The Israeli company Elbit Systems signed an agreement today with Bulgaria's Terem for the repair and modernisation of Mi-17 and Mi-24 helicopters.

According to the document Terem will receive 13 million leva for the mutual project with Elbit Systems, Focus news agency reported. Nearly 3000 company employees will work on the military modernisation.

New avionics technology will be added to the helicopters in Bulgaria. The technology will be developed in Israel, company representatives said.

Terem representatives said additional contracts for projects evaluated at four to five million leva will be signed in September. After the modernisation the helicopters can be used for additional 15 years.

The contract between Elbit Systems and the Defence Ministry involves the modernisation of 12 helicopters. The total value of the project exceeds 57 million euro.