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MEA signs on
a $65 million loan
Funds to be used for HQ, simulator, and an Embraer Legacy 500
Middle East Airlines (MEA) has signed a $65 million agreement with IBL Bank to finance the company’s expansion and development plans over the upcoming years.
The funding consists of three loans. The first will finance the establishment of MEA’s new building, within the existing headquarters. The second is for the purchase of a simulator for the training of pilots.
The third will be used for the purchase of a new private jet, the nine-seat, Brazilian-made, Embraer Legacy 500, which costs $19 million and for which MEA will establish a subsidiary to operate it.
The IBL loan has a seven-year term. “Part of the interest on the loans will be subsidized by the Central Bank,” said IBL’s Chairman Salim Habib.
Reported by Leila Rahbani
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Jun 16, 2015
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