ALAFCO renews 2009 leases

Kuwait's Aviation Lease and Finance Company (ALAFCO) has announced that it has renewed all aircraft leasing contacts that were to expire in 2009.

ALAFCO's chief executive Ahmad Abdulla Al-Zabin said that the company renewed contracts of two of three aircraft leased to ChinaEastern Airlines, while the third was leased to Ethiopian Airlines.

The company also said that it received initial approval to finance the purchase of 18 out of 20 Airbus and Boeing planes for 2009.