Ex-Im Approves more than $500 million to Finance Export of U.S. Aircraft to Russia

 Ex-Im Approves more than $500 million to Finance Export of U.S. Aircraft to

PR Newswire

WASHINGTON, Feb. 12, 2013

WASHINGTON, Feb. 12, 2013 /PRNewswire-USNewswire/ -- 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).

(Logo: http://photos.prnewswire.com/prnh/20110414/MM83673LOGO)

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

"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
competitiveness 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, Aeromexico, 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."


Ex-Im Bank is an independent federal agency that creates and maintains U.S.
jobs by filling gaps in private export financing at no cost to American
taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has
earned for U.S. taxpayers nearly $1.6 billion above the cost of operations.
The Bank provides a variety of financing mechanisms, including working capital
guarantees, export-credit insurance and financing to help foreign buyers
purchase U.S. goods and services.

Ex-Im Bank approved $35.8 billion in total authorizations in FY 2012 – an
all-time Ex-Im record. This total includes more than $6.1 billion directly
supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's
total authorizations are supporting an estimated $50 billion in U.S. export
sales and approximately 255,000 American jobs in communities across the
country. For more information, visit www.exim.gov.

SOURCE Export-Import Bank of the United States

Website: http://www.exim.gov
Contact: Lawton King, +1-202-565-3200
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