compete with commercial credit institutions and participates only in those projects that cannot receive funding from private investors. Under the Memorandum on Financial Policies, Vnesheconombank is to extend credits, guarantees and sureties under projects a payback period of which exceed 5 years and a total value is more than 2 billion rubles.

At present, Vnesheconombank Group* has been set up, it is comprised of VEB’s subsidiary institutions whose activities are designed to implement various provisions of the Law “On the Bank for Development”.