The bill was unanimously approved by 411 deputies, with 226 being the required minimum.
The new bank is designed to provide medium- and long-term financing of investment projects in priority areas of Russia's economy, assist in drawing foreign investment, and provide financial support for export/import operations.
The new bank will be established by restructuring state-controlled foreign economic bank Vnesheconombank and will have a capital of at least 70 billion rubles (about $2.65 billion). The bank's capital will be formed with the assets of Vnesheconombank and the federal stakes in the Russian Bank for Development and Roseximbank.
The chairman of the Russian government will be chairman of the bank's supervisory council, whose members will be appointed by the Cabinet for a term of five years.
The bank's chairman will be appointed and dismissed by the president of Russia upon recommendations from the Russian government.
