Canada’s Bombardier to finance Iran’s commercial plane order

 Canadian planemaker Bombardier is ready to finance 80 percent of Iran’s order to buy 10 commercial aircrafts, Financial Tribune daily reported on Tuesday.

Bombardier has obtained the license from the U.S. Treasury’s Office for Foreign Assets Control to sell 10 brand-new CRJ-900 NextGen regional jets to Iran and is ready to finance 80 percent of the order, the CEO and Chairman of Qeshm Investment and Development Company told the daily.

“The remaining 20 percent would be funded by Iran’s Qeshm Free Area,” Reza Baqerinejad said without providing further details about the total value of the contract.

The planemaker has submitted a draft contract to Iran’s Qeshm Free Area Organization for the review, Baqerinejad said, adding that his company will review the draft to finalize the deal.

The final contract will be officially unveiled within a month, Baqerinejad was quoted as saying.

Deliveries are expected to begin ten months after the deal is unveiled, Baqerinejad said. “Bombardier is expected to deliver two planes every three months,” he added.

The contract marks Bombardier’s first foray into the Iranian market as no Iranian airline has ever operated planes manufactured by the Canadian company.

The order is part of the Iran’s Qeshm Free Area Organization plan to launch a new airline called Fly Qeshm to promote tourism in the southern Qeshm Island.

Boeing, Airbus and ATR have been given the go-ahead with their contracts with Iran Air. The flag carrier has so far received 11 planes, 3 Airbus jets in addition to 8 ATR turboprops.