Russian banks loan Cuba $94 mln to buy airliners

Russian banks loan Cuba $94 mln to buy airliners

Moscow
Novosti
Russia
Infosearch:
Francisco Díaz
Research Dept.
La Nueva Cuba
December 17, 2005

- A syndicate of Russian state-owned banks signed a deal with Cuban airline
Aviaimport Friday to provide a $94 million 10-year loan for the purchase of
two long-range Russian Ilyushin-96-300 passenger planes.
Following the signing, Roseximbank Chairman Nikolai Gavrilov called the deal
a "historic event," as it was the first time Russian commercial banks have
provided long-term credit for the purchase of Russian high-tech production.
Roseximbank is the loan organizer, and Vneshtorgbank (VTB) is the
co-organizer and paying agent, providing more than 70% of the loan.
Vneshekonombank (VEB) is the loan creditor.
Ilyushin Finance said it had signed an agreement with Aviaimport under which
the Voronezh Aircraft Building Association (VASO) would build the two
Il-96-300s.
According to the agreement, the price of the two planes is $110 million, 15%
of which Cuba has already paid and the other 85% of which will be financed
by the loan.
A spokesman for Ilyushin Finance said that an export certificate for the
delivery of the planes had already been issued, and that within the next
week, the Russian Finance Ministry would issue a state guarantee.
The delivery of the first plane to Cuba is scheduled for December 25, and
the second plane will be delivered on January 20, 2006.
Ilyushin Finance also plans to sell two Tu-204-100 aircraft and one Tu-204S
to Cuba.

http://www.lanuevacuba.com/nuevacuba/notic-05-12-1731.htm