Dubai's Emirates airline said on Monday it has closed a $239 million financing agreement for General Electric and Rolls-Royce aircraft engines. Emirates said in a statement the financing, fully arranged and funded by Royal Bank of Scotland, included a $129 million loan guarantee from the US Export-Import Bank for seven GE 90 spare engines and $110 million in commercial debt for 15 Rolls-Royce engines.
"Financing terms for the GE 90 spare engines is five years, and eight years for the RR engines," the statement said.
It said the Rolls-Royce engines had been delivered and that the first of the GE engines was delivered in December while the remaining six would be delivered by 2007.
Emirates, one of the world's fastest growing airlines, is in the middle of a massive expansion drive to boost its fleet to 150 aircraft by 2011-2012 from 73 currently.