Moody’s Assesses Prospects for VEB.RF After Reform of Development Institutions

Moody’s Investors Service has found that the Russian Government’s measures to reform development institutions will increase the strategic importance of VEB.RF.

Moody’s released a report (available to RBC) on the implications of the reform announced this week for development institutions. The reform includes setting up a large investment unit to pull together some organisations under the umbrella of VEB.RF.

“VEB.RF’s decision-making power and strategic importance, while already prominent, will increase following the implementation of the government’s plan,” Moody’s reported. According to the rating agency, the proposed governmental measures underline VEB.RF’s “high degree of integration with the Russian government”, and VEB.RF will be provided with expanded and more integrated tools to achieve its strategic goals of developing export, infrastructure and innovation.

As assessed by Moody’s, the plan to distribute the liquidated institutions’ powers to federal authorities and VEB.RF will eliminate the numerous overlapping functions of the Government and different development institutions and expand the scope of VEB.RF’s activities.

The reform announced by Russian Prime Minister Mikhail Mishustin on Monday aims to set up an investment unit under the umbrella of VEB.RF to pull together RSMB Corporation, Russian Export Center, EXIAR and RUSNANO as well as four foundations, namely Skolkovo, FASIE, the Fund for Infrastructure and Educational Programs and the Industry Development Fund.

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