VEB.RF is Russia’s national economic development institution. It is a state corporation established by Russian federal law exclusively for the public good. It is a non-commercial, non-profit organization with no shareholders. VEB.RF’s charter capital comprises funds and other property contributed by the Russian Federation; it also receives direct contributions from the Federal Budget. However, it is not a ministry or a state agency, but a special entity, tasked with facilitating a wide range of socio-economic development activities. In partnership with commercial banks, VEB.RF provides financing for large-scale projects to develop the country’s infrastructure, industrial production and social sphere, strengthen its technological potential and improve quality of life. In mid-2018 VEB.RF embarked on a new business model with focus on the following areas: infrastructure, high value-added industry, urban development. VEB.RF is acting as operator for projects of social impact (social impact bonds) in accordance with Resolution of the Russian Government No. 1491 of 21 November 2019. Resolution 1491 contains guidelines prepared by the Ministry of Finance in cooperation with VEB.RF and recommended for use by Russian constituent entities to organise SIB pilot testing in 2019–2024. The recommended guidelines provide a regulatory framework for the regional implementation of SIBs and contain a road map for preparing and carrying out SIB projects through the use of an innovative financing mechanism. This basically changes the scheme of performing and financing social services: budgetary financing is to be replaced by pay-for-success financing. Rather than payment for the process of delivering any results, public expenditures are performance-based investments and are contingent on the achievement of specified social outcomes.

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