OREANDA-NEWS. July 09, 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.

IRKUT Corporation takes the leading position in the Russian aircraft manufacturing and has 15% share of the Russian arms export. The order book of IRKUT as in the beginning of June, 2012 makes about 7 billion USD.

Proceeds of JSC IRKUT Corporation in 2011 exceeded 1, 6 billion U.S. dollars (according to International Financial Reporting Standards). Over the past 10 years revenues of the Corporation grew by more than 3 times. Export of multi-role Su-30MK fighters is the basis of JSC IRKUT Corporation’s proceeds. In 2011 Yak-130 Combat trainers entered the list of exports as well.

Being the prime contractor IRKUT Corporation is working on the realization of main prospective project of Russian civil aviation – the creation of MC-21 short/mid range family of commercial airliners.

OJSC Russian Agency for Export Credit and Investment Insurance (EXIAR was established in October, 2011. EXIAR’s aim is to support high-tech exports in Russia by insurance of export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s share capital amounts to RUR 30 billion.