Air India gets loan worth $550 from US Exim Bank

Air India gets loan worth $550 from US Exim BankCountry’s national carrier Air India has signed a financing arrangement worth $550 million with the US Exim Bank, to finance the purchase of three Boeing 777 and five Boeing 737-800 aircrafts.

Under the deal, the bank would give guarantee for the amount, which would be provided by Standard Chartered Bank to the national carrier to buy aircrafts.

The aircrafts for which financing has been arranged are part of the 68 Boeing aircraft deal that the airline inked with the US-based aircraft manufacturer in 2006. The latest arrangement lifts the total amount of facility raised by Air India to $1.75 billion for 25 Boeing aircraft.

The inclusion of Boeing aircraft will result in a significant expansion of Air India's international network. The aircrafts are scheduled to be delivered to Air India by year 2009.

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