European regional airline Flybe has secured $500m of funding from the Brazilian Export Development Bank (BNDES) to buy 20 new Embraer E175 regional jet aircraft.

The aircraft are scheduled for delivery between 2011 and July 2014.

The financing deal was signed following an agreement in 2010 to buy up to 140 new aircraft.

Flybe previously signed the deal with Embraer to buy 140 of their E-series aircraft, consisting of 35 firm orders for Embraer E175s, with options and purchase rights for a further 105 E-series aircraft.