VEB will probably receive USD 4.6 Bn in budgetary funds.

RUSSIA / FSU POLITICS - In Brief 31 Oct 2018 by Alex Teddy
Vnescheconombank (VEB)'s board met with the government on 30 October with a view to agreeing the bank's recapitalization. A bill has been prepared by the Ministry of Finance and was discussed by the cabinet on 31 October.VEB is one of the largest banks and sponsors one of Moscow's top football teams which is why there is a football stadium called the VEB Arena.Igor Shuvalov is seeking to bring all development functions together. This will have a major impact on Shuvalov's erstwhile portfolio - Eurasian integration. VEB received a loan worth over USD 9 Billion from China in June. The loan had to be repaid in a short time frame. The government is considering extending USD 4.6 Billion in budget funds to VEB. The objective is to ensure that VEB has a loan portfolio worth over USD 45 Billion in the next five years. VEB is now a state development corporation. The words ''Russian Federation'' will probably be appended to the name in recognition of this new status.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.