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VTB supports Glonass development programme

 
8 October 2012

VTB supports Glonass development programme @RIAN

VTB Bank has issued a 4.1 billion rouble (USD131.9 mln) surety bond on a state contract to the Information Satellite Systems-Reshetnev Company (ISS-Reshetnev).

ISS-Reshetnev designs and builds advanced navigation spacecraft for the federal targeted programme to develop the space-based component of the Glonass global navigation system in 2012-2020.

A bank guarantee is a mandatory condition for all government contracts to perform any works or supply goods or services, according to Federal Law No. 94-FZ dated July 21, 2005.

 
 
 
 
Valery Lukyanenko, member of VTB Bank Management Board
«For the past seven years VTB Bank has been involved in government aerospace development programmes and has actively cooperated with ISS-Reshetnev.»
Valery Lukyanenko,
Member of VTB Bank Management Board

“For the past seven years VTB Bank has been involved in government aerospace development programmes and has actively cooperated with ISS-Reshetnev, a leading Russian aerospace company,” said Valery Lukyanenko, member of VTB Bank Management Board.

For reference:

Information Satellite Systems-Reshetnev Company is one of the leaders in Russia’s aerospace industry. It owns the latest technology to perform a complete satellite manufacturing cycle, including from design to in–orbit control and support. It has been collaborating with VTB since 2005.

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