State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and its subsidiary – Roseximbank as well as the Bank for Foreign Trade (VTB) completed extending credits within the credit line opened in 2008 for Cuban Company Aviaimport S.A. to finance contracts for purchasing Russian Il-96-300 and Tu-204 aircraft for the Republic of Cuba. The Cuban borrower used the third and fourth tranches of the credit line in the amount of 67.5 million US dollars (the total sum of the credit line is 203.4 million US dollars) to pay for the supply of two medium-distance Tu-204-100E airliners.
Under the state program of providing financial support for industrial exports in 2005-2007 two transactions in selling three Il-96-300 and three Tu-204 aircraft for the total amount of 300 million US dollars were conducted. Credits extended by the banks to finance the contracts provided employment for more than 15 thousand workers at the Voronezh Aviaconstruction Association, OJSC Aviastar (Ulyanovsk) and allied factories and allowed them to increase their production program in 2005-2007 by more than 50%.
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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