JSC Severnaya Verft Shipyard based in St. Petersburg has signed with Sberbank a loan agreement for the non-revolving credit line of RUB 6.7 billion for the construction of Project 22350 frigates in line with the state defense order, the shipbuilding company press release said.
This transaction was approved by the Board of Directors of the company on August 17, 2012.
The credit is granted against the Ministry of Finance guarantee. The total amount of state guarantees awarded to the shipyard reaches RUB 9.5 billion.