IDB grants Emirates $90M loan for Airbus plane

Emirates airline, the air carrier of the UAE, which recently announced a $19 billion order at the Paris air show, has signed a US $90 million Islamic finance facility with the Islamic Development Bank (IDB) to pay for the purchase of an Airbus A330-200 plane, the airline said in a statement yesterday.

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By  Massoud Derhally Published  July 1, 2003

Emirates airline, the air carrier of the UAE, which recently announced a $19 billion order at the Paris air show, has signed a US $90 million Islamic finance facility with the Islamic Development Bank (IDB) to pay for the purchase of an Airbus A330-200 plane, the airline said in a statement yesterday.

The agreement set out as a 12-year Islamic operating lease is denominated mainly in English pounds and the remaining portion in U.S. dollars. The Airbus plane is the 28th plane delivered out of 29 Airbus A330-200 planes ordered.

Emirates plans to increase its fleet size from the current 50 planes to 125 by 2012.

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