Tuesday, May 24, 2011
BEIRUT (Zawya Dow Jones)--Lebanon's Fransabank Tuesday said it has signed an agreement to fund the purchase of a new Airbus A320-232 aircraft worth $32 million by the country's national carrier Middle East Airlines, or MEA.
The deal, signed Tuesday, brings to four the number of MEA's aircraft purchases funded by Fransabank with a combined value of $157 million, the lender said in a statement.
MEA, which flies to 30 destinations in Europe, the Middle East and West Africa, embarked in 2003 on a fleet renewal program that involves adding four Airbus A330-200, six Airbus A321, and six Airbus A320. It signed an agreement earlier this year to join the global airline alliance SkyTeam in 2012.
With total assets of more than $12.24 billion, Fransabank is one of Lebanon's top four financial groups.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
24-05-11 1132GMT
