Vnesheconombank
Encyclopedia
Vnesheconombank is a Russian, and former Soviet, bank and translated to English
as the Bank of Foreign Economic Activity. It is commonly called the Russian Development Bank, although it refers to itself as "the state corporation “Bank for Development and Foreign Economic Affairs”". The institution is used by the Russian government to support and develop the Russian economy, to manage Russian state debts and pension funds. It is a part in the governments plan to diversify the Russian economy, and to do so receives funds directly from the state budget.
From 2005 to 2006, both the assets and liabilities of the bank doubled from around $6bn to $12bn, and the income rose by 1.3 from $239mn to $301mn.
2002, Vnesheconombank was restructured and it stepped up its efforts in servicing government programs, reduced the scope of its commercial business and gave high priority to supporting government structural reforms.
2002, April, Vnesheconombank was appointed Vnesheconombank agent for investing temporarily free Pension Fund's assets in securities denominated in foreign currency.
2003, January, VEB was appointed as State Trust Management Company responsible for investing pension funds. The special structural subdivision to handle pension funds was formed.
2007, April, The State Duma
passes the federal law "ON BANK FOR DEVELOPMENT" regulating the legal conditions for the VEB.
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
as the Bank of Foreign Economic Activity. It is commonly called the Russian Development Bank, although it refers to itself as "the state corporation “Bank for Development and Foreign Economic Affairs”". The institution is used by the Russian government to support and develop the Russian economy, to manage Russian state debts and pension funds. It is a part in the governments plan to diversify the Russian economy, and to do so receives funds directly from the state budget.
From 2005 to 2006, both the assets and liabilities of the bank doubled from around $6bn to $12bn, and the income rose by 1.3 from $239mn to $301mn.
History
1988, Joint Stock Bank "Vneshtorgbank of the USSR" renamed the Bank for Foreign Economic Affairs of the USSR (Vnesheconombank of the USSR)2002, Vnesheconombank was restructured and it stepped up its efforts in servicing government programs, reduced the scope of its commercial business and gave high priority to supporting government structural reforms.
2002, April, Vnesheconombank was appointed Vnesheconombank agent for investing temporarily free Pension Fund's assets in securities denominated in foreign currency.
2003, January, VEB was appointed as State Trust Management Company responsible for investing pension funds. The special structural subdivision to handle pension funds was formed.
2007, April, The State Duma
State Duma
The State Duma , common abbreviation: Госду́ма ) in the Russian Federation is the lower house of the Federal Assembly of Russia , the upper house being the Federation Council of Russia. The Duma headquarters is located in central Moscow, a few steps from Manege Square. Its members are referred to...
passes the federal law "ON BANK FOR DEVELOPMENT" regulating the legal conditions for the VEB.