The U.S. Export-Import Bank on Tuesday 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 planes to Russia.
Boeing delivered the first of the planes earlier this month.
VEBL, a subsidiary and leasing arm of the state-owned Vnesheconombank Group, will lease the planes to Aeroflot Russian Airlines.
“Russia is an important and growing market for aviation and aircraft financing,” said Marty Bentrott, Boeing Commercial Airplanes sales vice president for the Middle East, Russian and Central Asia, in a statement. “Ex-Im Bank's innovative financing structuring in this transaction facilitates Aeroflot selecting U.S.-built airplanes to help it succeed.”
Aeroflot 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 777 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, Ex-Im Bank said.