Ex-Im Backs Bonds Issued By Ethiopian Airlines For Export Of U.S Aircraft | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-04.29.24

Airborne-Unlimited-04.23.24

Airborne-Unlimited-04.24.24 Airborne-FltTraining-04.25.24

Airborne-Unlimited-04.26.24

Tue, Dec 04, 2012

Ex-Im Backs Bonds Issued By Ethiopian Airlines For Export Of U.S Aircraft

Will Finance Four Of Ethiopia's 10 Dreamliners

The Export-Import Bank of the United States (Ex-Im Bank) is backing bonds issued by Ethiopian Airlines of Addis Ababa to finance the export of four of ten Boeing 787 Dreamliner aircraft to Ethiopia. Ethiopian Airlines obtained competitive interest rates on its bonds.

"This good news illustrates that the capital markets are yet another funding source available to facilitate U.S. exports and support American jobs," said Ex-Im Bank Chairman and President Fred P. Hochberg. "We are proud that Ethiopian Airlines, one of our longstanding partners, has benefited from this new financing program, and we hope that it will be the first of many African buyers of U.S.-manufactured goods and services to do so."

"The combination of high-quality, high-technology U.S.-manufactured Boeing aircraft, along with Ethiopian Airlines' business model and management team and Ex-Im Bank-supported financing, is enabling Ethiopian Airlines to successfully connect Africa and its people and products to the world," added Bob Morin, Ex-Im Bank's vice president for transportation. 

Ex-Im Bank authorized the final commitment for the purchase of the Dreamliners in May, and Boeing delivered the first aircraft to Ethiopian Airlines at a ribbon-cutting ceremony in the main terminal of Washington Dulles International Airport here August 15. Nippon Export and Investment Insurance (NEXI) co-financed the transaction.

The Boeing 787 aircraft delivered to Ethiopian Airlines is the first of its kind to be delivered to any airline outside of Japan, and it is the first one to be financed by Ex-Im Bank. "We are lucky enough to secure such lowest coupons at our first entry into this market. It is a result of good understanding, dedication and effort among Ethiopian Airlines and our partners, Ex-Im Bank and JPMorgan," said Kassim Geresu, Ethiopian Airlines' chief financial officer. "We were all closely working together over several months to close the financing deal and achieve such attractive rates. I thank all involved from ET, JPMorgan and Ex-Im Bank for such fruitful work. As part of our cost leader ship strategy and the ongoing efforts to make our airline competitive and cost efficient, it is my belief that the bond financing arrangement is also contributing to take us to a better position."  

Ex-Im Bank has worked with Ethiopian Airlines since 2002 to support its ongoing fleet renewal and expansion program. In FY 2012, Ex-Im Bank authorized a record $1.52 billion to support U.S. export sales to buyers in Sub-Saharan Africa.

FMI: www.exim.gov

Advertisement

More News

Unfortunate... ANN/SportPlane Resource Guide Adds To Cautionary Advisories

The Industry Continues to be Rocked By Some Questionable Operations Recent investigations and a great deal of data has resulted in ANN’s SportPlane Resource Guide’s rep>[...]

ANN FAQ: Turn On Post Notifications

Make Sure You NEVER Miss A New Story From Aero-News Network Do you ever feel like you never see posts from a certain person or page on Facebook or Instagram? Here’s how you c>[...]

ANN's Daily Aero-Term (04.29.24): Visual Approach Slope Indicator (VASI)

Visual Approach Slope Indicator (VASI) An airport lighting facility providing vertical visual approach slope guidance to aircraft during approach to landing by radiating a directio>[...]

ANN's Daily Aero-Term (04.28.24): Airport Marking Aids

Airport Marking Aids Markings used on runway and taxiway surfaces to identify a specific runway, a runway threshold, a centerline, a hold line, etc. A runway should be marked in ac>[...]

ANN's Daily Aero-Linx (04.28.24)

Aero Linx: The Skyhawk Association The Skyhawk Association is a non-profit organization founded by former Skyhawk Pilots which is open to anyone with an affinity for the A-4 Skyhaw>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC