MainMain

Ukraine draws US investments for mass production of AN-74

Oriole Capital Group will pump in 150mn dollars into state-owned Kharkiv Aircraft Company.

Ukraine draws US investments for mass production of AN-74
Photo: Photo: ukroboronprom. com. ua

Ukrainian state defence concern Ukroboronprom reports attracting $ 150 mn in investment from the US company Oriole Capital Group for the Kharkiv State Aircraft Manufacturing Company.

Ukroboronprom said in release on Monday, 13 November, that an agreement was reached at the Dubai Air Show Airshow 2017 in the United Arab Emirates last week.

The deal provides for the serial production of the AN-74 transport aircraft in various modifications and the modernization of existing production. In addition, the Kharkiv company will receive orders for spare parts, maintenance and training of pilots.

"In turn, the Oriole Capital Group will be entitled to invest in production, modernization and sale of these aircraft," the press release said.

Ukroboronprom says that it is a multi-year contract.

"This agreement is to attract investment from the United States is an extremely important event for Ukraine. For the first time, aircraft building enterprises of our country draw a strong international investor who is planning to invest for years," said the director of the group, Roman Romankiv.

Transport aircraft An-74 was designed in 1983. The aircraft can be used to transport up to 52 people or 10 tons of cargo. The transport crew consists of two people. An-74 speeds up to 720 km per hour and has a flight range of 2,700 km.