British Airways has secured a £2 billion state-backed loan to help it recover from the ongoing effects of the Covid crisis.
BA parent IAG confirmed on Monday (4 January) it had received the necessary commitments and hoped to draw the facility immediately, subject to final terms.
The £2 billion cash injection has been underwritten by a syndicate of banks and is partially guaranteed by the state-backed UK Export Finance agency.
The UKEF is the UK’s export credit agency; its export development guarantee is designed to support the working capital and capital expenditure needs of UK exporters.
BA can repay the loan at any stage of the five-year term.