Government still leaving Bumar in the cold over financial guarantees

Arms producer Bumar declared it may sign contracts worth $500 million by the end of the year, which is ten times more than the whole industry earned overseas in 2001. While company president Roman Baczyński refused to reveal the destination of arms deliveries, he admitted that one of the buyers is the Indian army. Baczyński once again stated that his company will not be able to fulfill the contract without a $200 million state guarantee. Bumar, which is currently building 48 tanks for the Malaysian army for $370 million and executing domestic orders, has already agreed the terms to borrow money from BGŻ to finance production. In the near future Bumar hopes to win contracts to supply the new Iraqi army with ammunition and participate in the reconstruction their arms industry. "We have established a company in Kuwait which can act as our intermediary," said Baczyński. (Puls Biznesu, pp. 1, 10, Rzeczpospolita, p. B2) M.K.