Cairo (APD) - Banque Misr is leading a consortium with several local banks that will arrange a loan for EgyptAir, the pan Arab daily, Asharq al-Awsat, reported Wednesday.
An informative source at the Banque Misr said that other financial institutions in the consortium include: National Bank of Egypt (NBE), Commercial International Bank (CIB), and National Societe Generale Bank (NSGB).
Egypt's national flag carrier is targeting to use the loan in financing the modernization plan of its fleet by purchasing 12 new Boeing-737 aircrafts.
The source said that the amount of the loan is not yet finalized as EgyptAir is still negotiating with Boeing to finalize the deal's value and its implementation procedures.
U.S. aviation giant Boeing said last August it had won an order from EgyptAir for six medium-range 737-800 passenger planes with an option for six more.
Boeing said that the total value of the deal, with the six additional crafts included, is $850 million.
The first aircraft is scheduled to be delivered to the Egyptian carrier in September 2006 and the last aircraft is expected to be delivered by December 2009, Boeing added.
EgyptAir's fleet of 37 passenger crafts currently includes four Boeing 737-500s for medium-haul operations alongside equivalent models from Boeing's European rival Airbus. [FC]
By Eman Wahby
© APD (Arab Press Digest) 2005
