Sberbank to finance investment program to manufacture engines for the new Russian aircraft

UFA, 24 September 2014. /Bashinform News Agency/. The Sberbank of Russia will finance equipment purchasing to produce engines for the newest Russian aircraft of civil aviation "Long-Range Aircraft of the XXI century" (MS-21). For this goal it will open a non-revolving credit line in the amount of 1.5 billion rubles to JSC "UMPO".

UMPO will acquire equipment for the manufacture of parts and assemblies of the fifth-generation engine PD-14 designed for MS-21. Commissioning of the first aircrafts is scheduled for 2017. MS-21 is to replace the "TU" airliner family.

"Ural Bank of Sberbank has been cooperating with JSC "Ufa Engine Industrial Association" since 1995. We render services on contract and investment lending, payroll payment, cash management services, foreign exchange control. The total loan portfolio of UMPO in our bank is 14.5 billion rubles, and we are ready to provide further assistance to the company in implementation of its innovative projects", the Chairman of the Ural Bank of Sberbank Vladimir Cherkashin said.

JSC "Ufa Engine Industrial Association" is the Russian largest manufacturer of aircraft engines. It is engaged in development, manufacturing, service and repair of turbojet engines and pumping units, production and repair of helicopters. It is included in the United Engine Corporation — a wholly owned subsidiary of JSC OPK "Oboronprom" on engine assets management.