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.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
