Atomenergomash secures a RUB 362.7 million cheap credit for the creation of maritime propulsion manufacture

Financing is attracted at a subsidized interest rate of 1%

Atomenergomash, a the machine-building division of Rosatom Corp has received concessional financing for the creation of the production of maritime propulsion. The concessional loan in the amount of RUB 362.7 million was allocated by the Industrial Development Fund, Rosatom reports on its Telegram channel.

Sergey Bondarenko, Deputy General Director, Director for Economics and Finance of Atomenergomash comments: “In accordance with the terms of the agreement, the principal debt is not repaid for the first three years and financing is attracted at a subsidized interest rate of 1%. This will allow Atomenergomash to develop more actively its shipbuilding capabilities, one of the most promising new business sectors of the division, and to do it in a more comfortable financial environment.
“The production of parts of the propulsion complex will provide the shipbuilding industry with high-quality domestic products, which is so necessary in the face of EU sanctions, and will help strengthen the technological sovereignty of the country”, Mr. Bondarenko said.

Previously, Rosatom, citing Alina Pilyaeva, Director of the Investment Department of Atomenergomash, reported that the project was aimed at replacing foreign manufacturers of propellers and guaranteed meeting the needs of the Russian market. The total cost of the project is valued at 538.1 million rubles.

Pavel Marchenko, director of the AEM-Propulsion branch of Atomenergomash in St. Petersburg, said that the IDF loan will ensure a quick payback for the manufacture of components demanded in the market. The potential cpacity of the future production facility is up to 10 large size marine propellers per year. Production will be located on the territory of the Kirov plant in St. Petersburg.