Egyptian charter carrier Smart Aviation (SME, Cairo International) is negotiating with CIAF Leasing - Air Operation to secure part of a USD20 million loan for purchasing a longer-range passenger aircraft. The type of aircraft was not disclosed.

To manage financial obligations, Smart Aviation plans to sell an undisclosed aircraft for USD4 million to cover accumulated interest on a USD33 million bank loan, which it has now scheduled for repayment over six years, reported Al Masry Al Youm newspaper. The company reported a USD17 million profit last year, a significant recovery from a USD2.5 million loss in 2020.

According to ch-aviation fleets data, Smart Aviation - among whose shareholders is EgyptAir Holding - currently operates a fleet of five Cessna 680 Sovereigns, a G450, and a Beech (twin turboprop) King Air 350i on services including VIP/business charter flights, air ambulance services, ground handling, and multiple airport calibration tasks.

ch-aviation has reached out to Smart Aviation and CIAF Leasing for comment.