SCAC will obtain credit in the amount of $1 billion from VEB - RUSSIAN AVIATION

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SCAC will obtain credit in the amount of $1 billion from VEB

Russian Aviaton » Friday August 3, 2012 03:27 MSK

Sukhoi Civil Aircraft (SCAC) has signed an agreement with Vnesheconombank (VEB) State Corporation on provision of credit in the amount of $1 billion, Gazeta.ru reports.

The decision on provision of the credit was made by the VEB’s supervisory board last December. It was reported that the funds are provided in order to keep financing the Sukhoi SuperJet 100 project.

The agreement was signed on July 31st 2012. The deadline for fulfillment of the obligations is July 30th 2024.

Sukhoi Civil Aircraft (SCAC) was founded in 2000 to design, produce, market and support civil aircraft programs. Sukhoi Company (75% -1 share) and its strategic partner – Alenia Aeronautica (Italy) (25% +1 share since April 7th 2009) are the shareholders of SCAC. At present the company’s main project is the development of Russian regional aircraft family Sukhoi SuperJet 100.

Sukhoi SuperJet 100 crashed in Indonesia during a demonstration flight in early May. 45 people (including 8 Russians) were onboard. After the crash some airlines have cancelled their commitments to purchase the liner. Vedomosti reported last week that Sukhoi SuperJet 100 project was in jeopardy due to lack of funding.

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