Panama's Copa buys 61 Boeing 737s for $6.6bn

Panamanian carrier Copa Airlines signed a deal worth an estimated $6.6 billion to buy 61 Boeing 737 aircraft Friday, during President Barack Obama's visit to the country.

The companies said the deal was the "largest commercial transaction between a Panamanian and a US-based company ever."

Obama is in Panama to take part in a Summit of the Americas, which brings regional leaders together to discuss trade, job creation and a host of political issues.

The US president was expected to attend a ceremony to mark the deal, alongside Panamanian President Juan Carlos Varela, Boeing Chairman and CEO Jim McNerney and Copa CEO Pedro Heilbron.

Copa will in total buy 61 of Boeing's 737 MAX 8 and MAX 9 airplanes.

"The Next-Generation 737 is the backbone for our fleet today, and our order for the 737 MAX shows our continued commitment for the future," said Heilbron.

Copa has pursued an aggressive bid to make Panama the "hub of the Americas" and is one of the region's largest airlines.

The time frame for the purchase was not immediately clear, but Boeing says it has 2,715 orders for the 737 MAX planes from 57 customers around the world.