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Russia government grants $441 million state guarantees to 4 major military enterprises

July 14, 2014, 13:17 UTC+3 MOSCOW
The volume of state guarantees has increased sharply in the last few years, as $3.5 billion were allotted for these purposes in 2011,$ 5.5 billion in 2012 and more than $10.6 billion in 2013
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Almaz-Antei defence enterprise (archive)

Almaz-Antei defence enterprise (archive)

© ITAR-TASS/Vitaly Belousov

MOSCOW, July 14. /ITAR-TASS/. Russian Prime Minister Dmitry Medvedev signed a resolution granting state guarantees to four enterprises of the defense and industrial sector to the tune of $441 million to fulfil the state defense order in 2014. State guarantees were given to Moscow-based Voentelecom, which is on the top 20 largest Russian IT companies, Moscow-based control and special communications systems-producing concern Sistemprom, Moscow-based air defense and missile defense system-producing concern Almaz-Antey and Nizhny Novgorod-based radar equipment-producing Scientific-Research Institute of Radio Engineering.

State guarantees will make $11 billion 160 million in 2014. These allocations will be given to 96 enterprises of the defense and industrial complex. State guarantees as a support measure to companies in the military and industrial sector seek to fulfil the state armament program in 2011-2020.

Russian government finds the mechanism of state guarantees in the defense and industrial sector useful, as, on the one hand, this permits to bring down burden on the budget and, on the other hand, will provide access to credit resources for enterprises without attracting additional security. So, the volume of these state guarantees has increased sharply in the last few years, as $3.5 billion were allotted for these purposes in 2011,$ 5.5 billion in 2012 and more than $10.6 billion in 2013.

The program of state guarantees affects positively domestic Russian military hardware market. The Federal Agency for supplies of weapons, military hardware, special machinery and material means within the last year’s state defense order has concluded contracts worth $11.1 billion surpassing more than fivefold the specific figure in 2012. Long-term contracts signed in 2013 totalled $18 billion and overall portfolio of export orders broke a record exceeding $49 billion.

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