The sole shareholder of Far East and Arctic Development Fund is the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” holding 100% of the Fund’s shares.
State Development Corporation VEB.RF operates under the federal law on the development bank.
The primary objective of the national development institution is to contribute to long-term economic growth. 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 the quality of life.
The highest governing body of VEB.RF is the Supervisory Board chaired by the Russian Prime Minister.
In accordance with the Memorandum on Financial Policies, VEB.RF is involved in national projects aimed at implementing the May presidential decree. The operating principles include activities without competition with commercial banks, transparency and break-even performance in project financing.
As resolved by the Russian Government, VEB.RF coordinates development institutions’ activities ensuring the country’s long-term socio-economic development.
- Chairman of the Supervisory Board of Vnesheconombank: — Mikhail Mishustin, Prime Minister of the Russian Federation.
- Chairman of Vnesheconombank: Igor Shuvalov.
Vnesheconombank gives priority to projects implemented though public-private partnership. In accordance with the Russian Government Resolution, Vnesheconombank acts as the Public manager of pension savings and the Government’s foreign and home debt agent.
The Bank boasts unassailable financial and business reputation in Russia and abroad. Three major international rating agencies assigned the credit rating to the Bank, which corresponds with the sovereign rating of the Russian Federation.