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VTB supports government programme to promote GLONASS

 
5 May 2015

VTB supports government programme to promote GLONASS.

VTB Bank has issued a performance bond for RUB 695 million for the Main Special Construction Directorate for Siberia of the Federal Agency for Special Construction. The guarantee, which runs until 25 March 2021, was granted as part of the federal target programme to support the development of the GLONASS system through 2020.

The contracted work has been commissioned by M.F. Reshetnev Information Satellite Systems to carry out a set of tasks related to the second stage of reconstruction and technical retooling of the enterprise’s manufacturing facilities between 2015 and 2020.

“We attach great importance to facilitating the implementation of federal target programmes, including those related to the Federal Space Agency. This performance bond will help the Federal Agency for Special Construction fulfil a major contract while enabling VTB’s long-standing partner, Information Satellite Systems, to upgrade and improve its production facilities,” VTB Bank Management Board member Valery Lukyanenko said.

For reference:

Main Special Construction Directorate № 9 for Siberia of the Federal Agency for Special Construction is controlled by the Federal Agency for Special Construction and is in charge of building conversion and defence facilities at the request of the Ministry of Defence, the Federal Space Agency, the Federal Agency for Atomic Energy and the Ministry of Emergencies in the Krasnoyarsk Territory, the Republic of Khakassia, the Republic of Buryatia, and the Novosibirsk and Omsk regions.

The company has been working with VTB since 2006.


Tags:
bonds

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