The state will help Uralvagonzavod another 17 billion rubles

The government approved the state guarantees of Uralvagonzavod (UVZ) in the amount of 17 billion rubles, said Russian Prime Minister Dmitry Medvedev at a meeting. It is reported by TASS.

State guarantees will be allocated to refinance current debt, Medvedev said.

At the end of July, the Government Commission approved the UVZ state guarantee for 16 billion rubles for a loan of 23 billion rubles. In June, the Cabinet of Ministers spoke about the state support of the enterprise in the amount of 20 billion rubles.

According to the general director of UVZ Oleg Sienko, the corporation asked for guarantees in the amount of up to 60 billion rubles.

Uralvagonzavod is a Russian corporation with a head enterprise in Nizhny Tagil. UVZ is engaged in the development and production of military equipment, construction vehicles and wagons.

UVZ himself and his subsidiaries have debts to banks. In particular, Alfa-Bank argued that the total debt of the group’s debt to the organization exceeds 10.5 billion rubles and $ 72 million. The total overdue debt is 3.4 billion rubles.