State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” was established in 2007 through a transformation of Bank for Foreign Economic Affairs of the USSR.
Vnesheconombank operates in conformity with Federal Law No. 82-FZ dated May 17, 2007 “On Bank for Development”. The Memorandum on Financial Policies approved by Resolution of the Government of the Russian Federation No. 1007-r dated July 27, 2007 sets forth major business lines and indicators of the Bank’s performance. The Supervisory Board headed by Chairman of the Russian Government is Vnesheconombank’s supreme governing body.
Vnesheconombank is one of the key instruments for implementing the state economic policy aimed at removing infrastructure restrictions that impede economic growth, enhancing efficient utilization of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs) and ensuring support for exports of industrial goods and services.
In its investment activities, Vnesheconombank gives priority to the following industries:
- aircraft industry and space and missile complex
- nuclear industry, inclusive of nuclear power
- transport, special-purpose and power engineering industry
- metallurgy (special steel production)
- wood-working industry
- military-industrial complex
- agro-industrial complex
- strategic computer technologies and software
- information and communication systems
- medical equipment and pharmaceuticals.
In line with the Memorandum on Financial Policies, Vnesheconombank delivers investment projects aimed at:
- removing infrastructure impediments to economic growth
- fostering innovations
- enhancing the efficiency of natural resources utilization
- protecting the environment
- increasing energy efficiency
- developing SMEs
- supporting exports of agricultural and industrial production and services.
Vnesheconombank participates in implementing projects that are of priority importance for the development of Russia’s economy, but which, for a number of reasons (huge volumes of investment resources required, complexity, long payback periods) experience resource shortage. Vnesheconombank delivers support for projects both through directly extended loans and credits, including project co-financing with other financial institutions, and by issuing guarantees and sureties.
Vnesheconombank gives preference to PPP-based projects.
Since October 2008, acting in accordance with the Federal Law’ On Additional Measures to Support the Financial System of the Russian Federation’ and the decisions of the Russian Government, Vnesheconombank is entrusted with new meaningful tasks that include refinancing foreign debts of Russian corporates and banks; extending subordinated loans to banks; effective investment of the National Wealth Fund’s money.
The Bank is noted for an impeccable financial reputation. The long-term credit ratings assigned to it by the world leading rating agencies (Standard & Poor’s, Fitch Ratings, Moody’s) are at par with the sovereign rating of the Russian Federation
Key Figures 2013
||101 254 mln USD
|Net profit/consolidated profit:
||260 mln USD
||25 255 mln USD