IFC allows credit to Volga-Dnieper Russian airline

The crediting is for the first time over whole history of Russia’s civil aviation

Russia’s Volga-Dnieper airline specializing in heavy load transportation concluded an agreement with the International Finance Corporation (IFC), member of the World Bank structure. According to the agreement concluded in Moscow, the IFC is to allow a $29.9 million credit to the Volga-Dnieper airline for ten years.

The airline needs the credit to complete construction of an An-124-100 Ruslan plane at the Ulyanovsk enterprise Aviastar. The new airplane is to become the tenth in the Volga-Dnieper fleet. The IFC will provide $16.9 million of the credit; the remaining $13 million will be appropriated by the FMO company.

Deputy Director General for strategic management of Volga-Dnieper Sergey Shklyanik says that it is for the first time in the whole history of the Russian civil aviation that the IFC has agreed to finance the expansion of a Russian airline fleet. “The very fact of the credit allowed for a Russian airline signifies positive political changes that are at the same time favorable for foreign investment in Russian industry,” Sergey Shklyanik says.

The IFC is world’s largest source of financing for the private sector in developing countries and countries with transit economies. The corporation can mobilize capital on the international financial markets and organize technical assistance and consultations for governments and private enterprises.

Sergey Nikolayev PRAVDA.Ru

Translated by Maria Gousseva

Read the original in Russian: http://www.pravda.ru/main/2002/07/15/44191.html

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