VEB.RF is the Russian State Development Corporation, formerly State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” or VEB. It is the key development institution in Russia. Its main task is to ensure long-term socio-economic development of the Russian Federation and to support sustainable economic growth.
VEB.RF’s activities are regulated by a special Federal Law “On State Development Corporation VEB.RF”. The highest governing body of VEB.RF is the Supervisory Board chaired by the Prime Minister of Russia.
The Corporation’s current activities are aimed at removing infrastructural constraints, developing infrastructure and innovation, promoting and supporting the export of Russian industrial products (goods, work, services), improving the quality of life, creating comfortable living conditions and ensuring development institutions’ participation in national projects (programmes), government programmes and federal targeted programmes.
VEB.RF also coordinates activities of other specific national development institutions and organizes the interaction between them:
- DOM.RF (housing and urban development corporation);
- Russian Export Center (supports the development of non-commodity export);
- VEB Ventures (venture funding);
- SME Corporation (tasked with assisting and nurturing Russian small and medium enterprises);
- Far East and Arctic Region Development Fund (assistance to the region’s economic development);
- Monotowns Development Fund (development of municipalities engaged in a single area of activity).
VEB.RF is also a government agent for Russia’s foreign debt, both of the Russian Government and of the former Soviet Union, and the management of state pension funds through State Trust Management Company (“STMC”), a separate division of VEB.RF.
The long-term credit ratings assigned to it by the world leading rating agencies (Standard & Poor’s, Fitch Ratings, Moody’s) are at par with the sovereign rating of the Russian Federation.
At a glance:
- Chairman : Igor Shuvalov
Sherpa : Lidia Guryeva
- Location : Moscow
- Website : www.veb.ru