Myanmar Business Today - Vol 2, Issue 8

Myanmar Business Today mmbiztoday.com

February 20-26, 2014

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

mmbiztoday.com

February 20-26, 2014 | Vol 2, Issue 8

Myanma Airways Signs Nearly $1-b Aircraft Leasing Deal Kyaw Min

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Myanmar Summary

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Soe Zeya Tun/Reuters

tate-owned Myanma Airways has agreed to lease 10 new Boeing 737 jets from the world’s biggest leasing company GE Capital Aviation Services (GECAS), marking the largest single ÀHHW H[SDQVLRQ LQ 0\DQ mar. Myanma Airways (MA), 0\DQPDU¶V ÀDJ FDUULHU ZLOOOHDVHVL[DQG IRXU 0$; VLQJOH aisle jets, according to a joint statement from the ¿UPV GECAS, the commercial aircraft-leasing arm of US-based General Electric Co, said the deal had a list price of $960 million and the aircraft will be delivered through 2020. 7KH¿UVWSODQHZLOOEHGH livered in June 2015 and LVSDUWRIDQH[LVWLQJRUGHU by GECAS. Leasing companies rent DLUFUDIW WR DLUOLQHV LQ H[ change for a monthly fee. Each 737 aircraft is worth about $90 million at list prices when ordered directly from planemaker Boeing.

MA will work with GECAS to develop and upJUDGH LWV DLUOLQH ÀHHW DQG H[SDQG URXWHV LQWR NH\ markets in the region, of¿FLDOV IURP 0\DQPD $LU ways told a news conference on the sidelines of 2014 Singapore Air Show. “Myanma Airways, which has suspended international operations since 1993, is now going to re-enter the international market with the support of our good friend and partner GECAS,” Minister for Transportation U Nyan Htun Aung said. “We hope that we could become well known again to international air travellers.” 7KH FDUULHU SODQV WR H[ pand its international routes to Japan and South Korea. Currently, its only H[WHUQDO ÀLJKW LV WR %XG dhist pilgrim destination Gaya in India. “We are delighted to work with GECAS to develop and upgrade our DLUOLQH ÀHHW DQG H[SDQG routes into key markets in the region,” said Captain

German President Joachim Gauck gives a speech at Yangon University.

Germany Waives Half a Billion Euro of Myanmar’s Debt Phyu Thit Lwin

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ermany has signed an agreement to slash more than half a billion euro in debt owed by Myanmar, in line with a debt forgiveness agreement the Southeast Asian nation made a year ago with the Paris Club, a group of creditor countries. The agreement was signed on February 10 in Myanmar’s capital Nay Pyi Taw, during a state

visit by German President -RDFKLP *DXFN WKH ¿UVW by a German head of state in 26 years, state-run media reported. The remaining debt of €542 million ($741 milOLRQ RXWRI¼ELOOLRQ ELOOLRQ LVWREHUH paid with a three percent interest within a period of 15 years, according to the agreement. Myanmar negotiated the deal a year ago with Contd. P 6...Ī*HUPDQ\:DLYHVī

Myanmar Summary

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