Government provides guarantee to Roseximbank for Cuban deal

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MOSCOW, September 16 (RIA Novosti) - Russian Prime Minister Mikhail Fradkov signed an instruction to provide a state guarantee to Roseximbank for $16.6 million until March 31, 2007, the government press service said Friday.

The state guarantee is given to compensate Roseximbank's own guarantee of a $110.6 million contract dated July 9, 2004 between Russia's Ilyushin Finance Company and the Cuban Aviaimport S.A.

Fradkov also ordered to issue state guarantees with a total value of $94 million and for the period of up to 12 years to those Russian and foreign banks which give credits to the Cuban company in the deal with Ilyushin.

The Russian guarantees will come into force if Cuba in its turn also issues state guarantees for the deal and mortgages with Russia the IL-96-300 planes which are to be delivered to Cuba under the contract.

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