Air India to get USD 1.3 bln loan guarantees from American bank

New Delhi: Ahead of a GoM meeting to finalise Air India's financial restructuring plan, the US Exim Bank has decided to give loan guarantees of USD 1.3 billion to support the airline's fleet acquisition from aerospace company Boeing.
A decision to this effect was taken last week in Washington by the Board of Directors of the Export-Import Bank of the US.
The bank approved USD 1.3 billion in loan guarantees supporting Boeing commercial aircraft sales to Air India, a statement said after the Board meeting.
In addition to these final commitments, the Board also approved a USD 2.1 billion preliminary commitment to support future deliveries of Boeing aircraft to Air India, it said.
"Upon approval of the conversion of the preliminary commitment into a final commitment, the transactions in total will support the export of 30 Boeing aircraft to the state- owned, national flag carrier of India," it added.
09/10/11 PTI/Economic Times

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Categories: Air India Oct 2011, Foreign Oct 2011