Irkut will attract $2 bln credit for development of MS-21

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Irkut will attract $2 bln credit for development of MS-21

Irkut corporation plans to take out a loan of $2 billion for implementation of MS-21 regional jet project, Finmarket reports. Alexey Fedorov, president of the corporation has declared this fact.

"We plan to take out a loan of about $2 billion until the project becomes self-sufficient, that is to say until 2020", - said Fedorov.

According to the corporation’s president, the total demand for investments in MS-21 project is $6-7 billion.

According to him, about $3 billion are planned to be acquired from the federal budget, $1 billion will be allocated for the project from the corporation’s own funds and around $2 billion will be taken out as a loan.

He also noted that Irkut and UAC has carried out some negotiations with the Russia’s largest banks, including Sberbank, VTB and VEB, regarding the possibility of MS-21 project’s financing. "We have received some positive feedback after the negotiations", - said Fedorov.

According to him, the corporation has sufficient own funds to continue the project in 2011 and the financing will be needed the next year.

A.Fedorov has reported that the new jet’s development program assumes that the first jet will perform its maiden flight in 2014 and the deliveries of the new jet will be started in 2016.