First Contract against Government Guarantees for the Delivery of Two Il-96 Aircraft to Cuba Will be Carried out in 2005 - Vnesheconombank

16 june 2005 года
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Saint Petersburg, June 16. /Corr. ITAR-TASS/. The first contract against government guarantees for the delivery of two Il-96 aircraft to Cuba will be carried out in 2005. Vnesheconombank Chairman Vladimir Dmitriev told about it today at the 9th Petersburg economic forum. According to him, the amount of the deal is equivalent to 90 million dollars.

Mr. Dmitriev also said that the 2005 budget envisages allocating 600 million dollars for government guarantees to promote national exports as well as - an equivalent of 100 million dollars to subsidize interest rates, PRIME-TASS reported.

An agreement on the delivery of two wide-body long-distance Il-96-300 aircraft for the Cuban airline Cubano Aviasion incorporated in Cuba's state-owned civil aviation corporation /CACSA/ was signed in 2004 by the leasing company "Ilyshin Finance CO" and by Cuba's foreign-trade company "Aviaimport". The agreement is being implemented within the framework of the government concept of promoting Russian industrial exports.

"Ilyshin Finance Co." acts as the aircraft exporter on the Russian side monitoring all stages of aircraft assembly at the Voronezh aircraft construction joint stock company. The airliners are planned to be operated in two modes: on a day-to-day basis as normal passenger aircraft of the Cubana Airline and, if necessary, they will be equipped with VIP- saloon to serve Cuban President Fidel Castro.

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Interview - A Tenth of Russia's Foreign Trade Turnover is Serviced through Vnesheconombank - VEB Chairman

25 may 2005 года
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Source: RIA "Novosti". Russian Economic News

Date of Issue: 23.05.2005 22:16

Belgrade. May 23 - RIA "Novosti", Nikolay Paskhin. Today, about 10% of Russia's foreign trade turnover is serviced thorough Vnesheconombank's system, Vnesheconombank Chairman Vladimir Dmitriev said on Monday in his interview with RIA "Novosti". He participated in the 14-th annual meeting of the European Bank for Reconstruction and Development Board in Belgrade.

As Mr. Dmitriev put it, Vnesheconombank performs the task of promoting Russian exporters, among other things, with the help of its subsidiary, Roseximbank, with Vnesheconombank's stake in it being 95%.

"Since last year the government system of promoting industrial exports started to operate, - said Dmitriev. Within the framework of this system Roseximbak is the only and main authorized bank. The first large-scale contract to supply two IL-96 aircraft to Cuba is going ahead. The contract is worth more than $100 million". The Russian Government granted a guarantee of more than $90 million against the contract.

In Mr. Dmitriev's opinion, the Bank's cooperation with aircraft manufacturers is sure to yield tangible results in the filed of promoting Russian exports. For example, Vnesheconombank jointly with a number of other Russian state-owned banks signed an agreement with the "Sukhoy" Aviaholding. The agreement provides for extending credits to manufacture a medium-distance passenger aircraft, said Vnesheconombank Chairman. By experts' estimates, the aircraft will be in demand not only on the domestic market but on foreign markets too, stressed Dmitriev. He said that a number of French banks act as Vnesheconombank's partners in carrying out this project.

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