July 15 - Ilyushin Finance Company (IFC) says it has signed an agreement with Silk Way Airlines, which will see the Baku, Azerbaijan based airline take delivery of an AN-124-100 freighter.

Reports suggest that Silk Way Airlines - part of the Silk Way Group - has signed a contract with both IFC and United Aircraft Corporation (UAC) for the delivery of the aircraft.

According to IFC, the 2004-manufactured AN-124-100 was previously operated by Russia's Polet Airlines.

However, when Polet's air operator certificate was cancelled in April 2015, the airline was only operating two AN-124 freighters - both of which HLPFI believed to have been acquired by Volga-Dnepr Group in October 2015.

In a statement, IFC said that Silk Way's acquisition of an AN-124 will mark a "sound milestone" in the airline's development, boosting its capabilities and competitive advantages in the global air cargo market.

There is still some uncertainty surrounding the deal, and HLPFI will be keeping you informed of any developments.

An agreement is signed by IFC ceo, Alexander Rubtsov, and Silk Way Group president Zaur Akhundov.