Jazeera Airways Group secures US$90m aircraft funding
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The National Bank of Kuwait (NBK), DVB Bank, and Jazeera Airways Group (JAG) announced a US$90 million commercial facility for funding JAG’s aircraft purchases.
This is being done through a structured facility led by NBK and DVB Bank SE. The loan, which has a 12-year term, is employed to fund the purchase of three brand new Airbus A320 aircraft, one of which was already delivered earlier this month.
To date, Jazeera Airways Group has taken delivery of 13 Airbus A320s since 2005, as part of an order for 15 aircraft of the same type. The remaining two aircraft of the order are scheduled to be delivered in October 2013 and May 2014. The three new aircraft are in-line with the airline’s growth strategy to always operate new and modern aircraft, and to take on new aircraft deliveries until the end of 2014 in parallel to Kuwait’s overall market growth.
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