Subsidiary of EXIAR (Export Insurance Agency of Russia) – Eximbank of Russia (part of Vnesheconombank) granted a four-year credit to Ilyushin Finance & Co. The credit amount is $7,5 million, Kommersant-Voronezh reports.
In fact it is a working capital credit used to finance the debt receivable in the network of a commercial credit taken in the network of an export contract. The bank’s press-service said that IFC would use these funds to lease Il-96-300 aircraft to Aviaimport S.A. (Cuba). Earlier Eximbank of Russia financed other contracts between IFC and Aviaimport S.A. for delivery of Il-96 aircraft: in 2005-2007 three jets of the type were delivered to Cuba.
Together with the transaction security for delivery of three Tu-204 jets the credit amount was $31,8 million.