Vnesheconombank and Helicopters of Russia Agree to Cooperate in Implementing the MI-38 Development and Production Project
In the course of the MAK-2011 Aerospace Salon (MAKS-2011) in the city of Zhukovsky, State Corporation ‘Bank for Development And Foreign Economic Affairs (Vnesheconombank)’ and open joint stock company Helicopters of Russia entered into a Memorandum on Cooperation on implementing the MI-38 Multi-Purpose Helicopter Development and Production Investment Project.
On behalf of Vnesheconombank the Memorandum was signed by Board Member, Vnesheconombank Deputy Chairman Anatoly Ballo and on behalf of OJSC Helicopters of Russia – by its Director General Dmitry Petrov.
The Memorandum aims to establish partner relations and promote long-term and effective cooperation and explore the possibility of the Bank’s participation in funding research and development work on developing and producing the Mi-38 Helicopter, its certification and preparation for batch production.
Under the Memorandum Vnesheconombank plans to conduct expert examination of certain transactions expected to be conducted under the project and in case of positive expert examination results are to consider the possibility for the Bank’s participation in funding the project.
The Bank’s total participation share in funding the project might amount to 3.2 billion rubles for a period of up to 8 years.
The Memorandum’s implementation would make it possible to encourage the development and production of Russian helicopters capable of competing on global markets.
The MI-38 medium transport/passenger helicopter is designed to carry passengers (including VIP passenger carriage) as well as cargoes inside the cabin and using external load sling system, conduct search-and rescue operations, provide air support for offshore development operations. It can be also equipped as a flying hospital. The MI-38 helicopter has a capacious cargo-passenger cabin and is powered by high-efficiency engines. Its specific maintenance man-hours can reduced due to built-in automated performance monitoring of avionics and engines. The MI-38 is a new generation helicopter that meets the highest safety and comfort standards among helicopters of its class.
State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” was established in 2007 in conformity with Federal Law On Bank for Development” through a transformation of Bank for Foreign Economic Affairs of the USSR.
Bank for Development is one of the key instruments for implementing the state economic policy aimed at removing infrastructure restrictions that impede economic growth, enhancing efficient utilization of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs) and ensuring support for exports of industrial goods and services.
The Helicopters of Russia Holding Company is the sole developer and manufacturer of helicopters in Russia and one of the few companies worldwide with the capability to develop, manufacture, test and service modern civilian and military helicopters. The Helicopters of Russia Holding Company was established in 2007 but its key enterprises have a history of more than 60 years. As of 2011, the Helicopters of Russia Holding Company accounted for about 85% of the Russian helicopter market and for 17% of all global sales (with Russia excluded). The Holding’s enterprises manufactured about 27% of the world’s attack helicopters, 26% of the world’s super heavy helicopters and 36% of the world’s mid/heavy helicopters.
Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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