Vnesheconombank, OJSC Ilyushin Finance Co and Aviaimport S.A. Enter into Agreement of Intent

Today, on September 9, in the course of Russian Prime Minister V.V. Putin’s working trip to the Volga Federal District, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, OJSC Ilyushin Finance Co and Empresa Cubana Importadora de Aviacion S.A. (Aviaimport S.A.) (the Republic of Cuba) entered into an Agreement of Intent on Opening Credit Lines within the program of supporting Russian companies’ exports.

Under the Agreement Vnesheconombank is considering possibilities of extending export credits worth 44.5 million US dollars for a period of 12 years to Aviaimport S.A. The credits are to be used to finance the purchase of and TU-204SE aircraft and associated equipment under the export contract between Aviaimport S.A. and OJSC Ilyushin Finance Co.

Support for industrial exports is one of Vnesheconombank’s main lines of activity approved by the Memorandum on Vnesheconombank’s Financial Policies.

Aviaimport S.A. is a subsidiary of the Cuban state-owned air company CACSA. CACSA is involved in passenger and cargo transportation on domestic and foreign air routes of the Republic of Cuba.

Company Ilyushin Finance Co was established in 1999 with the participation of the S.V. Ilyushin Aviation Complex to raise funds to finance the supplies of Russian- made aircraft to the domestic and international market. In August 2001, the Company won the tender for obtaining the state’s support for leasing programs and the Russian Federation has been one of the company’s largest shareholders since December 2001.

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru

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