Cyprus Airways is to lease one new Airbus A320-200 in its fleet renewal plan, it said Thursday.

The airline, which is majority state controlled, announced the signing of a memorandum of understanding with Irish company CIT Aerospace International for the leasing of the aircraft for a period of 45 months. The plane is expected for delivery in February 2010.

"As our fleet is getting old, we are trying to take advantage of all the good opportunities out there to renew all of our fleet," said Cyprus Airways spokesman Kyriacos Kyriacou.

The agreement comes on the heels of a letter of intent signed in February for the lease of two A320 aircraft with an Irish company for an undisclosed sum over a period of six years.

Cyprus Airways' fleet now comprises 11 Airbus aircraft with an average age of 12.5 years.