OREANDA-NEWS Russian President Vladimir Putin appointed Igor Shuvalov chairman of VEB for another five years, the corresponding decree is posted on the portal of the official publication of legal acts.

"Appoint Igor Ivanovich Shuvalov as Chairman of the State Development Corporation VEB.The Russian Federation"for a period of five years," the document says.

Shuvalov's powers were extended ahead of schedule, the previous term of appointment was until 2026. Shuvalov has been the head of VEB since 2018. Since 2018, the volume of annual loans and guarantees issued by VEB for the implementation of investment projects has increased from 100 to 300 billion rubles and above. To date, the volume of assets and the guarantee portfolio of the state corporation is 7 trillion rubles, which corresponds to 2.5% of Russia's GDP.

The Project Finance Factory, which started in 2018, is one of the most popular long-term lending tools for large projects. Earlier, Putin instructed to increase the volume of the program to 600 billion rubles.

In 2020, by order of the government, 12 development institutes were transferred to the VEB coordination perimeter, forming a single VEB.RF Group. As part of the group's strategy, it is planned to attract at least 30 trillion rubles to the economy by 2030 and increase the volume of assets to 5% of the country's GDP. The main focus of the group is the development of infrastructure, industry, strengthening technological potential and improving the quality of life of people.

According to the memorandum on financial policy, VEB participates in the implementation of national projects aimed at implementing the May presidential decree.