Central regions | Finance, business

Russia finalizes plan to reform development institutions

14 Jan '21
The Russian Government has approved the final “roadmaps” for reforming Russia’s “development institutions” – government agencies and state-owned companies that implement or fund development programs in various sectors.

USRBC quoted a source at Kommersant as assuring that by July 31, 2021 twelve entities including the Innovation Promotion Fund, the Russian Export Center, Rusnano, the Skolkovo Foundation and the Agency for Technological Development are to be merged with VEB.RF (aka VEB Bank).

The Russian Venture Company (RVC, Russia’s fund of funds for innovation) will be merged with the Russian Direct Investment Fund and the Russian Science Foundation with the Russian Foundation for Basic Research.

Six other entities will be abolished, including the Special Economic Zones JSC and two entities that support the development of the Russian Far East.

Announced in November 2020, the reform would put VEB.RF in charge of most state-funded innovation and technological development programs by the end of 2021 and reduce the number of remaining independent “development institutions” from 40 to 10 or 15.

The reform does not involve Rosatom (the umbrella company for nuclear energy technology development), Rostec (the umbrella for industrial tech development at large), and space agency Roscosmos.

Prime Minister Mishustin has said that the reorganization would ensure that “development institutions…fully contribute to achieving [Russia’s] national development goals” and eliminate duplication between these institutions and federal agencies.
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