Russian MinFin approves Rostec civil aviation investment program costing 484 bln rubles

MOSCOW. Nov 10 (Interfax) - The Russian Finance Ministry has approved a civil aviation investment program by the state Rostec corporation costing 484 billion rubles, the ministry's press service told Interfax.

"The investment program has been approved. At the same time, we say it would be advisable to declare confirmation of financing, its volumes and timing after the passport for the corresponding federal project of the investment program has been endorsed," the ministry said.

Deputy Industry and Trade Minister Oleg Bocharov said earlier that Rostec had asked the Finance Ministry to approve an investment program costing 484 billion rubles. He said 242 billion rubles of this would be financed by the National Wealth Fund.

The money will be invested in a comprehensive program for the development of civil aviation until 2030, "to provide the country with modern domestic aircraft in the required volumes within the time frame set by the state," a Rostec representative told Interfax.

An Interfax aviation industry source said deputy minister's figure did not include funds borrowed funds from banks that manufacturing enterprises will attract. "The amount of investment will in fact be much higher," the source said.

The Russian authorities are looking into allocating more than 650 billion rubles from the National Wealth Fund for aviation industry projects, another Interfax source said at the end of August.