Export-Import Bank of US has cleared Air-India's loan proposal for the acquisition of 68 aircraft from Boeing, making it one of the largest transactions in aviation history done with its support.The bank will guarantee the loan up to 85% of the aircraft cost, and the balance 15% will be funded by State Bank of India and ICICI Bank."The clearance provides for a final commitment in respect of 17 aircraft and engines to be delivered from November this year up to December 2007, which includes 10 aircrafts for Air-India Express and 7 aircrafts for Air-India, and a preliminary commitment in respect of the remaining 51 aircrafts to be delivered between January 2008 up to February 2012," an Air-India release said.The government of India will, in turn, provide a guarantee for 85% of the loan guaranteed by the US Exim Bank.ABN Amro has been mandated to lead finance the funding supported by US Exim, the release added.
