"Our objective is to settle all issues related to the foreign debt Russia inherited from the former USSR before 2006," said Mr Dmitriyev.
The commercial debt has almost been adjusted and a regular tranche is to be exchanged next year, according to Mr Dmitriyev. The tranche to be exchanged is about $500 million, according to him.
Mr Dmitriyev said the World Bank had offered Vneshekonombank assistance in working out a new concept of its activities.
The concept is to be submitted to the Russian government for consideration by late 2004 or early 2005.
"We believe the opinion of the WB that is an influential international institute can be very helpful," said Mr Dmitriyev.
"All the ministries and agencies involved agree that Vneshekonombank must remain a major state-run financial entity to perform agent functions and manage the national debt and pension fund money," said Mr Dmitriyev. He emphasised, though, that the bank must retain the functions of a financial institute and continue servicing centralised foreign economic transactions.
The new concept of Vneshekonombank's activities is designed to bring its activities in compliance with Russia's current banking legislation. A major Russian bank with 80 years of its history, Vneshekonombank has no banking licence and is considered to be a specialised organisation.
Mr Dmitriyev met US Exim Bank executives to discuss cooperation in countries like Iraq.
Mr Dmitriyev told reporters they had discussed the joint financing of transport and energy projects in Iraq. American and Russian partners agreed they could start cooperation when the situation in the country improved, according to Mr Dmitriyev.
"Iraq will be attractive for cooperation when security is ensured there," said MrDmitriyev.
Exim Bank is the official, independent export credit agency of the US government, which mediates in financing the exports of US services and goods to international markets. The bank's share capital is $1 billion that are owned by the US government.
