Emirates Secures 111-million-dollar Bank Funding For Long-haul Airbus

DUBAI, July 27 (AFP) - Dubai's government-owned Emirates airline announced Tuesday it has signed a 111-million-dollar financing agreement with two local banks for its sixth Airbus A340-500 aircraft.
The agreement with a 12-year term was funded by the National Bank of Dubai and Emirates Bank Group, a statement said. The weighted average cost of funds was 0.9 percent over six-month Euribor (Euro Inter Bank Offered Rate).
Emirates' first four long-haul A340-500s were financed using a combination of European export credit and Islamic funding.
The fifth was financed by Standard Chartered Bank with Bank of Tokyo Mitsubishi and Lloyds TSB Bank as co-arrangers.
"The UAE's banking industry has been developing and maturing rapidly, along with the growth of the country's economy. It increasingly offers a range of financial products that fit our needs," the airline said.
Serving 77 cities in 54 countries, Emirates has on order 45 Airbus A380-800s, 30 Boeing 777-300ERs, another four Airbus A340-500s and 20 Airbus A340-600 Higher Gross Weight aircraft, totalling 28 billion dollars.
Emirates, which reported record net profits of 476 million dollars for the financial year to March 31, is at the forefront of Dubai's ambition to become the region's trade, transport and tourism hub.