EgyptAir secures facility from Finance Ministry to expand fleet

The Egyptian Ministry of Finance has granted a facility valued at EGP20b 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.<br/>