OREANDA-NEWS. August 22, 2007. In the course of the International Airspace Salon (MAKS-2007) in the city of Zhukovsky, the Sukhoi Company, the Sukhoi Civil Aircraft and the Bank for Development and Foreign Economic Affairs entered into an Agreement on Cooperation aimed at raising funds to finance sales of Sukhoi Superjet 100 family aircraft.

The Agreement was signed by Sukhoi Company General Director Mikhail Pogosyan, Sukhoi Civil Aircraft President Victor Subbotin and Vnesheconombank Chairman Vladimir Dmitriev.

The Agreement determines main lines of cooperation between the three sides. Under the Agreement Vnesheconombank is to be responsible for raising funds to finance sales of Sukhoi Superjet 100 family aircraft both to Russian and foreign customers, among other things, through involving the Bank’s subsidiary leasing companies as well as foreign lending institutions and export agencies.

The Agreement also applies to restructuring the scheme to deliver aircraft to Aeroflot- Russian Airlines.

The Agreement signed today builds on the Agreement on Cooperation, which was signed by the Sukhoi Company, the Sukhoi Civil Aircraft and Vnesheconombank on July 18, 2006 in the course of the International Airspace Salon Farnboro-2006 (the Great Britain).

Today’s Agreement would become a part of the system to fund customers for Sukhoi Superjet 100 family aircraft. The work on creating the system started as early as in June. A multilateral meeting was held in Paris on June 28, 2007. In attendance were representatives of the Sukhoi Civil Aircraft, the French Finance Ministry, the Russian Finance Minisry, the French Export Credit Guarantee Agency COFACE, SAFRAN/Snecma, Italy’s SACE, Alenia Aeronautica S.p.A., Vnesheconombank and Roeximbank. The participants in the meeting discussed the existing approaches to working out a unified system of financing customers for Sukhoi Superjet 100 family aircraft. The meeting resulted in reaching preliminary agreements on granting guarantees and counter guarantees under contracts to fund customers for Sukhoi Superjet 100.

During the signing ceremony Sukhoi Company General Director Pogosyan said that the Agreement would promote multiyear, mutually beneficial cooperation between the Sukhoi Company and Vnesheconombank. “Today when we are completing the assembly of the first flight Sukhoi Superjet 100 aircraft, the emphasis has shifted to sales and, hence, to financing them. We are happy that Vnesheconomank participates in funding the Sukhoi Superjet 1000 program.