The Managing Director of Air Namibia, Mr Kosmas H. Engumbo signed a lease agreement for two Airbus A340-300 aircraft on 25 May 2005 in Paris, France. The lease agreement was signed between Air Namibia and the lessor, which is a Special Purpose Vehicle created by three European Export Credit Agencies.

The aircraft have been remarketed by Avequis Aircraft Trading & Remarketing. Services in France. Air Nami-bia will lease these aircraft for a period of 7 years. The first of these aircraft to be commis-sioned on 1 December 2005 and the next to follow on 1 September 2006. Both aircraft have identical configuration with 234 economy class seats and 44 business class seats. Each air-craft can carry approximately 15 tonnes of cargo out of Hosea Kutako International Airport to Frankfurt or London. Because of the elevation of Hosea Kutako International Airport and temperatures, especially in summer time, both aircraft have upgraded C7M56-5C3G engines installed.

Air Namibia is currently negotiating with internationally recognized and reputable main-tenance organizations for the provision of maintenance.

The introduction of both A340-300 to Air Namibia’s fleet will significantly increase its operating economies due to lower operating costs and important synergies.