The supervisory board of Russia's national development bank Vnesheconombank (VEB) approved on Thursday a $1 billion loan to the Sukhoi aircraft building firm to develop its Sukhoi Superjet 100.
"A decision was made to provide $1 billion support to the Sukhoi Civil Aircraft Company, including for the restructuring of the company's debts to banks, to make the financial model of the company's further activities more comfortable," VEB head Vladimir Dmitriyev said.
The funds are intended to continue financing the Sukhoi Superjet 100 project, in particular, R&D work to increase the jet's cruising range.
Superjet 100 is a family of medium-haul passenger aircraft developed by Sukhoi in cooperation with U.S. and European aviation corporations. The aircraft is capable of carrying nearly 100 passengers up to 4,500 kilometers.