OREANDA-NEWS. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Instrument–Making Design Bureau signed a credit agreement on extending 4.8 billion rubles for a period of up to the year 2020.

Under the agreement the funds are to be used to create an advanced missile and anti-aircraft artillery weapon system (complex) Pantsir-SM.

The project is aimed at creating an advanced weapon system  that makes it possible to achieve defense objectives efficiently and in full as well as ensure military security of the state by way of reequipping the armed forces with advanced armaments. The project is being implemented under the Russian Defense Minister’s decision dated October 11, 2012 “On the procedure for providing troops with missile and anti-aircraft artillery weapon systems (complexes) Pantsir-S in the period of 2012-2020”.

The project is socially important because it will create 1300 new jobs in the region.

A decision to implement this strategic project was taken to implement the State Armament Program for a period of up to 2020. The Program is aimed at ensuring required rates of equipping the Russian armed forces with multifunctional missile and anti-aircraft artillery weapon systems (complexes).

The project is of national significance and it is in line with the country’s development priorities, the Russian Military Doctrine in so far as it relates to equipping (reequipping) the armed forces with advanced armaments as well as to military and special equipment. This project is also in line with sectoral priorities of Vnesheconombank’s investment activity.

OJSC Instrument–Making Design Bureau is a leading company of the defense –industrial complex involved in developing armaments and military equipment. It is a head developer of complex armaments. Its main products include air defense complexes, anti-tank missile complexes, attack armaments, light armored equipment and light armored tanks, artillery guided weapon complexes, flex-fire weapons. At present, the company is a large research-production center engaged in creating advanced high-precision weapons.