IDF approves low-interest loan of RUB 362.7 million for Atomenergomash to ensure domestic production of propellers
Rosatom says the Industrial Development Fund (IDF) considers three projects of JSC Atomenergomash, ROSATOM’s mechanical engineering division. The projects for which low-interest loan is foreseen include the establishment of a new production facility for manufacture of ship propulsion components, introduction of advanced technologies and modernization of the metallurgical production facility to boost production of hi-tech products and upgrade the pilot-line production of NPO CNIITMASH JSC engaged in production of auxiliary equipment.
“The division closely interacts with the Industrial Development Fund (IDF) in order to get a low-interest loan for financing of its investment projects. IDF considers three projects with the total financing of RUB 2.8 billion,” reads the statement.
According to Alina Pilyayeva, Director of the Investment Department, Atomenergomash JSC, the first project has been approved under the financial support programme “Components”. The project is aimed at substitution of propellers of foreign origin and guaranteed coverage of the Russian market demand. The project is estimated at RUB 538.1 million. IDF has approved a low-interest loan of RUB 362.7 million.
AEM-Propulsion, a company of JSC Atomenergomash, was established a production asset for the manufacture of the propulsion components. At the first phase it is to produce fixed-pitch propeller of over 2.5 m in diameter, up to 10 propellers per year. The production is to be organized at the premises of Kirovsky Zavod in Saint-Petersburg.
Industrial Development Fund (IDF) was established in 2014 by the initiative of the Ministry of Industry and Trade.
