Russian defense companies to get $1.6 bln in bank loans
26/02/2009 16:52 MOSCOW, February 26 (RIA Novosti) - Russian banks will grant 56 billion rubles ($1.6 billion) in loans to defense industry firms, Russia's finance minister said on Thursday.
"The proposal to issue loans worth 56 billion rubles ($1.6 billion) has been made in cooperation with banks," said Alexei Kudrin.
"A decision has been made to capitalize four companies to the tune of 30 billion rubles ($839.4 million)," he said.
The list of companies to receive loans includes the Russian Aircraft Building Corporation MiG, the Khrunichev Design Bureau (8 billion rubles ($223.8 million)), and the Gorbunov Kazan Aircraft Production Association (4.13 billion rubles ($115.5 million)).
Six companies will be issued with state guarantees to enable them to obtain the loans.
Kudrin said Russia's largest banks Sberbank, VTB, Vnesheconombank, Gazprombank and some others would be responsible for issuing the loans.
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