VTB Bank has opened a RUB 2.3 billion five-year credit line for Sokol Nizhny Novgorod Aircraft Engineering Plant. The funds will be used to repair and upgrade MiG-31 interceptor aircraft under a 2014 state defence order that the plant is fulfilling.
"Long-term and fruitful cooperation between VTB and the Sokol plant facilitates business growth and increases the country’s defence potential," said VTB board member Valery Lukyanenko.
Sokol Nizhny Novgorod Aircraft Engineering Plant is one of the oldest aircraft manufacturers in Russia with over 80 years of experience in military aircraft engineering. The plant is part of United Aircraft Corporation (UAC).