El Al Israel Airlines has signed an agreement to sell and lease back two CFM56-7B engines, for around $13–14m.

El Al has leased back the engines for a period of seven years at a lease rate of 0.75–1.2% per month with an option to extend the contract by five years. As a result of the sale, El Al is expected to recognize $9m of capital earnings in the first quarter of 2012.

Nissim Malki, CFO of El Al, said: "The transaction will be part of the funds to renew the company's aircraft fleet and implementation of its fleet planning."

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