Ethiopian Airlines has announced a landmark $450 million (USD) loan agreement that will finance five new Boeing aircraft: three Boeing 737-8 MAX 8 aircraft and two Boeing 777F freighters.
The loan will be secured against the value of the five planes and has been arranged exclusively by Citi’s Corporate Banking and Export Agency and Finance teams. It is guaranteed by the Export-Import Bank of the United States (EXIM).
Ethiopian Airlines is a longstanding client of Citi’s Treasury and Trade Solutions (TTS) business, and their support and partnership have been instrumental to reaching the deal. Different parts of the bank, all working together, reflect Citi’s unique ability to offer different banking services to clients with cross border needs.
The $450 million loan is Citi’s largest aircraft financing in Ethiopia within the last decade and will help support both the bank’s bid to increase its footprint in the region, and the airline’s ambitious growth plan.
The five new aircraft will bolster Ethiopian Airline’s fleet to 150 in total and delivery of all the aircraft will be completed in the U.S. state of Washington in December. The new arrivals will help Ethiopian serve all its destinations by accelerating its expansion throughout the world and will further bolster Ethiopian Cargo & Logistics Services’ position as Africa’s largest cargo network operator. Ethiopian Airlines has ambitions to grow its fleet to over 270 aircraft by 2035.
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- Source: https://worldairlinenews.com/2023/12/19/ethiopian-airlines-and-citibank-sign-a-450m-loan-agreement-for-five-new-aircraft/
