Managing Director of Buddha Air Birendra Bahadur Basnet signed the loan agreement of US $ 6.9 million with IFC on Tuesday. The airline had taken a loan of US $ 10 million in September 2008 to purchase two ATR42s and for the construction of closed-door hangar.[break]
Flying to over 15 domestic and international destinations daily, the airline currently operates three 47-seater ATR42s, two 72-seater ATR72s and three Beechcraft 1900D.
Rupesh Joshi, executive manager of Buddha Air said the airline will increase flight frequency in the Biratnagar sector to six once the new aircraft arrives. “We are at present operating ATR42 in Dhangadi sector but after our third ATR72 arrives, 72-seater aircraft will replace the existing one,” he added. Joshi said the focus of the airline was on reliability rather than adding frequency.
The airlines had signed a purchase agreement with Franco-Italian aircraft maker ATR for the procurement on April 18, 2012.
“This new loan was possible because Buddha Air has been serving the first loan on time and has been fulfilling all the covenants mentioned in the loan agreement including anti-money laundering,” the statement added.
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