The contract is for 61 Boeing 737s MAX 8 and 9, though details on deadlines for delivery are not known.
From a statement issued by Copa Airlines:
Juan Carlos Varela, President of the Republic of Panama and Barack Obama, President of the United States of America, witnessed a historic agreement in which Copa Airlines (NYSE: CPA) and Boeing (NYSE: BA) announced the order of 61 737s MAX 8 and 9.
The airline ordered an additional 13 Boeing 737 airplanes, a $1 billion investment, doubling its original request.
This order increases to 27 the number of planes Copa Airlines has ordered from Boeing. Additionally, they have agreed a purchase option for 8 more planes.
"Boeing 737s have been an important element in Copa's success, proving us with efficient operations and costs, which allows us to offer our passengers world class services and an extensive network of routes in Latin America", said Pedro Heilbron, CEO of Copa Airlines. "This order restates the confidence we have in our business model and the growth potential for air travel in Latin América".
The government has announced it will buy an aircraft and maritime interdiction boats, and will contract maintenance for aircraft in the National Air Service.
The Cabinet has endorsed the purchase of a DHC-6 Twin Otter 400 aircraft as well as maritime interdiction vessels DAMEN 1102 and three contracts for maintenance of aircraft order to strengthen the capacity of the National Air Service (Senan).