Vnesheconombank (VEB) and the Unified Aircraft Building Corporation (UABC) have signed a protocol of intentions, with the aim of developing the Russian aircraft-building industry and increase its exporting potential. It was signed by VEB’s chairman Vladimir Dmitriev and UABC president Alexey Fedorov.

Under the agreement, a number of investment projects will be carried out between now and 2015 aimed at modernising the existing and creating new innovative high-tech production facilities to manufacture aviation equipment and components.

VEB will be specifically required to raise funds to finance on a mid and long-term basis the creation of a UABC aircraft building cluster, including a modern engineering centre and pilot production facilities. The bank will also be assessing the funding of the required production, housing and communal infrastructure for this project.

The two parties will be working together to expand the leasing of aircraft manufactured by UABC companies, building on their previous experience of working with each other with IIyushin Finance.

This agreement was signed as president Vladimir Putin underlined his aims to ensure the Russian aircraft industry can compete with Europe and US, in a speech at the opening of the Moscow Air Show.

Unified Aircraft is a state-controlled business created by Putin, who pushed for the merger of Russia’s aerospace manufacturers and designers in order for the industry to compete internationally.
VEB has also signed an agreement to finance international sales of the SuperJet-100 – new mid-range passenger airliners from Sukhoi Civil Aircraft.