Russian government to extend $1.1 billion aid to selected airlines

Source : ATW
"Russia's treasury is set to provide RUB30 billion ($1.08 billion) in soft loans to the air transport industry to help it through the current credit squeeze. Last month the government established a state-backed dedicated relief facility to finance the working capital needs of a few major airlines. According to sources, the five carriers that transport more than 1 million passengers per year, with at least half on scheduled flights, are eligible to receive funds. The recipients identified to date by First Deputy Prime Minister Igor Shuvalov are Aeroflot, newly formed Rosavia (ATWOnline, Nov. 18) and Transaero, a private operator of Russia's largest long-haul fleet. KD avia Director-Business Development Mikhail Baskov told ATWOnline that his airline also is on the list given its role in serving the Kaliningrad exclave. "We firmly count on receiving up to RUB4 billion at an affordable interest rate," he said." Next.