VEB not planning to revise adopted strategy, it will be in demand in current conditions - Shuvalov

ST. PETERSBURG. June 17 (Interfax) - VEB is not planning to revise its adopted strategy, as it should be in demand in the current conditions, the head of the state corporation Igor Shuvalov told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2022).

"We are optimistic about the development of the situation, we think that now as it [the strategy] was adopted, it will be in high demand. The only thing we need to seriously discuss with the Central Bank and the government is still the risk weights. At a time like this, which we are now experiencing, it is probably necessary to support the largest investment projects, to treat the risks of entrepreneurs in a different way, a little more from the government - in order for the government to assume the risk, but for this entrepreneurs should assume a different kind of responsibility," Shuvalov said.

But on the whole, all our plans remain in place and the strategy will be in demand, if not even more ambitious in these conditions," the VEB chief said.

Responding to the question of whether VEB needs additional capitalization, Shuvalov, said: "As long as we are on schedule with the government, capital is provided for our required portfolio."

VEB's new group strategy was approved last year. It is envisaged that under the strategy, the VEB group will invest about 6 trillion rubles in the Russian economy by the end of 2024, totaling about 17 trillion rubles together with its partners.

"We realize that it's not just money given out on specific loans, these are significant social effects. The new version of the law on VEB, on the corporation for development, for the first time defines our main goal as social entrepreneurship. That is, in carrying out its business activities, we should be primarily concerned not about income or profit, but about the effects that our projects bring to society," Shuvalov said at the time.