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Vnesheconombank and United Aircraft Building Corporation Sign Protocol of Intentions

21 august 2007 года
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Today, on August 21, in the course of the International Airspace Salon (MAKS-2007) in the city of Zhukovsky, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and the United Aircraft Building Corporation (UABC) signed a Protocol of Intentions.

The Protocol was signed by Vnesheconombank Chairman Vladimir Dmitriev and UABC President Alexey Fedorov.

The Protocol was signed in order to develop the Russian aircraft-building industry and create on its basis a competitive sector of the national economy with considerable export potential.

The Protocol provides for the two organizations to cooperate along several lines of business. Under the Protocol Vnesheconombank and the UABC intend to carry out a number of investments projects in 2007-2015 aimed at modernizing the existing and creating new innovative high-tech production facilities to manufacture aviation equipment and components.

Specifically, the Protocol provides for Vnesheconombank to raise funds, to finance on a mid- and long-term basis, the creation of an UABC aircraft building cluster: a modern engineering center and test and pilot production facilities. The Bank is also ready to explore the possibility for funding the creation of required production, housing and communal infrastructure for this project.

The two sides agreed to make joint efforts to expand the leasing of aircraft manufactured by UABC companies. Taking into the account the fact that the UABC and Vnesheconombank are already business partners in participating in the Ilyushin Finance Co. capital, the two sides intend to work out a joint aircraft leasing business development strategy.

The Protocol also allows for Vnesheconombank to participate in the UABC authorized capital if the parties’ executive bodies approve such an action. Under the Protocol the Development Bank is interested in acting as an investment consultant during the UABC’s initial public offering, as well as in assisting actions aimed at the UABC’s additional offering of shares in 2008.

The document stresses that cooperation between the  two sides is not  limited by the Protocol signed and that they are determined to further expand their strategic cooperation.

 

The United Aircraft Building Corporation was established in accordance with presidential decree №140 dated February 20, 2006. In its business the UABC and the companies it incorporates give high priority to developing, manufacturing, selling, supervising, operating, providing service and guarantee maintenance, modernizing, repairing and utilizing civil aviation equipment. As of the date of its foundation the Corporation’s authorized capital was 96.72 billion rubles. The Russian Federation is its main shareholder, with a 90.1% stake.

The State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” is one of the key instruments of the government investment policy. The Bank’s activity is aimed at removing infrastructure growth restrictions, upgrading and developing non-raw materials economy, high-tech industries, encouraging innovations, exports of high-technology products, carrying out projects in the special economic zones, as well as ecological projects, supporting small and medium-sized business.

 

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
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