IFC AND AVIAIMPORT S.A.SIGNED CONTRACT: AIRCRAFTS GO TO CUBA

         August 22. MAKS 2007. OAO Ilyushin Finance Co., an aviation leasing company, and Aviaimport S.A., a Cuban foreign trade company, signed a memorandum of intent. According to it Cuba intends to modernize its fleet by means of acquiring Russian aircrafts.

         Under the agreement from 2008 to 2011 Cubana de Aviacion will receive two mid-haul Tupolev Tu-204 and three regional Antonov AN-148. The financing of the agreement will involve the export credit against Cuban government guarantee.

        The total cost of the agreement is estimated at $150m.