Cap put on state funding for Sukhoi SuperJet program

The Russian government has made another decision on how it is going to exercise financial support for Sukhoi Civil Aircraft Company’s (SCAC) further development of the Sukhoi SuperJet 100 (SSJ100) program. The government’s contribution in the form of guarantees will be extended via Vnesheconombank (VEB) for the purpose of financing the program and refinancing the debt obligations due after January 1, 2018.

Government guarantees for SSJ 100 have been allocated annually for the past several years. This, however, is the first time a cap has been put on the amount of funds earmarked in the state budget. The limit stands at US$600 mln.

Earlier this year, the government allocated RUR 100 bln in the form of additional capitalization of  SCAC’s parent company United Aircraft Corporation (UAC). These funds were intended for financing SSJ100 export operations. The additional capitalization was also supposed to leverage SCAC’s debt burden which, according to the corporation’s financial statement, amounted to RUR 111 bln as of June 30.

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