Iran Air signed an agreement with an undisclosed Chinese company to provide funding for the company’s aircraft purchases, recently secured with Airbus and Boeing, according to the country’s Ministry of Roads and Urban Development. Iran Air is expected to cover 15% of the funding for the aircraft, with 85% from its new financing from China.
The deal follows months of negotiations, with deliveries now expected to resume on 21 June 2018 as per the agreement with Airbus.
In December 2016, Boeing and Iran Air agreed to a deal for 50 B737s and 30 B777s, valued at US$16.6 billion. A similar deal was also signed with Airbus, for 100 planes worth up to $20 billion at list prices. Iran Air has already received three of the Airbus aircraft, all paid for in cash and considered as PDP for the remainder of the order once financing was shored up.
Iran Air has also taken delivery of six of 20 ATRs from an early 2017 deal with ATR.
Iran plans to receive the first Boeing sometime around May 2018, although it depends on the decision from the US government.