In December 2011, Indonesia purchased from Russia an additional batch of six multi-role Su-30MK2. The deal was for $ 470 million (photo : Fuerza Aerea)
VEB Will Lend the Ministry of Finance of the Republic of Indonesia
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and the Republic of Indonesia through the Ministry of Finance of the Republic of Indonesia signed a loan agreement.
The document will provide Vnesheconombank Ministry of Finance of Indonesia credit facilities totaling $ 399.5 million for the period of 7 years.
These loans will be used to finance the delivery of Russian aircraft to the Republic of Indonesia under the export contract between JSC "Rosoboronexport" and the Ministry of Defence of the Republic of Indonesia.
The credit agreement is the second transaction concluded with the Ministry of Finance of Vnesheconombank the Republic of Indonesia for the past two years.
This agreement demonstrates the progressive development of relations between the two countries and meets targets set at the eighth meeting of the Russian-Indonesian Joint Commission on Trade, Economic and Technical Cooperation. Vnesheconombank's participation in financing the project promotes the export of Russian high technology products to South-East Asia.