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 the United Engine Corporation (UEC is incorporated in State Corporation Rostec) signed a credit agreement on extending funding for implementing UEC projects planned in the Federal Target Program "Development of the Russian Defense-Industrial Complex for 2011-2020".

On behalf of Vnesheconombank the agreement was signed by Vnesheconombank First Deputy Chairman- Member of the Board Andrei Sapelin and on behalf of UEC - by Director General Alexandr Artyukhov.

Credit facilities worth 842 million rubles are intended for implementing two projects: reconstruction and technical retooling of OJSC Kuznetsov's testing stand (the city of Samara) where engines for the upgraded Tu-160 bomber are to be tested and the Ufa Engine Industrial Association's (the UMPO) production base (the city of Ufa) for manufacturing components and accessories of VK-2500 helicopter engines. VEB is to provide the enterprises with 397.7 million rubles and 443.3 million rubles respectively.

United Engine Corporation (UEC is a part of State corporation Rostec) is an integrated structure specializing in development, batch production and aftersales services of engines for military and civil aviation, space programs, navy as well as oil and gas sector and power engineering. One of UEC's top-priority lines of activity is to implement comprehensive development programs of enterprises operating in the sector with introducing new technologies in line with international standards. The holding's proceeds in 2014 amounted to 199.9 billion rubles.

State Corporation Rostec is a Russian corporation established in 2007 to promote the development, production and export of high-tech products for civil and military purposes. It comprises 700 organizations, of which there are currently 9 holding companies in the military-industrial complex, 5 in the civilian sectors, and 22 direct management organizations. Rostec's portfolio includes famous brands such as AvtoVAZ, KAMAZ, Russian Helicopters, AVISMA, etc. Rostec's organizations are located in 60 constituents of the Russian Federation and supply goods to over 70 countries worldwide. In 2013, Rostec's proceeds amounted to 1.04 trillion rubles. Tax revenues in the budgets of all levels exceeded 138 billion rubles.