Embraer To Build 20 Jets For Argentina

BUENOS AIRES, Argentina (AP) -- Argentina's president says her country's biggest airline has signed a contract to buy 20 planes from Brazilian jetmaker Embraer.

President Cristina Fernandez says the aircraft will be the first new jets for Aerolineas Argentinas SA in 16 years. The airline was nationalized in December.

She gave no other details in a televised speech, but the Telam state news agency said Thursday that Brazil's national development bank would loan Aerolineas $585 million to finance the purchase.

A statement on the presidential Web site said the new fleet includes 14 E-190 jets and six E-170 jets, all made by Empresa Brasileira de Aeronautica SA.

Embraer is one of the world's biggest aircraft makers and one of Brazil's top exporters.