"EIB extends EUR 500 mln loan to Turkish Airlines
EkoTürk News Agency / Ankara
The European Investment Bank is providing up to EUR 500 million of loans to Turkish Airlines (THY) for the expansion and renewal of its aircraft fleet between 2005 and 2008. Rising demand for air travel and the company’s ageing fleet are making the modernisation and renewal of THY a key challenge for the company’s development. To support the airline, the EIB is lending EUR 500 million for the part-financing of 36 Airbus aircraft as well as two flight simulators, which will be based at Istanbul Atatürk International Airport.
THY aims to capitalize on a significant increase in international business and leisure traffic and intends to maintain its lead in the domestic market with its modern aircraft family. Responding to the sharp increase in passenger traffic in recent years, Turkish Airlines has recently announced 24 new destinations strengthening the Company’s position as a global airline. "
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