Baku, Azerbaijan, September 13
By Khalid Kazimov - Trend:
Five Airbus airliners are going to join the civil aviation fleet of Iran, Bank Day President Ahmad Shafizadeh said.
The airplanes are being purchased through loans given by Bank Day, he said, Fars news agency reported September 12.
He said the loans were given in line with major policies to renovate the Iranian civil aviation fleet.
The Iranian civil aviation fleet has become dilapidated as international sanctions have deprived the country of the chance to buy new airplanes or parts, seek technical support from abroad, or lease airplanes from other countries. It is said the country needs 400 new airplanes to renovate its fleet.
Shafizadeh further said the bank accepts airplanes as collateral.
"Regarding the purchase of airplanes, we eased the conditions for advance payment for airline companies, that is, we accepted airplanes as collateral. That is while none of the Iranian banks do that," he said.
"We are providing these loans in order to help non-oil exports which is in line with the major policy of resistance economy."
The resistance economy is a notion introduced into Iran's economic literature by Supreme Leader Ayatollah Ali Khamenei, denoting minimum reliance on oil revenues and export markets, expertise, finance, etc.
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