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Vnesheconombank will need future capital boost, Russian PM says

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Vnesheconombank will need future capital boost, Russian PM says

Russian Prime Minister Dmitry Medvedev said state development bank Vnesheconombank will require a capital injection, Reuters reported.

The lender is set to become the main vehicle to implement President Vladimir Putin's economic goals, which will require Russia to spend at least 8 trillion Russian rubles over the next six years, according to the May 29 report.

Former Russian Deputy Prime Minister Igor Shuvalov, who was recently appointed chairman of the bank, said the size of the capital injection will be determined by Russia's finance ministry, Reuters added.

Vnesheconombank is set to receive 100 billion rubles per year in state support under Russia's state budget for 2018-2020, the news agency noted.

As of May 29, US$1 was equivalent to 62.57 Russian rubles.