OREANDA-NEWS. In the course of the International Aviation and Space Salon MAKS 2015 (the city of Zhukovsky), State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' and OJSC the United Rocket and Space Corporation (URSC) entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank First Deputy Chairman - Member of the Board Andrei Sapelin and on behalf of URSC - by acting Director General Yury Vlasov.

In accordance with Vnesheconombank's investment activity sectoral priorities specified in the Memorandum on the Bank's Financial Policy, the Agreement provides for establishing strategic partnership and enhancing long-term, efficient and mutually beneficial cooperation in implementing projects and programs in the rocket and space sector aimed at upgrading and enhancing the Russian rocket and space complex including creating new space technologies, developing and manufacturing rocket and space technology, technological re-equipment of production facilities, creating new production facilities, assisting in financial rehabilitation of rocket and space sector enterprises, boosting competitiveness of products to be manufactured, maintaining and upgrading the national satellite fleet, implementing the Federal Space Program and etc.

The Agreement's implementation would boost exports of Russian high technology products and services and contribute to import substitution and to enhancing cooperation ties between participants in the space activity.

URSC (the United Rocket and Space Corporation) is an open joint stock company with the state's 100% participation. It was registered in March of 2014. The Corporation is designed to reform enterprises of Russia's rocket and space industry as well as production methods. The Corporation's top-priority lines of activity include developing, manufacturing, testing, supplying, upgrading and marketing rocket and space technology. URSC is to become part of State Corporation ROSCOSMOS in the course of restructuring.