Russia is beginning what sounds like a comprehensive reform of its “development institutions” – government agencies and state companies that implement or fund development programs in various sectors.

Prime Minister Mishustin was quoted earlier this week by the U.S.-Russia Business Council as saying that the reform will put VEB Bank in charge of several companies and agencies including Rosnano, the Skolkovo Foundation, the Russian Export Center, the Industry Development Fund, and the Corporation for Small and Medium-Sized Enterprises. The Russian Venture Company will become part of the Russian Direct Investment Fund.

The reform will likely preserve the functions and the management of Rosatom (in charge of nuclear energy development), Rostec (the umbrella for domestic technology developers), and space agency Roskosmos. Many small organizations will be merged with larger ones, thereby reducing the number of “development institutions” from 40 to 10 or 15.

Details of the upcoming reorganization are expected to be released by the end of this week.