The Asia Development Bank (ADB) will finance the fleet renewal programme at Air Niugini (PX, Port Moresby), according to Port Moresby's Post Courier outlet, including two B787-8s and six A220-100s.
“The ADB board has just recently approved ADB financing for the Air Niugini re-fleeting program," said the bank's country director Said Zaidansyah. The deal was also verbally confirmed by Air Niugini CEO Gary Seddon. Neither party put a figure on the loan or clarified its terms.
The Manila-headquartered regional development bank provides loans, technical assistance, grants, and equity investments that promote social and economic development. It has 69 member countries, including 49 in the Asia Pacific region.
State-owned Air Niugini is part way through a substantial capital investment programme, including a fleet replacement programme and critical infrastructure upgrades such as maintenance facilities, hangars, and systems development. This includes replacing its B767-300ERs with the B787-8s, replacing its F70s and F100s with the A220-100s and five leased A220-300s and consolidating its various DHC-8 types into a single DHC-8-Q400 fleet.
