Vnesheconombank (VEB) will support the project of Russian Helicopters Holding (forming part of Rostec State Corporation) on designing a light multipurpose helicopter.
A relevant agreement was signed on the sidelines of the St. Petersburg International Economic Forum by Dmitry Kurdyukov, Vnesheconombank’s First Deputy Chairman, and Vyacheslav Kozlov, Deputy CEO of the Holding.
“VEB is ready to develop individual financial solutions, technologies and terms of service for the Holding and its organizations by tender considering the nature of implementation of certain projects,” the report says.
Apart from participation in the design of the light multipurpose helicopter, VEB will finance other areas of the Holding’s business.
Rostec Corporation is a Russian corporation that was established in 2007 to facilitate the development, production and export of high-tech industrial products designed for civilian and military applications. The Corporation comprises over 700 organizations that are currently part of eleven holding companies operating in the military-industrial complex and three holding companies working in the civilian industry, as well as over 80 directly managed organizations. Rostec’s portfolio includes well-known brands such as AVTOVAZ, KAMAZ, Kalashnikov Concern, Russian Helicopters, VSMPO AVISMA, UralVagonZavod, etc. Rostec companies are located in 60 constituent entities of the Russian Federation and supply products to more than 70 countries. In 2016, the consolidated revenue of Rostec reached 1 trillion 266 billion rubles, while the consolidated net income and EBITDA amounted to 88 and 268 billion rubles respectively. In 2016, the average salary in the Corporation was 44,000 rubles. According to Rostec’s strategy, the main objective of the Corporation is to ensure that Russia has a technological advantage in highly competitive global markets. Rostec’s key objectives include the introduction of a new techno-economic paradigm and the digitalization of the Russian economy.