Banks in talks with EgyptAir over a USD 870 mn loan to revamp its fleet are stipulating that the facility be guaranteed by the Finance Ministry,banking sources told Al Shorouk. Reports emerged in October that the airline is seeking a loan of USD 870 mn to finance a portion of its purchase of new aircraft. The airline is in talks with 25 private and public banks and is planning to spend USD 5 bn on new aircrafts.

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