OREANDA-NEWS. In the course of the St. Petersburg International Economic Forum- 2016, Vnesheconombank Chairman Sergei Gorkov participated in a business lunch given by Sberbank of Russia and spoke at a session organized by Vnesheconombank “New Economy of Growth: A Role of Development Institutions. Fulfilling Ambitions”, participated in a plenary sitting “On the Threshold of a New Economic Reality”.

Speaking at the session S.Gorkov stated that development banks and not only in Russia de-factor proved to be unprepared for market changes. “Fluctuation of markets occurs much more often than a life of credits granted by development banks. A tenure of a credit granted by a development bank is 10 years and even more. But in the last 10 years Russia has seen two crises which changed the economic situation significantly. In the first place, emerging economies are in need of development banks”, VEB’s Chairman said.

As part of the Forum there was a ceremony to present the winners of the Development Award Competition instituted by VEB. The Award to the initiators of investment projects was presented by Chief of Staff of the Presidential Administration of the Russian Federation Sergei Ivanov and Vnesheconombank Chairman Sergei Gorkov.