Four Middle East banks have joined together as a syndicate to offer a $150 million loan to India-based Jet Airways. The four banks in the consortium include: Abu Dhabi Commercial Bank PJSC, Commercial Bank International PJSC, Ahli United Bank B.S.C and Arab Banking Corporation B.S.C.

Jet Airways CEO Cramer Bell explained:

“It is time to re-energize and re-establish ourselves as the country’s leading full-service airline. We will continue to build on this strong foundation as part of our three-year turnaround plan. This syndicated loan facility will be instrumental in underpinning the airline on this progressive path.”

Prior to the $150 million loan agreement the Abu Dhabi-based Etihad Airways PJSC and Jet Air joined forces when Etihad invested in Jet Airways with a 24 percent equity stake and 50.1 percent share in Jet Privilege Limited.

“The partnership between the two airlines will be mutually beneficial across multiple areas including network growth, operational synergies, revenue enhancement and cost optimization,” the company said.