Ilyushin Finance Co. sets up joint venture with Venezuela for Latin American airlines, Ilyushin Finance Co. - ОАО "Ильюшин Финанс Ко"
Release Date: 2010-10-18
In the frame of a visit by Venezuelan delegation to Russia headed by Hugo Chavez, an agreement for creation of a joint leasing company in Latin America has been signed on behalf of the National Ministry of Transport and Communications of Venezuela, Ilyushin Finance Co. (IFC) and Evrofinance Mosnarbank on October 15, 2010.Main focus of the new leasing company are deliveries of new generation Russian jets to Latin America on the basis of financial and operational leasing by IFC. The charter capital of the new company is about USD 100 mln provided state support for exports of the jets.
According to the signed agreement, IFC is providing its management potential and expertise in aviation as well as a share in its capital. The Russian-Venezuelan Bank is to execute financing and the National Ministry of Transport and Communications of Venezuela will act as the regulator.
The newly established joint venture will base on a business plan developed by IFC and a preliminary order portfolio for 28 An-148/158 jets for Latin American airlines. Total value of the jets is USD 700 mln.
| Type: | NORMAL |
| Company: | Ilyushin Finance Co. - ОАО "Ильюшин Финанс Ко" |
| Country: | Russian Federation |