A new Boeing 707/320-B long-range jet commercial airliner is being acquired by El Al Israel Airlines, Ltd., with assistance of a new loan of $5,032,000 from the Export-Import Bank of Washington. The plane will be the first of four such ultra-modern craft Israel plans to buy during the next five years. The new jet will serve the Tel Aviv-New York and Tel Aviv-Nairobi routes.
The total price of the plane is $7,400,000, including spare parts. Repayment is guaranteed by the Israel Government, the airline’s major shareholder.
First financing of El Al by the Export-Import Bank was a loan in 1960 for the purchase of two Boeing 707 jets. A second loan was issued in 1961 for a third 707. These two credits totaled $12,600,000. In 1962, the bank guaranteed a commercial loan to El Al to the extent of $12,300,000 for two Boeing 720 planes.
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