In late 2018, VEB.RF’s Supervisory Board approved VEB.RF’s Business Model 2024. As specified in the Model, VEB.RF focuses on the goals set by Decree of the President of the Russian Federation No. 204 of 7 May 2018, On the National Goals and Strategic Objectives of Development of the Russian Federation for the Period Until 2024. The Business Model is based on the new VEB.RF’s Memorandum on Financial Policies and amended Federal Law No. 82-FZ of 28 November 2018, On State Development Corporation “VEB.RF”. The key objective pursued by VEB.RF is to provide support for the Russian economy by financing strategic projects.

Business Model Principles:

  • Maximising the total amount of financing for development projects and actively involving other financial institutions in project co-financing.
  • Working without competition with commercial banks and other financial institutions. VEB.RF does not intend to offer rival banking products in competition with commercial banks.
  • Delivering the necessary financial result. VEB.RF’s business model requires that public investment should be returnable and reusable.

Business Model Sectoral Priorities

Priority investment industries:

  • Infrastructure (transport, power etc.);
  • Added-value industry (including the National Technology Initiative, defence production diversification, import substitution and export support);
  • Urban economy.

Business Model Expected Results

  • Contributing up to three trillion roubles in loans for high-priority projects of Russia’s economy;
  • Contributing eight to nine trillion roubles to Russia’s economic development including co-financing by other financial institutions;
  • Up to 1% annual contribution to Russia’s GDP from projects financed with participation of VEB.RF;
  • Up to 6% contribution to the total investment.

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