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Rostec subsidiary bank signs agreements worth $776 mln with enterprises at Army-2024 forum

Novikom will provide financial support to the production of unmanned aerial vehicles, electronic components, optical instruments and other high-tech products

MOSCOW, August 19. /TASS/. Novikom, a subsidiary bank of state corporation Rostec, signed agreements with large industrial enterprises for a total of 70 bln rubles ($776 mln) as part of the Army-2024 forum, the bank said in a press service.

"The subsidiary bank of Rostec worked intensively at the international military-technical forum Army-2024. Over the three days of the event, Novikom signed agreements with large industrial enterprises for a total of 70 billion rubles," the press release notes.

During the forum, Novikom concluded agreements with enterprises of almost all holding companies of the Rostec state corporation - the United Aircraft Corporation, the Russian Helicopters holding, the United Engine Corporation, the Radio-Electronic Technologies concern and others.

"Novikom will provide financial support to the production of unmanned aerial vehicles, electronic components, optical instruments and other high-tech products. The bank's financing will also facilitate the implementation of priority projects in aircraft manufacturing, engine manufacturing, radio electronics and other industries," the press service stressed.

Enterprises of the military-industrial complex are one of the drivers of Russia's technological development, says Elena Georgieva, Chairperson of the Board of Novikom Bank.

"These priorities are reflected in the new agreements concluded at the forum and in the proposals for improving the instruments for financing the defense industry, which we worded following our own business events. In addition, this year Novikom took part in the forum with an updated brand, which fully reflects the bank's mission to support domestic industry and defense industry enterprises in particular," Georgieva commented on the forum's results.

The international military-technical forum Army-2024 was held from August 12 to 14, 2024 at the Patriot congress and exhibition center. This year, official military delegations from 110 countries were invited. More than 120 foreign companies took part in the exhibition. TASS is the forum’s strategic media partner.

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