State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” is the sole shareholder of VEB Innovations fund.
According to the Memorandum of Financial Policies approved by the resolution of the Government of the Russian Federation dated July 27, 2007, Vnesheconombank’s top priority is the implementation of investment projects aimed at fostering innovations.
Vnesheconombank facilitates modernization and diversification of the economy, improving its competitiveness. It is the key entity in providing funding and support of state investment projects, aimed at overcoming infrastructure barriers to economic growth and pursuing the path of innovative development.
Vnesheconombank supports Russian exporters venturing into the global markets for goods, services and labor, facilitates efficient operation of special economic zones, fosters implementation of environmental projects, and assists small and medium businesses. Besides being an investor, the bank also acts as insurer and advisor. Vnesheconombank finances projects, which are unappealing to private-equity investors due to their low profitability, high risks or lengthy implementation period. At the same time, the bank encourages private investors to increase financial support for top industries and economic sectors, and facilitates participation of foreign investors.
The guiding principles of Vnesheconombank include non-compete with commercial financial institutions; transparency and disclosure of financial and investment activities; breakeven operations; public-private partnership; and environmental responsibility.
For more information go to www.veb.ru