Sovereign wealth fund should support defence industry, says VEB vice-chairman

17 July 2019

Russian defence equipment manufacturers should be offered long-term, low-interest loans from the country's sovereign wealth fund, a senior executive at Vnesheconombank (VEB) has said.

Andrei Klepach, a former deputy economic development minister who is now vice-chairman of VEB, suggested on 16 July that the National Wealth Fund (NWF) should be used to "solve the defence industry's problems", with repayment periods of between five and 15 years.

In comments quoted by the UAWire news agency he added that improved funding mechanisms would help Russian defence companies to develop more indigenous technologies, while also resisting US sanctions that are designed "primarily to stall and to harm the development of the defence industry".

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