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US Ex-Im Bank to support export of US aircraft to Russia.


Washington, DC-based US federal agency the Export-Import Bank of the United States said it will guarantee a loan of more than USD 500m to OJSC VEB Leasing of Moscow for the export of a fleet of Boeing (NYSE: BA) 777 aircraft to Russia to be operated by Aeroflot Russian Airlines (Aeroflot).

The loan is being provided by Apple Bank for Savings, Ex-Im said. Boeing delivered the first of the aircraft earlier this month.

Ex- Im Bank 's financing will support approximately 3,200 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.

VEBL, a subsidiary and leasing arm of the state-owned Vnesheconombank Group, will lease the aircraft to Aeroflot.

It is the largest leasing company in the Russian Federation both in terms of its existing lease portfolio and new business volume. In line with VEB's mandate, VEBL aims to increase the competitiveness and diversification of the Russian economy and promote investment activity in key industries.

Aeroflot, also of Moscow, is the flag carrier and largest airline of the Russian Federation. The company, which dates back to 1923, is a member of the SkyTeam Alliance, which was founded by Delta Air Lines (NYSE: DAL) , Aeromexico, Air France, and Korean Air.

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Comment:US Ex-Im Bank to support export of US aircraft to Russia.
Publication:Airline Industry Information
Geographic Code:4EXRU
Date:Feb 14, 2013
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