Ex-Im Approves more than $500 million to Finance Export of U.S. Aircraft to Russia
February 12, 2013
(Ex-Im Bank)
Washington, D.C. – The board of the Export-Import Bank of the United States
(Ex-Im Bank) voted to guarantee a loan of more than $500 million provided by
Apple Bank for Savings to OJSC VEB Leasing (VEBL) of Moscow for the export of a
fleet of Boeing 777 aircraft to Russia to be operated by Aeroflot Russian
Airlines (Aeroflot).
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.
“The transaction showcases once again the wealth of opportunities for U.S.
exporters in Russia,” said Ex-Im Bank Chairman and President Fred P. Hochberg.
“Moreover, the aircraft sale will support thousands of high-paying American jobs
and provide Aeroflot with a top-of-the-line product.”
VEBL, a subsidiary and leasing arm of the state-owned Vnesheconombank Group
(VEB), 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
competiveness and diversification of the Russian economy and promote investment
activity in key industries. Its portfolio is diversified over a number of
different sectors, including, aviation, rail, sea and river vessels, heavy
machinery, and automobiles.
“Aircraft financing is one of the main business activities of Vnesheconombank,”
said Vnesheconombank Deputy Chairman and Member of the Board Alexander S.
Ivanov. “With this transaction we are happy to step into a promising and
mutually beneficial partnership with Ex-Im Bank in this field.”
Aeroflot, also of Moscow, is the flag carrier and largest airline of the Russian
Federation. The company, which dates back to 1923, boasts one of the youngest
fleets in Europe and is a member of the SkyTeam Alliance, which was founded by
Delta Air Lines, Aeroméxico, Air France, and Korean Air. The new acquisition of
the aircraft will contribute to the airline’s fleet renewal and route-network
expansion. Additionally, the Aeroflot aircraft will share routes and flights
with other members of the SkyTeam Alliance as part of the Alliance’s codeshare
agreement.
“Boeing is very pleased that Aeroflot becomes Russia’s first airline to add the
777-300ER to its fleet,” said Marty Bentrott, Boeing Commercial Airplanes sales
vice president for the Middle East, Russian and Central Asia. “Russia is an
important and growing market for aviation and aircraft financing. Ex-Im Bank's
innovative financing structuring in this transaction facilitates Aeroflot
selecting U.S.-built airplanes to help it succeed, while supporting U.S. exports
and sustaining good-paying, high-skilled American aviation manufacturing jobs.”
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