Today, on June 8, the Bank for Development and Foreign Economic Affairs was registered by the State Registration Chamber under the Justice Ministry of the Russian Federation.
The Development Bank will operate in order to diversify the Russian economy, make it more competitive, stimulate investment business through engaging in investment, foreign economic, insurance, consulting and other activities provided for by applicable legislation and aimed at carrying out projects in Russia and abroad, among other things, with foreign capital participation. These projects will help to develop infrastructure, innovations, special economic zones, protect environment, support exports of Russian products and services as well as small and medium-size business.
The Development Bank is being established by way of reorganization in the form of transforming Vnesheconombank of the USSR. Its authorized capital is to be formed by consolidating assets to be transferred upon reorganizing VEB, the Russian Development Bank’s and Roeximbank’s shares held in federal property as well as assets to be transferred by the Government of the Russian Federation. The size of the Bank’s authorized capital is to be determined by the Government and it is to be no less than 70 billion rubles.
The Supervisory Council will be the Development Bank’s supreme management body to be comprised of eight Council members and the Bank Chairman.
The Development Bank Chairman is to be appointed to the post by the President of the Russian Federation on the Prime Minister’s recommendation.
From the moment of the Development Bank’s state registration, the Bank acquires all the rights and obligations of Vnesheconombank of the USSR.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
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