OREANDA-NEWS. In the course of the International Naval Salon in the city of Saint Petersburg, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and OJSC the United Shipbuilding Corporation entered into an agreement on strategic cooperation.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of OJSC USC – by President Vladimir Shmakov.

The parties agreed to cooperate in addressing top-priority objectives of implementing government defense procurement contracts as well as measures of federal programs aimed at boosting the defense industrial complex (DIC), modernizing and retooling defense enterprises and helping DIC enterprises to fulfill their obligations on supplying defense products as part of military-technical cooperation with foreign states.

Under the agreement Vnesheconombank and OJSC USC also agreed to cooperate in the following lines of activity:
* to provide investments required for implementing technological modernization and developing a full life cycle of producing advanced models of military and special equipment as well as competitive military products;
* to assist in enhancing public private partnership in the defense industry as part of DIC economic and technological modernization;
* to provide support for the import of the most advanced production equipment required for manufacturing competitive military products;
* to ensure the re-equipment of the Armed Forces with new models and types of armaments, military and special equipment.

In its turn Vnesheconombank is ready to explore the possibility of funding projects and investment programs of OJSC USC as well as assist in raising non-budgetary sources for funding investment projects aimed at developing DIC. VEB is also ready to fund projects in order to implement government procurement contracts and federal programs in defense and security sectors and extend guarantees and warranties as a security of defense enterprises’ obligations as well as participate in financial rehabilitation of OJSC USC enterprises.

In order to coordinate their interaction the parties agreed to establish a working group.

Under the Memorandum on its Financial Policies Vnesheconombank is responsible for funding organizations participating in implementing government defense procurement contracts and measures of federal target programs in defense and security sectors. The Bank is also responsible for extending guarantees and warranties as a security of the said organizations’ obligations.