Vnesheconombank to Support Exports of Russian Engines

30 december 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Open Joint Stock Company Belvnesheconombank (OJSC Bank BelVEB) signed a credit agreement.

The agreement provides for Vnesheconombank to extend loan facilities worth 16.7 million US dollars to OJSC Bank BelVEB to fund exports of Russian high-technology products.

On behalf of Vnesheconombank the agreement was signed by Deputy Chairman Anatoly Ballo and on behalf of OJSC – by acting Board Chairman Oleg Prokhorchik.

Funds received by Bank BelVEB are to be extended to OJSC the Minsk Automobile Plant – a managing company of BELAVTOMAZ holding (the Republic of Belarus) to pay for engines of internal combustion and power plants manufactured by OJSC Avtodiesel (the Russian Federation).

Extending loan facilities by Vnesheconombank to fund foreign customers of Russian-made products contributes to increased trade turnover between the Russian Federation and foreign countries.

At present, several dozens of large and medium-sized export projects are being examined by Vnesheconombank, with VEB’s participation share being more than 260 billion rubles. Vnesheconombank’s loan portfolio to fund exports (as of the end of December 2013) is more than 120 billion rubles. From December 1, 2012 to December 24, 2013 the volume of export financing increased by 2.5 times, the volume of loan portfolio increased by six times and the volume of guarantee portfolio increased by almost 2.3 times.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank to Fund Supplies of Sukhoi Superjet 100 Aircraft

24 december 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and a consortium of international banks signed a credit agreement on extending syndicated loans to fund the supplies of Sukhoi Superjet 100 aircraft to a final customer – Mexico’s Interjet Airlines (ABC Aerolineas, S.A. de C.V).

Natixis (the French Republic) acted as an agent bank under the credit. The transaction’s structure uses insurance coverage of such export credit agencies as SACE (the Italian Republic) and Coface (the French Republic).

On December 19, 2013, the first credit was extended. It is designed to fund the supply of Superjet 100 aircraft to Interjet. Supplies of remaining aircraft are expected to be funded in the first half of 2014.

Superjet 100 aircraft are supplied in accordance with the firm contract for the supply of 20 Superjet 100 aircraft and procurability of another 10 aircraft. The contract was concluded in 2010 by Interjet with Superjet International a joint venture of Alenia Aermacchi and the Sukhoi Holding.

“This project is important for us not only because of its novelty and the transaction’s unique structure but also because it demonstrates Vnesheconombank’s growing presence in supporting the aviation exports sector which is one of our top-priority lines of activity”, said Vnesheconombank Deputy Chairman – Member of the Board Alexandr Ivanov. “We hope that this transaction will open up new horizons for Vnesheconombank’s cooperation both with Russian exporters and foreign importers of Russian aircraft as well as with the world’s leading financing institutions”.

Supplies of Superjet 100 aircraft are funded under the trilateral agreement concluded in June of 2011 between Vnesheconombank, Coface and SACE. The agreement is designed to form an integrated system of funding international sales of Superjet 100 aircraft with the use of a credit-leasing scheme for funding export supplies of aircraft to foreign customers.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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