June 16, 2017
Nepal Airlines Corporation (NAC) delivered an amount of Rs8 billion to the agent in Germany as a first instalment to purchase two wide-body Airbus A330 aircraft.
Managing Director of NAC Sugat Kansakar tweeted, “We dispatched Rs8 billion for purchasing A330s at 14:27 local time today with the support of Ministry of tourism and finance, Rastra Bank, Employees Provident Fund (EPF) and Citizen Investment Trust (CIT).”
NAC will pay the remaining amount before one month of receiving the aircraft. As been reported, AAR Corp has already provided NAC with the aircraft’s slot number.
The sales and purchase agreement for two wide-body Airbus A330-200 was signed by NAC and AAR Corp on April 7, 2017 which became the historic day in Nepali aviation industry. The current owner of the two wide-body jet aircraft, which NAC is acquiring soon, is an airline based in Lisbon, Portugal named HI Fly.
NAC will pay an interest of 9% each to EPF and CIT until they initiate commercial operation after acquiring two A330s. The loan is expected to be cleared by NAC in a span of 15 years and Nepal Government will act as a guarantee.