Ilyushin Finanace & Co (Russia) and Cuban aviation corporation have signed an option agreement on delivery of An-158 aircraft and the agreement of intent related to deliveries of Russian aircraft and provision of MRO services. The signing ceremony was held in the presence of Russian prime-minister, Dmitry Medvedev, and the Cuban leader, Raul Castro, Vzglyad.ru. 

«The total value of the potential contract is about $650 million», - Manturov told the journalists. According to him, the signed agreement assumes option for 3 An-158 aircraft. Besides this additional delivery, three aircraft should be delivered to the customer this year: the first one in March, the second one – in June and the third one – in August.

The second agreement signed in Havana assumes the delivery of three Il-96-400s converted from cargo to passenger version. Two Tu-204SM aircraft will also be delivered to Cuba after completion of testing and certification. The deliveries of spare parts for aircraft already operated in Cuba are also stipulated by the agreement.

«This is the financial leasing», - Manturov said commenting the conditions of delivery. According to him, the agreement assumes usage of state guarantees. «This is the sovereign state guarantee granted for provision of commercial credits, which will be reimbursed by Cuban party in the form of lease payments», - Manturov said.

He also noted that the guarantee will be granted by Russia to the banks providing the credit.  «Ilyushin Finance & Co will take out a sovereign loan with the following reimbursement by the Cuban party in the form of leasing payments», - Manturov noted. He also noted that the loan will be paid back within 10 years.