Russia banks syndicate $203 mln aircraft loan for Cuba
17:16 | 22/ 12/ 2006
MOSCOW, December 22 (RIA Novosti) – A syndicate of Russian banks and
Cuba's Àviaimport S.À. have signed a $203.4 million credit agreement,
Russia's state-controlled foreign trade bank Vneshtorgbank said Friday.
The credit is for 12 years and will be used to buy Russian Il-96-300 and
Tu-204 passenger planes, said VTB, which is the credit organizer.
Cuba will provide sovereign guarantees as loan security, while the
aircrafts will be used as collateral.
The bank said it is the largest deal on the export of Russian airplanes
in modern Russian history, and the second-largest long-term project
under the state program of financial support for industrial exports.
In addition to VTB, the syndicate comprises Russia's state-run
Vnesheconombank and Roseximbank, which supports government export