ANNOUNCEMENT 30 Dec 2014In December 2014, the government of the Russian Federation announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
According to a press report dated 30 December 2014 of the state Eximbank of Russia, it has received a state guarantee of the Russian Federation at the amount of 82.18 million USD.
This state guarantee covers the main debt liability plus due interest of the Panama-based company SAAL S.A. related to a credit line at the amount of 70 million USD. The name of the financial institution that lends the money as well as further details related to the transaction are not disclosed. The purpose of the loan is to finance the acquisition of three airplanes An-158 and the related to them equipment and their subsequent transfer under a leasing scheme to the Cuban company Aviaimport S.A. The press report states that the Russian content in An-158 is expected to reach as minimum of 60%.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.