Two of Europe’s largest export credit agencies have signed a deal with Russia’s VEB to provide export credits for future sales of Sukhoi Superjet aircraft.

France’s Coface and Italy’s Sace finalised a cooperation agreement with the Russian bank during the G-20 conference on export credits in Paris.

VEB is looking to provide around 33% of loan amounts, while a commercial bank will provide the remaining funds under a Coface and Sace-backed tranche.

This is one of the first agreements signed under the revised OECD Aircraft Sector Understanding guidelines that were approved in February 2011.

The guidelines were renegotiated to standardise the way governments provide funding and export credits for commercial aircraft.

The Sukhoi Superjet is a regional jet developed in Russia, Italy and France by Italian-Russian joint venture Superjet International.

Italian firm Finmeccanica and French firms Thalès and Safran are involved in the manufacturing process.

The first Sukhoi Superjet delivery took place in Q2, 2011.

“The common understanding between VEB, Sace and Coface will help find new financing for the future deliveries of aircraft in the coming years,” says Sace in a statement.