Moscow: Russia and the Commonwealth of Independent States (CIS) will require 1,005 new civil airplanes costing an estimated $90 billion over the next 20 years, according to Boeing Co.

Randy Tinseth, vice president of marketing, Boeing Commercial Airplanes, said passenger traffic in the region will grow at a rate of 5.1% a year, while Russian and CIS airlines will need 1,570 airplanes by 2028.

Tinseth added that new airplanes would account for 67% of that fleet.

He said about $50 billion will be spent on the acquisition of short and medium-haul airplanes (58% of the market), $30 billion on wide body (long-haul) aircraft, and around $8 billion on regional jets.