OREANDA-NEWS. December 16, 2011. VTB Branch in Nizhny Novgorod issued to JSC Nizhny Novgorod Aircraft Building Plant Sokol a RUB 2.6 billion credit line to be repaid by 31 December 2015, reported the press-centre of VTB.

The company will use the funds to perform a defense order under a state contract with the Russian Defense Ministry. The deal is secured by the Russian state guarantee.

Citing Valery Lukyanenko, a member of VTB Management Board, “JSC Nizhny Novgorod Aircraft Building Plant Sokol is one of our most promising customers in the region, and our cooperation is sure to continue developing.”

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JSC Nizhny Novgorod Aircraft Building Plant Sokol is one of the oldest aircraft building companies of Russia with an 80-year experience in this sphere.

Presently, the company is a member of the Unified Aircraft Building Corporation and specializes in building the MiG Fighter family. Under the state defense order, the company is also engaged in maintaining and upgrading MiG-31 Fighters; and together with JSC Russian Aircraft Building Corporation MiG participates in the creation of MiG-29K/KUB and MiG-29M/M2.

The company also upgrades aircrafts in aviation units in order to improve design and enhance operational reliability, as well as guarantee and post-guarantee servicing of the aircrafts supplied earlier.

JSC VTB Bank and its subsidiary companies (VTB Group) is a leading Russian financial group offering a wide spectrum of banking services in Russia, the CIS, West Europe, Asia and Africa. The Russian Government represented by the Federal Property Management Agency is a major shareholder of JSC VTB Bank holding 75.5% of its share capital.