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Zimbabwe signs MoU for five Ilyushin Il-96s
Tom Zaitsev, Moscow (18Apr06, 16:55 GMT, 186 words)
Russian leasing company Ilyushin Finance (IFC) has reached an agreement with the Republic of Zimbabwe to supply five Ilyushin Il-96-400 aircraft.
The batch will include three cargo and two passenger versions, with delivery tentatively scheduled for 2008, says the lessor in a statement.
The Il-96-400 is a modernization of the long-range widebody Il-96-300, featuring four upgraded Perm Motors PS-90A1 engines and a 9m (30ft) longer fuselage.
Zimbabwean transport minister Chris Mushowe and Reserve Bank governor Gideon Gono signed a memorandum of understanding with IFC and aircraft manufacturer VASO. They plan to conclude the contract by July. The two sides have not identified the recipient/s of the aircraft.
IFC director Alexander Rubtsov says the deal will be financially modelled on a scheme used to supply new Il-96-300 and Tupolev Tu-204 jets to Cuban flag-carrier Cubana Aviacion.
It implies arranging a finance export transaction backed by sovereign guarantees from the two governments and involving syndicated bank loans. Zimbabwe is experiencing rampant inflation and is heavily reliant on overseas aid. Flag-carrier Air Zimbabwe last week announced a planned restructuring which would involve laying off some 30% of its workforce.
Source: Air Transport Intelligence news
Zimbabwe signs MoU for five Ilyushin Il-96s
Tom Zaitsev, Moscow (18Apr06, 16:55 GMT, 186 words)
Russian leasing company Ilyushin Finance (IFC) has reached an agreement with the Republic of Zimbabwe to supply five Ilyushin Il-96-400 aircraft.
The batch will include three cargo and two passenger versions, with delivery tentatively scheduled for 2008, says the lessor in a statement.
The Il-96-400 is a modernization of the long-range widebody Il-96-300, featuring four upgraded Perm Motors PS-90A1 engines and a 9m (30ft) longer fuselage.
Zimbabwean transport minister Chris Mushowe and Reserve Bank governor Gideon Gono signed a memorandum of understanding with IFC and aircraft manufacturer VASO. They plan to conclude the contract by July. The two sides have not identified the recipient/s of the aircraft.
IFC director Alexander Rubtsov says the deal will be financially modelled on a scheme used to supply new Il-96-300 and Tupolev Tu-204 jets to Cuban flag-carrier Cubana Aviacion.
It implies arranging a finance export transaction backed by sovereign guarantees from the two governments and involving syndicated bank loans. Zimbabwe is experiencing rampant inflation and is heavily reliant on overseas aid. Flag-carrier Air Zimbabwe last week announced a planned restructuring which would involve laying off some 30% of its workforce.
Source: Air Transport Intelligence news
