Mumbai, Dec 22 (IANS): Jet Airways Monday said here it has concluded a five-year syndicated loan agreement of $150 million from a consortium of four Middle East banks.

The syndicate loan - offered by a group of lenders or syndicate who work together to provide funds for a single borrower - has been sanctioned by the group comprising Abu Dhabi Commercial Bank PJSC, Commercial Bank International PJSC, Ahli United Bank B.S.C and Arab Banking Corporation B.S.C.

"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," Jet Airways CEO Cramer Ball said.

Earlier, Abu Dhabi-based Etihad Airways PJSC (Etihad) and Jet Airways had announced a long term strategic alliance with the investment by Etihad of a 24 percent equity stake in Jet Airways and a 50.1 percent stake in Jet Privilege Private 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 in a statement.