The Russian Government has decided to pull together Skolkovo Foundation, RUSNANO, RSMB Corporation, Russian Export Center, the Russian Agency for Export Credit and Investment Insurance (EXIAR), the Industrial Development Fund, the Foundation for Assistance to Small Innovative Enterprises (FASIE), and the Fund for Infrastructure and Educational Programs under the umbrella of VEB.RF and transfer to VEB.RF some functions of the Far East Development Fund, the Agency for the Development of Human Capital in the Far East and the Arctic, and the Far East Investment and Export Agency.
Changes in the system of development institutions are part of the Government’s administrative reform aimed at streamlining procedures in governmental agencies. The reform includes rightsizing and creating an efficient and effective model to support the economy and achieve the national development goals.
VEB.RF Chairman Igor Shuvalov was involved in all stages of preparing the transformation scenario. It is intended that a large investment unit will be set up to pull together these institutions under the umbrella of VEB.RF. This will eliminate the institutions’ overlapping functions and will help to resolve the issue of their being in competition with each other and with commercial entities. The ultimate result is to be improved efficiency and a greater contribution to national projects and higher quality of life.
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