is state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) was established in 2007 on the basis of Vnesheconombank (VEB) and inherited its name. Vnesheconombank is one of the key instruments of government investment policy.

The Bank’s activity is aimed at removing infrastructural restrictions impending economic growth, modernizing and developing non-raw materials economy and knowledge-intensive industries, promoting innovation and exports of high-tech products, implementing projects in special economic zones and projects in environmental protection, and supporting small and medium-sized businesses.

The bank actively participates in the implementation of large investment projects that contribute to developing infrastructure and high-technology sectors in the real sector of Russia’s economy.

Starting from October 2008, Vnesheconombank performs additional functions that include refinancing of debts of Russian banks and companies to foreign creditors, extending subordinated loans, as well as supporting the stock market.

Vnesheconombank’s official website:

http://www.veb.ru/en/

encompasses six republics (Bashkorostan, Chuvashia, Mari El, Mordovia, Tatarstan, and Udmurtia), seven regions (Kirov, Nizhny Novgorod, Orenburg, Penza, Samara, Saratov, and Ulyanovsk), and Perm Territory. The district’s administrative centre is the city of Nizhny Novgorod.

Located in the central and eastern parts of the European Russia the district has an area of 1,038 thousand square kilometres (6.1% of Russia’s territory) and a population of 30.9 million people (22.1% of the nation’s inhabitants).

The district’s main water artery is the Volga River and a large part of the district’s territory lies in its basin.

The VFD’s oil reserves make up 13% of Russia’s total, and its gas reserves account for 2%. The district has major deposits of potassium salt (90% of Russia’s total), phosphates (60%), zinc (20%), copper (16%), silver (16%), and gold (17%).

The Volga Federal District accounts for 23.9% of Russia’s industrial production, which is the highest share among the nation’s districts (the Central Federal District stands in second place). The fuel and energy complex and mechanical engineering are leading sectors within the district’s industrial structure. Agriculture, the chemical sector, and light industry account for a significant share of the Volga Federal District’s output.