Russian Helicopters and Novikombank signed agreements on financing Progress AAC and Rostvertol

Moscow / August 28, 2019

During the International Aviation and Space Salon MAKS-2019, Russian Helicopters holding company (part of RostecState Corporation) and Novikombank signed an agreement on financing Russian helicopter factories Progress ArsenyevAviation Company (Progress AAC) named after Nikolai Sazykin and Rostvertol.

Russian Helicopters and Novikombank signed agreements on financing Progress AAC and Rostvertol

The relevant agreements were signed by Chairperson of the Management Board of Novikombank Elena Georgieva andDirector General of Russian Helicopters Holding Company AndreyBoginsky.  

Funds to be received by Progress AAC in the Primorsky Territoryas part of the investment project will be allocated primarily for creating conditions for manufacture of the state-of-the-art civilian helicopter Ka-62. This rotorcraft debuted in the flight program of MAKS-2019. Overall, investments will total 10 billion rubles. The same amount will be invested in helicopter production inRostvertol in the Rostov Region. 

These agreements were concluded as part of strengthening strategic partnership with Russian Helicopters. The bank has actively cooperated with the holding company since 2011, providing services related to settlements, lending, investments and finance. Novikombank's credit limit for Russian Helicopters is 54.55 billion rubles.

"I am convinced that Novikombank's support will allow the holding company to implement a project related to manufacture of the civilian multipurpose helicopter Ka-62 which is really important for our industry and for the country," emphasized Director General of Russian Helicopters holding company Andrey Boginsky after signing the agreements.

"Novikombank is known to support the most relevant projects in aircraft engineering. We are proud to be selected as a reliable partner who is ready to offer the most effective tailored financial solutions. We hope that we will continue to successfully develop strategic partnership with Russian Helicopters holding company which is a world leader in the helicopter industry," said Chairperson of the Management Board of Novikombank ElenaGeorgieva.

Novikombank uses tools to support financing of the Ka-62 helicopter manufacture project, such as granting loans from theIndustrial Development Fund at preferential interest rates. For instance, the Industrial Development Fund offers preferentialterms and conditions of co-financing projects aimed at developing high-tech products, re-equipment and creation of competitive production facilities based on the best available technologies.

The new civilian multipurpose helicopter Ka-62 is created using the world's latest achievements in the aircraft industry. It meets Russian and international standards of airworthiness, international standards of reliability, safety of flights, comfort requirements, operation and repairability. Ka-62 can make flights in the widest range of climates and geographies. It can be operated on depot airfields, oil platforms, and on unprepared ground.

JSC “Russian Helicopters”, a part of Rostec State Corporation, is a leading player in the global helicopter industry, the sole Russian designer and manufacturer of helicopters. The Holding Company was established in 2007 and is headquartered in Moscow. We operate five helicopter assembly plants, two design bureaus, component production and maintenance enterprises, aircraft repair plants and one helicopter service company providing after-sales support in Russia and abroad. The customers of the Holding Company are the Ministry of Defense, the Ministry of Home Affairs, EMERCOM of Russia, and other state customers, Gazpromavia, UTair Aviation company, large Russian and foreign companies.

State Corporation Rostec is one of the largest industrial companies in Russia. It unites more than 800 scientific and industrial organizations in 60 regions of the country. Its key areas of activity are transport engineering, electronics, medical technology, chemistry and innovative materials. Rostec holdings form three clusters: electronics, weapons and aviation. The corporation’s portfolio includes such well-known brands as AvtoVAZ, KAMAZ, Kalashnikov, Russian Helicopters, Uralvagonzavod and others. Rostec is active in the implementation of all 12 national projects. The company is a key provider of Smart City technology, it is engaged in the digitalization of public administration, industry and social sectors, and it is developing plans for the development of 5G wireless technologies, an Industrial Internet of Things, big data and blockchain systems. Rostec partners with leading world manufacturers such as Boeing, Airbus, Daimler, Pirelli and Renault. The corporation’s products are delivered to more than 100 countries worldwide. Almost a third of the company's revenue comes from the export of high-tech products.