The State Duma passed the new Bank for Development Act in the first reading
The State Duma passed the amended Bank for Development Act in the first reading in the Wednesday session.
“With the new Bank for Development Act, Vnesheconombank will be able to efficiently deliver its development strategy adopted in December 2016 and to focus on its top priority objectives such as financing for high value-added manufacturing, infrastructure development, non-commodity exports, innovation and the National Technology Initiative projects. The nest step is to pass the bill in the second reading along with the related bills such as amendments to the Tax Code and customs regulations which will enable VEB to fully unlock its potential as the development institution,” said Alexey Ivanchenko, Vnesheconombank’s Deputy Chairman and Member of the Management Board.
The amended Bank for Development Act places new duties on Vnesheconombank, gives a more precise definition of the Bank’s objectives in the field of implementing catching-up and advanced development projects and provides for the Bank’s new functions in the context of syndicated lending, mezzanine financing and the use of partner finance tools.
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