The Russian Savings Bank Sberbank has agreed to give Ilyushin Finance $120 million to fund the completion of seven Il-96-300s and up to 20 Tu-204/214s, for lease to Aeroflot and Transaero (and partners), respectively.

Ilyushin Finance's chief executive officer, Alexander Roubtsov, has confirmed that the state will guarantee 85% of the funds. Sberbank will be joined by a second Russian bank and several foreign investors in a package that will offer nine year loans at annual rates of about 9%, he adds.

Meanwhile, the US Ex-Im Bank recently approved $130 million funding for the Pratt &Whitney PW2000-powered Ilyushin Il-96T freighter programme.

The $130 million is needed to pay for the US components of the first three aircraft for Aeroflot, but it provides nothing for the Russian manufacture of the airframes. The fate of the passenger Il-96M programme looks bleak, with little prospect of any funding.

Source: Flight International