IRKUT CORPORATION AND EXIAR ANNOUNCE COOPERATION PLANS FOR INSURANCE OF MC-21 EXPORTS

On July 6th, 2012 Alexey Fedorov, President of IRKUT Corporation, and Peter Fradkov, Chief Executive Officer of Russian Agency for Export Credit and Investment Insurance, signed a Memorandum of Cooperation.

The Memorandum outlines the development of a credit insurance program against political and commercial risks for the MC-21 aircraft exports.

The implementation of this Memorandum will allow foreign buyers to receive financing for purchase of MC-21 aircrafts at minimum interest rates.

According to Alexey Fedorov, President of IRKUT Corporation, signing of the Memorandum of Cooperation is a new step in providing the state support for high technology exports which is aimed to offer competitive conditions for MC-21 aircraft exports financing.

Peter Fradkov, CEO of EXIAR, stated that the support of the Russian aircraft industry is among the high priority projects of the Agency. EXIAR’s participation in the development of the credit insurance program for MC-21 exports at the manufacturing stage will provide additional possibilities for the aircrafts expansion to the foreign markets.