Sberbank opens line of credit worth $31.5 mln for JSC "Aerospace Equipment Corporation"
July 11, 2014, Moscow – Sberbank of Russia, represented by Severo-Zapadny Regional Bank, opened a revolving line of credit with a limit of $31.5 mln for a period of two years for JSC "Aerospace Equipment Corporation (AEC).
The funds will be used to finance the development of modern aircraft instruments, avionics and flight simulators and to fulfil obligations under export contracts.
AEC, one of the largest aircraft instrument companies in Russia, is owned by Concern Radio-Electronic Technologies (KRET), a subsidiary of the state corporation Rostec. The company’s main products are aircraft instruments, avionics and flight simulators.
“By providing financing for a major Russian developer and manufacturer of equipment and systems in a variety of high-tech industries, Sberbank continues to help develop modern industry in Russia,” commented Senior Vice-President of Sberbank Svetlana Sagaidak.
“The bank’s quick decision making, competitive banking services and professional management, in our opinion, ensure a future of mutually beneficial cooperation between our organizations,” said JSC AEC Deputy General Director for Economics and Finance Boris Mitenkov.
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