Azerbaijan Airlines borrowing hits $438 million

Azerbaijan Airlines has borrowed 650 million manats (approximately US$438 million) under a state guarantee to purchase new aircraft. The news was revealed in a statement by Azerbaijani Finance Minister Samir Sharifov to the Azerbaijani parliament on May 31. Sharifov added that the assistance providing to the airline is in various forms, including the subsidised fuel sales, lending under the state guarantee, and writing-off of the airline’s debts in different years. Azerbaijan Airlines fleet currently consists of one 787, one 757-200, one 767-300, one A319, one A320, one A340-500, an Embraer ERJ 170-100LR and an Embraer ERJ 190-100. The oldest aircraft