Indonesia-based Lion Air has signed a $21.7bn contract with Boeing to buy 230 aircraft, including 201 737 MAXs and 29 Next-Generation 737-900 ERs.

The contract also includes purchase rights for an additional 150 planes worth $14bn.

The 737 MAX, powered by CFM International LEAP 1-B engines, will provide a 10%-12% fuel burn improvement over most fuel-efficient single-aisle airplanes.

The transaction will be part-financed by the US Exim Bank, with the remaining funds sourced from a consortium of international banks, which is still being finalised.

Delivery of the planes is scheduled between 2017 and 2025.