Air India gets $548.6 mn Ex-Im Bank loan

Washington: The Export-Import Bank (Ex-Im Bank) of the US has given India's national carrier Air India $548.6 mn in loan guarantees to support the purchase of Boeing aircraft.
Air India chairman and managing director Raghu Menon and Ex-Im Bank chairman James H Lambright signed the deal on Friday at a ceremony at the bank headquarters here. Air India is officially called the National Aviation Company of India Limited (NACIL).
"We greatly value Ex-im Bank's contribution in partnering with Air India in our project to acquire 68 state-of-the-art aircraft from The Boeing Company," said Menon.
"Induction of these modern aircraft into our fleet will be a major step forward in making Air India a truly global airline through a significant expansion of our international network," he said.
"The fast-growing Indian market offers enormous opportunities for US exporters in many sectors including transportation, energy and infrastructure development," said Lambright.
"We're also pleased that India has taken advantage of the new benefits offered by its participation in the Cape Town Treaty," he added.
The Cape Town Treaty is an international treaty that facilitates the cross-border financing and leasing of aircraft, helicopters and aircraft engines.
Ex-Im Bank reduces its exposure fee by one-third on asset-backed financings of new US-manufactured large commercial aircraft and spare engines for international buyers located in countries that ratify and implement the treaty.
20/09/08 IANS/Economic Times

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Categories: Foreign Sep 2008, NACIL Sep 2008