OREANDA-NEWS. In the course of the Intergovernmental Russian-Cuban Commission's meeting in the city of Kazan Vnesheconombank, CJSC IFK Technik(a partner of OJSC Ilyushin Finance Co.) and Empresa Cubana Importadora de Aviacion S.A. (Aviaimport S.A.), the Republic of Cuba entered into a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by First Vnesheconombank Deputy Chairman, Member of the Board Petr Fradkov, on behalf of CJSC Technik - by Director General Yekaterina Polyakova and on behalf of Cuban company Aviaimport S.A. - by General Representative in the Russian Federation Mr. Orlando Santana Gomez.

Under the Memoreandum Vnesheconombank is to explore the possibility for extending credit facilities to Aviaimport S.A. to fund the following projects: supplying spare parts for aircraft, upgrading laboratory integrated facilities, replacing engines of aircraft Il-96 and Tu 204 for more efficient Russian-made aircraft engines.

The signing of the Memorandum of Understanding testifies to the enhanced economic ties between the Russian Federation and the Republic of Cuba and is instrumental in promoting exports of Russian high-technology industrial products and services to the Latin American region countries.

Aviaimport is a subsidiary of the Cuban largest state-run carrier CACSA.