SGBL finances MEA Airbus purchase

Société Générale de Banque au Liban (SGBL) is financing the purchase of a new Airbus A330-243 for Middle East Airlines (MEA). The value of the loan is $65 million. It constitutes 80 percent of the plane’s value ($81 million), according to MEA. It will be paid back over a ten-year period at a minimum four percent interest rate.

SGBL Chairman Antoine Sehnaoui said: “We have financed MEA to confirm our continuous support to the growth of the local economy.”

The new aircraft was received in 2016 and comprises 244 seats, including 44 business class seats and 200 for economy class. It also has a high-end entertainment system.

MEA Chairman Mohammad El-Hout said earlier this month that the company is planning to either acquire or rent four additional wide-body aircraft.