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Vnesheconombank (Vnesheconombank (VEB) (Russian: Внешэкономбанк (ВЭБ)) is a Russian, and former Soviet, bank and translated to English as the Bank of Foreign Economic Activity. It is commonly called the Russian Development Bank, although it refers to itself as "the state corporation "Bank for Development and Foreign Economic Affairs". The institution is used by the Russian government to support and develop the Russian economy, to manage Russian state debts and pension funds. It is a part in the governments plan to diversify the Russian economy, and to do so receives funds directly from the state budget. WAD PersonaGrata) |
