Vnesheconombank and Moscow Institute of Thermal Technology identify defense industry diversification projects

In conjunction with the International Aviation and Space Salon MAKS-2017, Vnesheconombank and JSC Corporation Moscow Institute of Thermal Technology (MITT) have signed a cooperation agreement.

On VEB’s behalf, the agreement was signed by Chairman Sergey Gorkov, whereas MITT was represented by Director General Sergey Nikulin.

The parties have defined the following areas of cooperation as mutual priorities:

  • Promotion and financing of investment projects that aim to diversify defense industry and rocket and space complex;
  • Promotion and financing of innovations and state-of-the-art technologies;
  • Participation in joint import-substitution projects;
  • Promotion and financing of Russian high-technology space goods and services exports.

Vnesheconombank’s Strategy 2021 views the promotion of national rocket and space industry and its latest inventions as one of the bank’s investment priorities.

“Military enterprises and missile and space companies that employ dual-use technologies need support in the promotion of their products in civil markets, primarily, in terms of sales and maintenance. Importantly, VEB is prepared to provide them with such support, both from a methodological and financial standpoint,” said Gorkov.

The State Corporation Moscow Institute of Thermal Technology is a research and production defense company, its principal product being armed strategic and tactical missiles. Throughout its existence, MITT has delivered over 60 rocket and other military and civil development projects, both completed and in progress, for the army, navy, air force and naval aviation.

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