Online Desk:  Biman Bangladesh Airlines has settled $1.57 billion of its $2.09 billion loan as of April this year. The total payment includes both principal and interest accrued on the loan used to purchase aircraft.

A press release issued on Friday by Biman’s Public Relations Department Manager Md Al Masud Khan confirmed this information.

The national flag carrier had received the loan since 2011 to buy new aircraft, including two Boeing 737-800s, four Boeing 777-300ERs, six Boeing 787 Dreamliners and two De Havilland Dash-8Q400s.

Various financial institutions, including US Citibank and JP Morgan, issued the loans to Biman.

Biman has a strong track record of repaying loans on time, according to the press release of the national flag carrier.

The airline has already settled loans for a Boeing 737-800 acquired in 2022 and two Boeing 777-300s purchased in 2023.

The transfer of ownership for these aircraft is underway, said the press release. It also mentioned that loan repayments for two additional Boeing 777-300s would be completed by 2025.

During the Covid-19 pandemic, Biman received a government incentive loan of Tk 7.88 billion. According to the press release, Biman successfully repaid this amount with interest.

Biman has also used its own funds to acquire two additional Dash-8-300s and two Boeing 737-800s that were previously leased, adding them permanently to its fleet.

Biman’s current fleet comprises 19 aircraft. The airline highlights its financial self-sufficiency by asserting that it covers all its operating expenses and aircraft costs without relying on government subsidies.