Irkut Corporation, forming part of UAC, has found an investor for implementation of MS-21 project, Kommersant reports.
Irkut Corporation is negotiating with several banks regarding support of MS-21 project. The first parts of this aircraft will be produced in 2012. Negotiations with VEB were the most successful, said president of Irkut Corporation, Alexey Fedorov, during a conference in Irkutsk. He did not specify the details of the negotiations, however he has explained that UAC has addressed the government this year with a proposal regarding creation of attractive funding model for acquisition of MS-21.
«The similar scheme exists in Brazil for supporting the Embraer regional jets»,— Fedorov said. Leasing companies are able to lease aircraft to the airlines at per cent per annum of 2,5–3% (using system of Brazilian insurance agencies and national development banks). While the Russian aircraft, even with the state subsidization of leasing rates up to 90%, is delivered to airlines at interest of 7–8%, noted Alexey Fedorov.
According to him, without similar support as in Brazil, MS-21 will not survive, especially after Russia’s WTO accession. Fedorov said that the government has confirmed that the Brazilian system is more preferable and has recommended implementing it.
The support scheme for sales of MS-21 is not the only one, in which VEB will possibly take part, said Alexey Fedorov. He added that bank will finance the production retrofit for MS-21 at Irkut enterprise. The exact amount of VEB’s investments has not been specified, but he noted that the corporation “has managed to reduce retrofit costs by 20%”. «We have already invested 10,8 billion and we need about 20 more»,— said Irkut’s CEO.
The VEB’s investments will be at least $200 млн (5,6 billion rubles) at the first stage, but “they may be significantly increased” in future. It is planned to declare the details of agreement between VEB and Irkut at MAKS international aerospace show in August.
The state will invest $3 billion in MS-21 project. In addition, according to Irkut’s information, the corporation will invest $1 billion using its own funds. And it is also planned to attract $1 billion more from different investors. This amount will be invested by the state banks including VEB.