Leading domestic airliner Buddha Air on Tuesday signed a $6.9 million loan agreement with the International Finance Corporation (IFC) of the World Bank Group to purchase a 72-seater ATR72-500 pressurised turboprop aircraft. The payback period of the loan is eight years.
“The new aircraft will be delivered by the end of September 2012 to consolidate service in the regional level,” said Birendra Bahadur Basnet, managing director of Buddha Air.
Buddha Air had taken a loan worth of $10 million in September 2008 to purchase two ATR42 planes and to build a closed-door hanger at Tribhuvan International Airport (TIA). “The new loan was possible as Buddha Air has been servicing the first loan on time and has been fulfilling all the covenants mentioned in the loan agreement, including anti-money laundering,” the carrier said.
On April 19, Buddha Air and European turboprop manufacturer ATR had signed an agreement for a lease-purchase of an ATR 72-500. The ATR 72-500 is the latest development of the ATR 72 series which costs $8 million.
According to TIA statistics, Buddha Air recorded the strongest growth in passenger movement, carrying 205,743 passengers in the first quarter of 2012, up 40.39 percent compared to the same period last year.
The airline’s fleet expansion drive has helped it consolidate its market share in domestic aviation. Established in 1997 with a single 18-seater Beech 1900D aircraft, the airline now owns three Beechcraft, three 47-seater ATR 42 and two 72-seater ATR 72 planes. It holds over 43 percent share in the domestic aviation market. The airline serves 10 domestic destinations.
With a view to expanding its services, Buddha Air, a leading domestic airline company, has added an ATR 72-500 aircraft to its fleet. The new aircraft landed at the Tribhuvan International Airport (TIA) on Sunday, flying from Abu Dhabi to Kat ...
China has agreed to provide two aircraft in grant for the Nepal Airline Corporation (NAC), while five others will be provided on soft loan basis. Chinese Ambassador to Nepal Yang Houlan, during his meeting with Finance Minister Barsha Man ...
Buddha Air is starting its flight to the Indian city of Lucknow from January 7.It will be the second international flight of Buddha Air after Paro, Bhutan. “Buddha Air will fly to Lucknow every Sunday, Wednesday and Friday,” the airline sa ...
Buddha Air plans its first international flight from Kathmandu to Paro(Bhutan) from August 23. The company will operate four scheduled flights every week with its Beech 1900D aircraft that has a capacity of carrying 16 passengers. Durin ...
The surge in airfare has hit the passenger movement of domestic airlines in 2011, registering just 1.85 percent growth in domestic air passenger movement as compared to the previous year. According to the statistics released by Tribhuvan Inte ...
The government has requested China to provide eight small and medium-sized aircraft for Nepal Airlines Corporation (NAC). The Ministry of Finance (MoF) has written to the Chinese Embassy asking for eight planes from the northern neighbour as ...
Domestic airlines have recoreded a growth of 15.04 percent in passengers number in the first quarter of 2012 as against the same period last year. Eleven airlines companies (fixed wings and rotor wings) flew a total of 396,086 passengers i ...
Buddha Air has announced that it will be starting its Kathmandu-Varanasi service from March 1, 2012 as part of the drive to expand its international network. The carrier said it would be operating four weekly flights (Sunday, Tuesday, Thur ...
The umbrella agreement between Nepal and China that has been planned in December will finally approve the purchase of turbo powered aircraft Modern Ark 60 (MA-60) and Y-12 for Nepal Airlines Corporation (NAC). “During the visit of Chinese ...
The Ministry of Tourism and Civil Aviation has approved the business plans of Buddha Air and Air Dynamic to operate international flights. Buddha Air has been permitted to use class C airspace while Air Dynamic has been cleared for class B ...
Guna Airlines has started to fly Kathmandu - Bhairahawa – Kathmandu route from today. The airline with three Beech aircraft has recently started its mountain flight too, said a company official. The airline is currently flying to Pokhara, ...
Buddha Air is planning Pokhara-New Delhi flight as part of its cross-border commercial scheduled operation to the various Indian cities. “The airliner has also been waiting for the approval for the Pokhara-Gorakhapur air route,” it said, a ...
Nepal Airlines Corporation (NAC) has sent a “commitment fee” to Airbus to buy two A320-200 aircraft as per a revised memorandum of understanding (MoU) signed on April 6. NAC managing director Madan Kharel said they sent US$ 500,000 to the Eur ...
KATHMANDU, JAN 18 - Tribhuvan International Airport (TIA) will likely get a new domestic terminal with improved and advanced facilities next year. Minister for Culture, Tourism and Civil Aviation Posta Bahadur Bogati on Friday laid the founda ...
Passenger movement at Kathmandu’s Tribhuvan International Airport (TIA) is projected to reach 5.85 million by 2015, a jump of 36.62 percent from the figure for 2011, said the Civil Aviation Authority of Nepal (CAAN). According to its forec ...
Tablet PC Prices in Nepal
Mobile Phone Prices in Nepal
LCD LED TV Prices in Nepal
Laptops Prices in Nepal
Bikes Prices in Nepal
New Loadshedding Timetable
List of Commercial Banks in Nepal