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Putin appointed Igor Shuvalov as Chairman of VEB.RF corporation for 5 years

Igor Shuvalov was first appointed to the post of head of VEB.RF by the presidential decree in May 2018

MOSCOW, July 24. /TASS/. Russian President Vladimir Putin signed a decree appointing Igor Shuvalov as chairman of VEB.RF for five years. The text of the decree was published at the official portal of legal information.

"To appoint Shuvalov Igor Ivanovich as Chairman of the VEB.RF state corporation for a period of five years. This decree comes into force from the date of its signing," according to the statement.

Shuvalov was first appointed to the post of head of VEB.RF by the presidential decree in May 2018, after leaving the post of First Deputy Prime Minister.

VEB.RF is a Russia’s national economic development institution. It is a state corporation established by Russian federal law exclusively for the public good. It is a non-commercial, non-profit organization with no shareholders. In partnership with commercial banks, VEB.RF provides financing for large-scale projects to develop the country’s infrastructure, industrial production and social sphere, strengthen its technological potential and improve quality of life. In mid-2018 VEB.RF embarked on a new business model with focus on the following areas: infrastructure, high value-added industry, urban development.

Chairman of the corporation is appointed and dismissed from office by the President of the Russian Federation. The term of office of the chairman, under the law on the state development corporation VEB.RF, cannot exceed five years.

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