Acting under its domestic aircraft industry support program, JSC VTB Bank has opened two credit facilities for JSC Ilyushin Finance Co. Total financing amounts to RUR 1.2 billion for a one-year period.
The funds will be channeled into financing current activities of the enterprise.
VTB has successfully maintained a long-term cooperation with Illyushin Finance Co. In particular, the Bank is a member of the syndicate financing the delivery of six airplanes Tu-204 to Cuba. These syndicated loans arranged by Roseximbank and guaranteed by the Russian Federation are worth USD 250 million with VTB share in the financing being USD 132 million.
Ilyushin Finance Co. was established in 1999 under the aegis of the Illyushin Aviation Complex. It is focused on financial and operational leasing of modern civil planes produced in Russia, and financing export delivery. Besides, the company offers technical maintenance of aircraft supplies; and provides advisory services to aircraft and civil aviation companies.