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Iraq to Buy Boeing Jets for $5B; Kostya Zolotusky Comments

BoeingLogoThe Iraqi government is planning to procure 40 Boeing-built planes for $5 billion as the country moves toward recovery, Businessweek reported Wednesday.

Deena Kamel Yousef writes the Middle Eastern country is seeking up to $2 billion in credit facility from the U.S. Export-Import Bank to help fund the purchase.

Bangen Rekani, Iraq’s deputy transport minister, told Businessweek his country will also form a committee comprising of transport and finance ministries and representatives from its central bank and Iraqi Airways to discuss the funding.

Citigroup Inc. is being eyed to serve as adviser for the transaction, Rekani told the publication.

Yousef writes Iraq acquired 30 737-800s in 2008, 10 787-8 Dreamliners in 2009 and a 777 in 2012 from Boeing, with two additional jets scheduled for delivery in the coming weeks.

Iraqi Airways also plans to buy five Bombardier-built CS300 CSeries worth $387 million, Businessweek reports.

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