OREANDA-NEWS. November 20, 2009. Under the decision of the Governmental Committee to support strategic and defense enterprises, who are state defense contractors facing financial difficulties amidst the current economic situation, JSC VTB Bank has extended a RUB 3 billion loan to Uralvagonzavod for a 3-year period. The funds will be channeled to refinance the current VTB loans under the state guarantee worth RUB 2.1 billion, reported the press-centre of VTB Bank.

The government support will help decrease banking risks and provide the company with the way out of the recession.

“Support to the real sector of national economy is a major task for the Bank. Cooperation with the leading machine-building companies is a priority line of VTB business owing to the strategic importance of machine-building industry for social and economic growth of Russia,” – said Valeri Lukyanenko, Member of VTB Management Board.    

For reference:
Uralvagonzavod is a diversified machine-building complex, established in 1931. Federal Agency for State Property Management is a sole shareholder of the company. Nowadays, the company produces about 100 items of such products as military equipment, road-building machines, all-metal open wagons, specialized wagons, rail tank cars and other things.