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On the Russian Government’s Decision to Establish State-run Financial Development Institution

14 december 2006 года
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The Government of the Russian Federation considered the report by the Minister of Economic Development and Trade of the Russian Federation on the issue of establishing a state-run financial development institution. The meeting approved the following Drafts of Federal Laws “On the Development Bank” and “On Introducing Amendments to articles 7 and 13 of the Federal Law ‘On Banks and Banking” in order to clarify issues on a new state-run financial development institution’s activities in relation to the following:

  • name of the said development institution, its status and functions;
  • its relationship with the Government of the Russian Federation and the Bank of Russia in terms of exercising control, record keeping and making financial statements;
  • forming governing bodies, defining their functions and powers taking into account that the Prime Minister of the Russian Federation is ex officio to be the said development institution’s Supervisory Board Chairman;
  • terms of financing investment projects, among other things, through extending credits;
  • performing functions associated with managing funds of the Russian Investment Fund and OJSC “Special Economic Zones”;
  • types of activity as a professional securities market maker;
  • possibilities for insuring export contracts.

The said draft laws are to be introduced to the State Duma under the established procedure within a two-week period.

Origin: official site of the Russian Government
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