Air Algeria wins government loan to revamp fleet
Air Algeria has announced that it is implementing a national loan to revamp its total fleet during 2005. The government loan will be at an interest rate of 4.6% and will finance the acquisition of 6 ATR 72-500, 5 Airbus 330-200 and 3 737-800.
The loan is being staggered in different tranches. The first tranche is 52 million Euro to buy the 6 ATR 72-500, then another 293 million Euro. The third tranche of 157 million Euro will come in May 2005.
The loan will be over a period of 6 years – until 2010 and is seen as a long term strategic investment. There is active talk of several contracts with European companies so that the airline will operate to international standards. (menareport.com)
© 2004 Mena Report (www.menareport.com)