Supporting Vnesheconombank’s innovation projects is provided for by the Law “On the Bank for Development”. The Law came into force seven years ago. Today, VEB participates in implementing 66 projects designed to develop innovations. They are being implemented in such industrial sectors as defense industrial complex, aircraft construction, medical equipment and pharmaceutics, rocket and space industry, electronics industry and engine construction. Nowadays, innovation projects account for 34.5% in the Bank’s total loan portfolio.
In 2013, a new line of activity came into being in VEB’s Innovation and High Technology Department – creating engineering centers. Development of engineering in Russia will make it possible to create new high technology jobs and increase a proportion of high technology products in GDP.
As of September 2015, Vnesheconombank’s corporate governance bodies made decisions on funding 47 innovation projects in the total amount of about 1300 billion rubles, with Vnesheconombank’s participation share being more than 605,2 billion rubles.