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A syndicate of Russian banks and Cuba's Àviaimport S.À. have signed a $203.4 million credit agreement, Russia's state-controlled foreign trade bank Vneshtorgbank said Friday.

The credit is for 12 years and will be used to buy Russian Il-96-300 and Tu-204 passenger planes, said VTB, which is the credit organizer.

Cuba will provide sovereign guarantees as loan security, while the aircrafts will be used as collateral.

The bank said it is the largest deal on the export of Russian airplanes in modern Russian history, and the second-largest long-term project under the state program of financial support for industrial exports.

In addition to VTB, the syndicate comprises Russia's state-run Vnesheconombank and Roseximbank, which supports government export operations.

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