Bloomberg announced the cessation of funding by VEB of most projects

According to the Agency, in 2016 the repayment of external debt and other commitments the Bank will require approximately 560 billion rubles., while from the state in the framework of the recapitalization of the Bank will receive only 150 billion and RUB 300 billion. expects to receive from the national welfare Fund (NWF).

Granted at the moment, the subsidy is only enough “to maintain the pants,” said Bloomberg senior source. According to anonymous sources involved in the discussion of the fate of the Bank, possible reductions may leave only a shadow of the former greatness of the Corporation.

“The future of the Bank in the medium term to deal with problems that in the past have been created. This means only one thing: he will cringe,” – said the chief economist at FG BCS Vladimir Tikhomirov.

In a press-service VEB Bloomberg reported that the Bank has not frozen its investdialog, but refused to specify the current investment.

At the end of March 2016 the head of the government of the Russian Federation and Chairman of the Supervisory Board of VEB Dmitry Medvedev said that, despite the difficult situation, delivered before the Corporation of the tasks remain unchanged.

“The Bank remains the leading development institution, will continue to participate in the financing of major projects in the different sectors: industry, agriculture, transport, and energy sectors. That is, in this sense, the targets for the Bank remain unchanged, but if you need something to change in legislation, we naturally open to it,” – said the Prime Minister.

Speaking later in the state Duma with the report on the work in 2015, Medvedev offered to split VEB into two parts – a commercial Bank and development Institute. According to the head of the government, after such separation on the one hand “the VEB will not accumulate bad liabilities, and on the other hand, the Bank will be able to solve the problem of development, which is in any institution in any modern economy”.

The Prime Minister also noted that if not for the activities of VEB’s loans for several large projects, then Russia would not be “a successful Olympics and a number of other significant for our country events, but this does not mean that in the future we need to preserve the original model.

In early June of 2016, “Kommersant” reported that developed new leadership VEB headed by Sergey Gorkov (decree on his appointment as Chairman of VEB President Vladimir Putin signed on 26 February 2016) development strategy provides a solution to the problems with liquidity due to the sale of assets and attraction of customer funds. The sale of the property can bring the Bank up to 180 billion rubles, including due to shares and ADR “Gazprom” (132 billion rubles), stock MICEX (RUB 18 billion) and return on distressed assets (RUB 20 billion).

It is also expected that VEB will get rid of the “excess” subsidiaries. In particular, we are talking about the FUND, the SME Bank, development Fund of the Far East development Corporation and the North Caucasus. The Federal center for project Finance “VEB-Capital” Fund of development of monotowns, “VEB-Engineering” and RECs, including EXIAR and Eximbank of Russia, will be maintained.