amount to 70 billion rubles. This implies that the Bank will form and support projects for a total amount of 350 billion rubles.

OJSC The Far East and the Baikal Region Development Fund was registered on November 3, 2011. The Fund’s main lines of activity are to enhance the development of investment activity in the Far East and the Baikal region as well as to prepare top-quality projects of regional and urban development. Vnesheconombank’s Supervisory Board approved earlier the terms of the Bank’s participation in funding investment projects in the Far East and the Baikal region.