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Russia's VEB infrastructure projects hit $26 bln in 2008
Infrastructure projects launched by Vnesheconombank (VEB) in 2008 were worth 750 billion rubles ($26 billion), the national development bank's CEO said on Monday.
"We started the implementation of some projects, primarily in the sphere of infrastructure, in 2008. Overall, we are implementing projects worth 750 billion rubles," Vladimir Dmitriyev said in an interview with Vesti 24 TV news channel.
Experts believe that large-scale infrastructure projects are likely to stimulate domestic demand and help Russia overcome the adverse effects of the ongoing global financial crisis.
VEB will also increase support for small and medium business by 230% in 2009, from 9 billion rubles ($310 million) to 30 billion rubles ($1 billion), Dmitriyev said, adding that a boost to funds would be provided through the enlargement of the bank's charter capital.
Dmitriyev said that priority in small and medium business financing would be given to innovation projects.