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05:02 PM, June 7, 2019
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Nivokombank to provide $615 Million Finance to UEC, Russian Helicopters
United Engine Corporation: Image for Reference

Russian Novikombank will finance two key United Engine Corporation (UEC) projects; the PD-14 and VK-2500 aircraft engines and a number of civilian rotorcraft of Russian Helicopters such as the Ansat and Ka-226.

Agreements to this effect were entered into at the St. Petersburg International Economic Forum (SPIEF-2019) today, an official release said.

The agreements will provide funding for production of civilian products by the UEC and Russian Helicopters. Novikombank's total amount of 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.

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).

“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”, pointed out the Industrial Director of Rostec’s Aviation Cluster, Anatoly Serdyukov.

Rostec continues to implement the extensive development of its aviation cluster in accordance with the approved Strategy, the main objectives of which are the development of civilian products, improvement of operational efficiency and gaining access to global markets until 2025.

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