Air India has signed a financial pact worth $550 million with the Export-Import Bank of US (Exim Bank). The company would use the amount to purchase eight new aircraft. The pact was signed between the chairmen of Exim Bank and Chairman and Managing Director of National Aviation Company of India Limited (NACIL), Raghu Menon.

Air India would buy three 777 aircraft and five 737-780 aircraft and the guarantee for the amount would be provided by the bank to Standard Chartered Bank.

Raghu Menon said the co-operation by the US bank would help Air India to be a global airline. The company would purchase aircrafts from the Boeing Company.

The chairman of US Exim bank, James Lambright said that India is an emerging technology and it can offer a number of opportunities to the US investors. US is very keen to help India in transportation, energy and infrastructure sectors.

National Aviation Co of India would add significant number of aircrafts in its fleet by 2012. It would lead to increase its global network significantly.