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Russia allocated $400 million in state guarantees for implementation of MS-21 program
Russian Aviaton » Monday September 1, 2014 16:34 MSK

On August 25th 2014 Prime-minister of Russia, Dmitry Medvedev, signed an order No.1614-r for provision of $400 million in state guarantees for securing performance of obligations of Irkut Corporation in the network of a credit obtained. The funds will be allocated for development of MS-21 aircraft, said in a statement posted at the government’s website.

The draft order was elaborated by the Ministry of Finance in accordance with the decision made by a government commission on economic development and integration.

«The federal budget for 2014 includes 97,51 billion rubles in state guarantees provided to legal entities for implementation of investment projects. Irkut Corporation and its investment project “Short- and Medium-Haul MS-21 Aircraft” were chosen for provision of the state guarantee. The companies were chosen in accordance with governmental decree No. 1017 signed on December 14th 2010 (about rules for providing legal entities with state guarantees for credits and loans intended for implementation of investment projects)», - said in the explanatory notes.

The signed order provides $400 million in state guarantees for securing performance of obligations of Irkut Corporation in the network of a credit obtained from Sberbank for a period of 10 years in the network of an agreement for opening a non-revolving $1 billion line of credit. The total cost of the investment project is $3947 million.

The decision is aimed at supporting the investment project implemented by the national aircraft industry, the government noted.

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