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Industrial Development Fund to provide loan to Vyborg Shipyard
Industrial Development Fund and Vyborg Shipyard signed a loan agreement for 700 million rubles under the guarantee of USC.
The official signing ceremony was attended by VSY CEO Alexander Solovyev, President of United Shipbuilding Corporation Alexey Rakhmanov, Director of Industrial Development Fund Roman Petrutsa.
Raising the loan funds VSY will purchase modern equipment enabling to upgrade the yard facilities and 1.3 times increase the volume of serial production of fish trawlers and crab-fishing vessels.
“IDF will provide the company with a 700 million rubles loan at 1% per annum in the first three years and 5% for the remaining two years. The project has a distinct localization aspect: today trawlers and crab-fishing vessels are basically built by foreign shipyards. We expect the shipyard will start delivery of such vessels in Russia in 2021, thereby reducing the share of foreign suppliers in the domestic market, ”said IDF Director Roman Petrutsa.
“It is very important for the corporation to use all possible support instruments of Industrial Development Fund in view of the implementation of the updated USC Development Strategy until 2030. This is the first joint project with the Fund, which will allow our Vyborg Shipyard to acquire new expertise in production of high-tech products, install modern equipment and ensure quality meeting the top-level requirements of the customers. We are also exploring the possibilities of other programs of the Fund: “Digitalization of Industry” and “Labor Productivity” with the goal of more efficient implementation of the USC Diversification Program, ”commented on the event USC President Alexey Rakhmanov.