OREANDA-NEWS. Vnesheconombank and Novikombank have agreed to jointly promote and finance investment projects falling within the defence industry diversification programme. A respective agreement has been signed today in the context of the International Aviation and Space Salon MAKS-2017 by Dmitry Kurdyukov, First Deputy Chairman – Member of the Management Board of Vnesheconombank, and Elena Georgieva, Chairman of the Management Board of Novikombank.

In particular, the agreement provides for syndicated lending for defence industry diversification projects delivered by Rostec Corporation, and for cooperation on innovation finance, import substitution projects, and joint promotion of Russian high-technology exports.

Novikombank and Vnesheconombank have been successfully cooperating and delivering joint projects since 2006. This agreement will mark a new milestone in facilitating broader cooperation between the financial institutions, and secure funding for real sector companies to develop promising projects," commented Elena Georgieva.

"We intend to engage all financial market participants in investment activities designed to diversify the defence industry. The agreement will enhance the positive impact of VEB and Rostec Corporation’s establishing NPO Konversia with a view to promoting high-technology civil and dual-use goods of defence industry enterprises," said Dmitry Kurdyukov.