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Mon, 10 June 2019

Rostec Gives Financial Boost to Civil Aviation Projects

Novikombank, part of Russia’s State Corporation Rostec, has concluded a number of agreements to finance the holdings of the Rostec's aviation cluster - United Engine Corporation (UEC) and Russian Helicopters.

The total amount of Novikombank's loans to UEC enterprises will reach 35 billion rubles (about $540 million). The agreements provide comprehensive financial support for important projects such as the production of PD-14 and SaM146 aircraft engines, TV3-117 and VK-2500 helicopter engines, as well as gas turbine energy units and other equipment.

Ansat - Russian Helicopters. Picture by Steven Howard of TravelNewsAsia.com Click to enlarge.

The strategic partnership agreement between Novikombank and Russian Helicopters covers the delivery, repair and service support of helicopters such as Ka-62, Ka-32, Ka-226, Ansat, Mi-171А2, Mi-171, Mi-38 and other products of the civilian sector. The parties also signed a loan agreement that covers financing to the holding for 5 billion rubles (over $75 million).

“The development of civil aviation, helicopter engineering, engine building is one of the key priorities of Rostec. Products such as the PD-14 and VK-2500 engines, Ka-226 and Ansat helicopters, are not only strategically important for our country, but have high potential and interest in foreign markets. This is confirmed by numerous concluded agreements with China, countries of Southeast Asia, the Middle East and others,” said the Industrial Director of Rostec’s Aviation Cluster, Anatoly Serdyukov. “Naturally, successful implementation of our projects requires loans and investments. Today's agreements will contribute to the continuous development of our aviation enterprises.”

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