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Prime Minister Mikhail Fradkov informed Mr Putin during a working meeting that the new bank would be registered within the coming two weeks. Mr Fradkov will present to the President the candidacies of members of the bank’s Supervisory Board.

The Development Bank will be formed through the merger of Vnesheconombank, Roseximbank and the Russian Development Bank. The new bank will work on the implementation of projects to develop infrastructure, innovation, and special economic zones, support the export of Russian goods, work and services, and support small and medium business. It is planned that the new bank will take over the management of the Russian Investment Fund, currently being managed by the Economic Development and Trade Ministry. The Development Bank will also be able to operate on the securities market.