Russian government provided Sukhoi Civil Aircraft (SCAC) with a state credit guarantee to the amount of $1 billion. The credit is intended for financing the work in the network of Sukhoi SuperJet 100 program. It is stated in the Government Edict №2619-r signed on December 29th 2012 and published at the government’s website.
According to the edict and Federal Law “About Federal Budget for 2012 and 2013-2014” the above mentioned guarantee will be provided to the SCAC as a security for a loan provided by Vnesheconombank and intended for financing the production of Sukhoi SuperJet 100 aircraft.
«The state credit guarantee is provided for ensuring performance of SCAC’s obligations for reimbursement of the credit starting from January 1st 2015. Thus the implementation of this edict will not require any additional funds from the federal budget until this date», - said in the document.
The credit payment period is 144 months or less. The performance of SCAC’s obligations for reimbursement of the credit is secured by the guarantee of Sukhoi Holding Company to the amount of $1 billion and period of validity until July 31st 2016. The intended use of the credit is controlled by the Russian Ministry of Industry and Trade.
The provision of the state guarantee is intended for arrangement of conditions for performance of obligations for reimbursement of the previous credits and loans by the SCAC and provision of stable financing of Sukhoi SuperJet 100’s serial production, explained in the document.
