Vnesheconombank (VEB) (Russian: Внешэкономбанк (ВЭБ)) is a Russian state corporation (non-profit organization) and 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. The bank was instituted in 1922.
Dmitriev Vladimir Alexandrovich has been Chairman since 2004.
1922 Established as "Russian Commercial Bank"
1924 Renamed "Bank for foreign trade of the USSR" ("Vneshtorgbank 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.
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