State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”

VEB Profile

The legal status and activity of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’s is governed by the Federal Law “On the Bank for Development” (№82 FZ, adopted on May 17, 2007)

Vnesheconombank operates to diversify the Russian economy, boost its competitive edge and encourage investment activity. The Bank for Development is responsible for providing investment, foreign economic, insurance and consultative support for projects in Russia and abroad aimed at developing infrastructure, innovations, special economic zones, environment protection, providing support for exports of Russian products, works and services as well as supporting small and medium-sized enterprises.

Main principles of Vnesheconombank’s activity:

  • lack of competition with commercial financial institutions
  • break-even operation
  • giving preference to public private partnership projects
  • environmental responsibility

Sectoral priorities of Vnesheconombank’s investment activity:

  • aircraft construction and rocket and space complex
  • shipbuilding
  • electronic industry
  • atomic industry including nuclear power engineering
  • transport, special and power mechanical engineering
  • smelting industry (manufacturing of special steels)
  • timber processing industry
  • defense industrial complex
  • agro-industrial complex
  • strategic computer technologies and software
  • information and communications systems
  • medical equipment and pharmaceutics

Up to the date set by the Russian Government Vnesheconombank is to perform functions of servicing Soviet-era and Russian foreign debt as well as managing pension savings funds of Russian citizens.

Vnesheconombank’s Chairman is Vladimir Dmitriev

Chairman of Vnesheconombank’s Supervisory Board is Russian Prime Minister Dmitry Medvedev.

In 2011, VEB’s loan portfolio as the Bank for Development exceeded 500 billion rubles having increased by more than 40% in the course of the year.

Under Vnesheconombank’s Strategy approved by the Bank’s Supervisory Board Vnesheconombank’s loan portfolio is to increase to 850 billion rubles by 2015 and the proportion of innovation projects in it is to increase to 20% and a total amount of VEB’s support for the Russian economy is to amount to 2 trillion rubles or 2.4% of GDP.