EgyptAir in the market for a USD 870 mn loan to finance new fleet additions

EgyptAir is looking to borrow USD 870 mn from local banks to finance a portion of its planned purchase of 33 new planes, Al Mal reports. EgyptAir has already begun negotiations with National Bank of Egypt, Banque Misr, and Banque du Caire, sources say. The national flag carrier has reportedly set this month’s end as the deadline for banks to bid for the loan. EgyptAir will be spending EGP 60 bn (USD 3.4 bn) on a full range of aircrafts to fly short-, medium- and long-distance routes.