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Ulan Ude aviation plant has funding

Delivery of Mi-171s to China can now proceed

Published: 7/11/2000

In order to fund its deliveries to China of ten Mi-171s, Moscow-based Nomos (Novaya Moskva)Bank has provided working capital of $6.5m to Ulan Ude Aviation. The advance joins the $12m of funding that the plant has received from the bank over the last eighteen months, linked to the plant's export contracts. The funding for Ulan Ude Aviation is reported to be part of Nomos-Bank's strategy of expanding its lending in the defence sector, to which the bank has lent $90m in the first six months of this year. Given the size of the bank's balance sheet ($325m in April 1999), this financial institution, founded primarily to fund the extraction and trade of precious metals, has become a significant player in funding the defence industries.

Article ID: 1926

 

 

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