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Finansing of Russia’s Defense Procurement totaled $35.34 bln in 2014 — PM

April 21, 2015, 17:43 UTC+3 MOSCOW

The government provided guarantees on loans taken by the enterprises of the defense industry to complete orders worth more than $8.7 bln

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Dmitry Medvedev at the State Duma

Dmitry Medvedev at the State Duma

© Dmitry Astakhov/Russian government's press service/TASS

MOSCOW, April 21. /TASS/. The financing of Russia’s system of Defense Procurement and Acquisition totaled 1.9 trillion rubles ($35.34 bln) in 2014, up from 1, trillion rubles ($27.9 bln) in 2013, Prime Minister Dmitry Medvedev said on Tuesday.

According to him, the government provided guarantees on loans taken by the enterprises of the defense-industrial sector to complete orders worth more than 470 bln rubles ($8.7 bln).

The Defense Procurement and Acquisition has finally started functioning and its functioning smoothly, Medvedev said.

Since 2013, the production growth was registered in all branches of the defense industrial sector, the Prime Minister said.

In particular, the production grew by 24% in radio electronic industry, by 17% in aircraft building, by almost 15% in ship building. In production of ammunition the growth was 13%. In space industry the growth was 8.5%. The production of conventional weapons rose by 5.4%. The share of hi-tech products in total production of the defense sector rose to 63% in 2014, Medvedev said.

Infographics Russia’s state defense order in 2015

Russia’s state defense order in 2015

The Russian Defense Ministry is set to continue the rearmament program in the armed forces this year. Infographics by TASS

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