Ukraine found the money for corvettes

14.03.2011 Ukraine's Cabinet ratified the state defense program targeted at building of corvette class ships, reports press service of state-led company Ukrspetsexport. The document provides financing of new project no later than in 2011. Amount of funds appropriated for the program is not specified.

"Defense ministry is about to allocate $163.5 mln for arms development in 2011", said Ivan Marko, director of the ministry's financial department in mid-Nov 2010. However, he added that such projects as designing of An-70 transport aircraft, modernization of Mi-24 helicopter, and building of corvettes would not be financed.

Earlier on, Ukrainian defense ministry declared the plans to build 10 corvettes till 2026; by the way, the first of them was supposed to be keel-laid back in 2009. Due to financial crisis and strong disbalance in state budget, financing of Ukrainian armed forces had been significantly reduced. The major part of defense budget was spent for outfit and meals, while financing of most programs was suspended.

It was previously reported that the corvette's project had been designed by Shipbuilding Research and Development Center (Nikolayev, Ukraine). Estimated fuel range of the corvette is about 4 000 nm, displacement is 2 500 tons.