EgyptAir secures EGP 20B facility from Finance Ministry to expand fleet
Updated 1/27/2025 10:49:00 AM
Arab Finance: The Egyptian Ministry of Finance has granted a facility valued at EGP 20 billion to EgyptAir Holding Company to support its air fleet, government officials told Asharq Business.
EgyptAir, owned by the Ministry of Civil Aviation, received the funding last December as a part of financing to develop its air fleet.
Accordingly, the Ministry of Civil Aviation will pay off this sum within an agreed-upon timeframe.
The company seeks to increase the size of its fleet to 125 aircraft over the next five years from 65 aircraft now.
This comes as the company awaits receiving the first batch of a deal that includes 18 Boeing 737-8 max aircraft and the purchase of 10 wide-bodied A350-900 aircraft from Airbus.
The new facility was arranged from commercial financing loans that the state recently obtained from foreign banks and institutions within the budget for the fiscal year (FY) 2024/25, a member of the Parliament’s Planning and Budget Committee informed Asharq Business.
It is worth highlighting that EgyptAir's accumulated losses fell to EGP 16 billion by the end of FY2023/24 from EGP 30 billion, according to Sameh Elhefny, the Minister of Aviation.
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