State corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” was established in 2007 in virtue of Federal Law “On Bank for Development” through the reorganization of the Bank for Foreign Economic Affairs of the USSR.
The Bank for Development is one of the key instruments for implementing the state economic policies aimed at removing infrastructure impediments for economic growth, promoting efficient utilisation of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs) and ensuring support for exports of industrial goods and services.
Vnesheconombank helps deliver investment projects, which, being of top priority for the economic development, are underfunded by private financial institutions due to their huge scale and scope, complexity, long payback period and high level of risks. The Bank provides support for projects by both granting credits and loans, in particular, jointly with other financial institutions, and issuing guarantees and sureties.
Vnesheconombank finances infrastructural and innovative projects of national significance, and projects designed to increase efficiency of the natural resources utilisation, protect and improve natural environment. Seeking to facilitate SME development in the country, the Bank implements a state programme of financial support for SMEs. Furthermore, Vnesheconombank co-finances investment projects aimed at single-industry town modernisation, renders support for Russian exporters in global markets and helps attract direct foreign investment in Russia. *
Vnesheconombank engages in its business activities in compliance with Federal Law No. 82-FZ dd. 17 May 2007 On Bank for Development. The Bank’s key business lines and performance indicators are set out in the Memorandum on Financial Policies approved by Decision No. 1007-r dd. 27 July 2007 of the RF Government.
Versions of ownership information:
(a) for SME Bank and ROSEXIMBANK
In compliance with Federal Law No. 82-FZ dd. 17 May 2007 On Bank for Development and Decision No. 1766-r dd. 07 December 2007 by the RF Government On Contribution of Shares to the Authorized Capital of Vnesheconombank, a 100% stake in the Russian Specialized Government-Owned Export-Import Bank / open joint stock company Russian Bank for Small and Medium Enterprises Support is owned by state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”.
(b) The Majority shareholder of Globex Bank, Sviaz Bank, BelVEB, VEB Leasing and PIB
The majority shareholder of _____is state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”(a__% stake)
(c)The sole shareholder of FCPF, EXIAR / Founder of the North Caucasus Development Corporation, VEB Engineering
The sole shareholder/founder of _____ is state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”.
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* In its investment activities, Vnesheconombank gives priority to the following industries:
- aircraft industry, space and missile complex;
- nuclear industry, inclusive of nuclear power;
- transport, special-purpose and power engineering industry;
- metallurgy (special steel production);
- timber industry;
- agro-industrial complex.
Vnesheconombank gives preference to projects delivered using the public-private partnership (PPP) mechanisms.
In accordance with decision by the Government of the Russian Federation, Vnesheconombank is the State Trust Management Company to invest pension savings of citizens, and an agent for the RF Government to manage foreign and internal currency debt.
Both in Russia and abroad, the Bank is noted for an impeccable financial reputation. The long-term credit ratings assigned to it by the three leading international rating agencies are at par with the sovereign rating of the Russian Federation.
The Supervisory Board of Vnesheconombank is chaired by Dmitry Medvedev, Chairman of the Government of the Russian Federation.
The Chairman of Vnesheconombank is Gorkov Sergey Nikolaevich