MOSCOW, March 15 (RIA Novosti) - A state corporation, the Russian Bank of Development, may be formed by the end of the year with an over $3 billion capital, the president of a Russian state-owned foreign trade bank said Wednesday.
Vladimir Dmitriyev of Vneshekonombank (VEB) said the issue was currently at the preparation stage.
"With the necessary political will, the process of forming a single institution for development will be completed by the end of the year," Dmitriyev said.
He added that if the corporation were to be formed on the basis of VEB, the bank's internal funds of $800 million, and state assets of $2.5 billion would be transformed to the authorized capital of the corporation.
The Ministry of Economic Development has already submitted its proposals on forming the state corporation to the government.
