The state corporation Bank for Development and Foreign Economic Activity (Vneshekonombank) (VEB). Headquartered in Moscow. Established in 1924, Vneshekonombank is fully owned by the Russian government. Chairman: Vladimir Dmitriev.
Vneshekonombank is a government agent servicing the foreign debt, recovering debts from countries of the former USSR, managing the funds of the Russian Pension Fund, and extending loans and guarantees to Russian exporters.
In 2008, shares of the Russian Development Bank and Russian Export-Import Bank will be transferred into the authorized capital of Vneshekonombank.
Official website: http://www.veb.ru/en/
The task of Vneshekonombank is to assist the modernization and diversification of the economy and raise its competitiveness. The bank will become a key link in organizing funding and servicing of governmental investment projects that will help overcome infrastructural limitations of economic growth and setting the economy on the fast track of economic development. Vneshekonombank supports Russian exporters entering international markets of goods and services, facilitates effective functioning of special economic zones, implements environmental protection projects, and assists small and medium business. The bank will is not only an investor, but also an insurer and consultant. Vneshekonombank will provide funding for projects which are not attractive for private investors due to their low profitability, high risks or long-term nature. At the same time, it will stimulate private investments in priority industries and sectors of the economy, while facilitating the influx of foreign investments.
The key principles of Vneshekonombank's operation are absence of competition with commercial financial institutions, transparency and openness of investment and financial activities, loss-free operation, public-private partnership, and environmental accountability.