VEB and VTB close credit line for Cuban aircraft

Vnesheconombank, its subsidiary Roseximbank, and VTB Bank have extended all their credit lines to Cuban company Aviaimport.

The lines of credit are being used to finance contracts for the purchase of Russian aircraft.

The Cuban borrower has used the third and fourth tranches of the credit line to pay for the supply of two medium-distance Tu-204-100E airliners.

The total credit line was set at US$203.4mn, and the final two tranches drawn down were for US$67.5mn.