OREANDA-NEWS. March 23, 2009. Good news for FUNDSERVICEBANK, the authorized bank of Roscosmos, has come from Prime Minister’s meeting with top managers of the Khrunichev Space R&D Centre, where Vladimir Putin announced outlines of Government’s space spending policy, reported the press-centre of FUNDSERVICEBANK.

Russia will maintain its previously planned expenditures to develop and build new spacecrafts in an effort to preserve jobs and professional staff and continue moving toward a high-tech economy, Prime Minister Vladimir Putin said at the Khrunichev Centre.

Advancing aerospace technology and entering new markets of aerospace services are part of Russia’s efforts to develop a high-tech economy, Putin said. Russia restarted its big-time spending on aerospace in 2007, allocating RUR 9 billion that year, the biggest amount since the decline of the Soviet Union.

According to Interfax report, Russia was one of the world’s leaders in launching services, sending up 27 boosters in 2008, or almost 40 percent of the total 69 rockets launched that year.  FUNDSERVICEBANK services settlements of Khrunichev’s launches and provides loans for this company as well as for other producers of space equipment.

According to Putin, the government is planning to spend RUR 82 billion (US 2.4 billion) on the aerospace industry this year. The figure is 580 percent higher than last year’s government spending (RUR 12 billion) on the sector. Putin also said 16 other aerospace companies, including Energiya, would receive subsidies to pay interest on their debt.

However, Anatoly Perminov, chief of the Federal Space Agency, said 78 percent of the industry’s equipment was still past its intended lifespan. Half of the spending in the prior two years was paid for new equipment for the industry, Putin said. The aerospace industry will continue to renew production facilities and equipment.

This, again, opens new prospects for FUNDSERVICEBANK. The Bank’s specialty is trade finance operations and programmes of technological modernization of high-tech manufacturers.

The Bank has special financial solutions to assist domestic producers raising funds and purchasing needed equipment. The Bank’s trade finance policy, thus, is in full accordance with governmental strategy.