Vnesheconombank and United Shipbuilding Corporation ink agreement on strategic cooperation
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and United Shipbuilding Corporation (USC OJSC) have entered into an agreement on strategic cooperation. According to the Bank’s press center, the document was signed within the framework of the International Maritime Defence Show (IMDS-2013) being held in St. Petersburg.
The parties have agreed to interact in solving issues under the state defense procurement and federal programme activities aimed at the development of defence industry complex, modernization and technical upgrading of defence enterprises as well as in fulfillment of obligations of defence industry enterprises on supply of export-oriented military products within the framework of military-technical cooperation with foreign states.
To coordinate the cooperation the parties have agreed to set up a working group.
United Shipbuilding Corporation (USC OJSC) is the largest shipbuilding company in Russia. It was set up in 2007 with 100% federal ownership. The holding comprises 60 companies and organizations (major shipbuilding and shiprepairing companies as well as leading design bureaus). Currently, OSK consolidates about 80% of the domestic shipbuilding complex. The Russian market is the main focus of the state corporation though it also exports its products to 20 countries worldwide.
The Bank for Development and Foreign Economic Affairs (Vnesheconombank) is responsible for providing investment, foreign economic, insurance and consultative support for projects in Russia and abroad aimed at developing infrastructure, innovations, special economic zones, environment protection, providing support for exports of Russian products, works and services as well as supporting small and medium-sized enterprises. The legal status and activity of Vnesheconombank is governed by the Federal Law “On the Bank for Development” (№82 FZ, adopted on May 17, 2007. As of March 1, 2013, VEB have financed 151 projects with amount of financing making RUB 831.3 bln.
