• 2020 November 23 18:00

    RF Government is set to reorganize the structure of development institutions

    There will be four directions of the optimization

    Prime Minister Mikhail Mishustin announced optimization of development institutions when speaking at the meeting with Deputy Prime Ministers today, 23 November 2020, says press center of RF Government.

    “We have analyzed the activities of the key development institutions. As of today, there are 40 of them ... However, new challenges have emerged in the recent years that require substantial adjustment of their work and future plans. Our analysis showed that the activities of those institutions are poorly connected with new national development targets. There are no single management mechanisms and there is a considerable overlapping of functions with federal executive bodies and commercial organizations”, said the Prime Minister.

    Therefore, it was decided to conduct optimization and there will be four directions of it, said Mikhail Mishustin.

    This reorganization will obviously affect implementation of projects in the water transport sector, shipbuilding and the related infrastructure.

    “There is an idea to consolidate some development institutions through integration of the ones with the same functions. Two leasing companies, STLC and VEB-Leasing, will be consolidated into a Unified Leasing Company,” said Mikhail Mishustin.

    As major shipbuilding and shipping industries’ stakeholders told IAA PortNews, there are three financial institutions which are the most active investors in construction of new ships – STLC, Mashpromleasing (a captive company of USC) and VEB-Leasing. According to them, with USC and VEB-Leasing being under sanctions, the new financial structure will run the risk of falling under the sanctions as well.

    Besides, the functions will be redistributed with the liquidation of eight development institutions including three ones engaged in the Far East development:  the Development Foundation for the Far East and the Arctic, the Human Capital Development Agency in the Far East and the Arctic, and the Far East Investment and Export Agency. Their functions will be redistributed among VEB.RF and federal executive authorities.

    The reform will strengthen the status of Rosatom and the Far East Development Corporation since they are on the list of strategically important organizations.


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