"In line with the limit that the Bank of Moscow has set, the bank has decided to grant a $75-million loan to the Fakel machine-building design bureau, which is part of [Amaz-Antei], for its export contracts," Andrei Shalabayev, general director of the bank's corporate and investment business department, said in a press release.
Almaz-Antei, which incorporates 46 industrial and research and development enterprises and organizations, specializes in development, production, modernization, sales, maintenance, repairs and disposal of anti-aircraft systems for state and foreign clients.
It supplies almost 50 countries in Asia, Africa, South America and Europe.
"The Bank of Moscow is sure that financial cooperation with Almaz-Antei will secure the implementation of the state [defense] order and help [Amaz-Antei] improve its operation and enhance its positions on the world market," the bank said.
Bank of Moscow has granted loans worth $330 million to defense enterprises since the third quarter of 2005.
Bank of Moscow was founded in 1995 at the initiative of the Moscow City government, which owns a 62.17% stake in the bank. As of February 1, 2006, its assets were $9.8 billion, with shareholders' equity of $1.01 billion.
