VTB Bank granted a loan to Federal State Unitary Enterprise Gas-Turbine Engineering Research and Production Center Salut totaling RUB 2 billion. The company will channel the loan funds to finance its operating activities, including performance under export contracts.
Valery Lukyanenko, Member of VTB Bank Management Board, said: “The cooperation of VTB Bank and Gas-Turbine Engineering Research and Production Center Salut is consistent and long-term; it contributes to enhancing competitive position of domestic aircraft engine building and the country’s economy as a whole”.
Vladislav Masalov, the company’s CEO, also noted that “it is not the first loan provided by VTB to enable our company to realize its production plans”.
Federal State Unitary Enterprise Gas-Turbine Engineering Research and Production Center Salut is one of the largest enterprises of Russian defense industry. Its core business is manufacturing and repair of aircraft engines for the SU-27 family and Yak-130 combat trainer aircraft, as well as gas turbine engines of various modifications.