VEB-leasing and Irkut Corporation sign a Letter of Intent

During the 50th International Airshow Le Bourget in Paris, VEB-leasing and Irkut Corporation signed a Letter of Intent to purchase a fleet of MS-21 aircraft.
On behalf of VEB-leasing the document was signed by General Director Viacheslav Solovyev, and on behalf of Irkut Corporation by President Oleg Demchenko.
Under the agreement, VEB-leasing plans to place a firm order for 30 MS-21-type aircraft, with a total of catalog value of $2.5 billion.
 The contract for the supply of the aircraft is expected to be concluded before the end of this year. Delivery of the aircraft to the customer will take place in the period from 2018 to 2022. As part of the agreement, Irkut Corporation will issue to VEB-leasing quality assurance in respect of each aircraft for a period of 36 months from the date of delivery and provide services necessary for their successful entry into service.
Previously, the two companies had signed a lease agreement for the acquisition and leasing to Irkut Corporation of the production equipment for the project to develop and commercially produce a family of medium-range MS-21 aircraft.
"The project to build the MS-21 aircraft is important for both the aviation industry specifically and for the national economy as a whole. This agreement is intended to contribute to the process of upgrading and renewal of the fleet of Russian airlines and to the development of the domestic aircraft industry as a whole," said Viacheslav Solovyev, General Director of VEB-leasing, during the signing ceremony. 
"Our multifaceted cooperation with Vnesheconombank and VEB-Leasing makes a significant contribution to the successful development of the MS-21 - the most attractive project of the Russian aviation industry in the segment of civil aviation," said Oleg Demchenko, President of Irkut Corporation.
Scientific and production corporation Irkut JSC (member of UAC) is one of the leaders of the Russian aircraft industry. Over the past 10 years, the company has more than tripled its revenue. The company's product line-up includes the multi-purpose fighter Su-30SM, supplied to the Ministry of Defense, the export versions of the Su-30MK fighter, and the new generation of the combat and training aircraft Yak-130, which are successfully used both in the Russian Air Force and abroad. In its role as the chief executor, the Corporation is actively working on the creation of a family of the short-medium range aircraft MS-21.
Open Joint-Stock Company VEB-leasing:  established in 2003, the company's sole shareholder is the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank). VEB-leasing specializes in the leasing of high-tech equipment, rolling stock, aircraft, marine and river vessels, vehicles and specialized equipment. Since 2009, VEB-Leasing has been the leader of the Russian leasing market in terms of new business volume, and since the first half of 2012, also in terms of the net leasing portfolio, while maintaining key positions in such capital-intensive segments as leasing of air transport, railway rolling stock, sea and river vessels.