Flybe’s $500m new plane fund

REGIONAL airline Flybe has signed for a loan with the Brazilian Export Development Bank for $500m (£330m) to help update its fleet.

Flybe is buying 35 new Embraer aircraft, with delivery between 2011 and 2016, and the firm is using its new loan to pay for around 20 of those.

Chairman and chief executive Jim French said the loan was “an important milestone” that signals Flybe’s strong financial position.

Flybe agreed a deal to buy the new planes at last year’s Farnborough Air Show. The firm’s shares closed up 1.3 per cent yesterday.