VEB’s Supervisory Board granted a 32,5 billion rubles bridge credit for Sukhoi SuperJet 100 project

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VEB’s Supervisory Board granted a 32,5 billion rubles bridge credit for Sukhoi SuperJet 100 project

Supervisory Board of Vensheconombank (VEB) granted a 32,5 billion rubles bridge credit for Sukhoi SuperJet 100 (SSJ100) project for a period of up to 6 months, VEB Chairman Vladimir Dmitriev told RIA Novosti.

“We considered the matter and the Supervisory Board granted the bridge credit for Sukhoi SuperJet in the network of implementation of the President’s decision to allocate 100 billion rubles for the company, which should be bought out by its creditor banks,” Dmitriev said.

Russian authorities decided to increase the capital of United Aircraft Corporation (UAC), the parent company of Sukhoi Civil Aircraft Company (SCAC), by 100 billion rubles. The funds should be allocated in order to support civil aircraft industry. “The value of this deal is 32 billion rubles,” Dmitriev added. Later the VEB Chairman noted that the total value of this deal is 32,5 billion rubles.

“The loan period is six months, but we hope, that once allocation of 100 billion rubles to the company in the form of bonds is completed and the bonds are purchased by commercial banks, the credit will be paid back,” Dmitriev said. “Today we are talking about conversion of foreign currency credits into “ruble credits” and then paying them back using funds allocated by the country,” he noted.