VEB.RF is a Russia’s national economic development institution. It is a state corporation established by Russian federal law exclusively for the public good. It is a non-commercial, non-profit organization with no shareholders. VEB.RF’s charter capital comprises funds and other property contributed by the Russian Federation; it also receives direct contributions from the Federal Budget. However, it is not a ministry or a state agency, but a special entity, tasked with facilitating a wide range of socio-economic development activities.
In partnership with commercial banks, VEB.RF provides financing for large-scale projects to develop the country’s infrastructure, industrial production and social sphere, strengthen its technological potential and improve quality of life. In mid-2018 VEB.RF was has embarked on a new business model with focus on the following areas: infrastructure, high value-added industry, urban development.
VEB.RF is also a government agent for Russia’s foreign debt, both of the Russian Government and of the former Soviet Union, and the management of certain pension funds through State Trust Management Company (“STMC”), a separate division of VEB.RF.
The highest governing body of VEB.RF is the Supervisory Board chaired by Prime Minister of Russia. VEB.RF coordinates activities of other specific national development institutions:
- DOM.RF (housing and urban development corporation)
- Russian Export Center (supports the development of non-commodity export)
- VEB Ventures (venture funding)
- SME Corporation (tasked with assisting and nurturing Russian small and medium enterprises)
- Far East and Arctic Region Development Fund (tasked with assisting region’s economic development)
- Monotowns Development Fund