Russia’s Bank for Development and Foreign Economic Affairs (Vnesheconombank) has signed an agreement of intent on opening credit lines that would support Russian companies’ exports to Aviaimport, a subsidiary of the Cuban state-owned air company CACSA.
Under the agreement, the bank will consider possibilities of extending export credits worth US$44.5mn for a period of 12 years to the Cuban company. The credits will be used to finance the purchase of TU-204SE aircraft and associated equipment under an export contract between Aviaimport and the Russian firm Ilyushin Finance.
Ilyushin Finance was set up in 1999 with the participation of the Llyushin Aviation Complex to raise funds to finance the supplies of Russian-made aircraft to domestic and the international market.
Last Updated September 10, 2008
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