Monday, July 1, 2013

■ ETHIOPIA: US ExIm Bank okays $130million in financing to Ethiopian Airlines.

US Export-Import Bank logoThe Export-Import Bank of the United States (Ex-Im Bank) has authorized nearly USD130million in financing to support the export of General Electric-powered, Boeing long-range aircraft to Ethiopian Airlines (ET).

Ethiopian 777-200LR
Ethiopian 777-200LR (Boeing)
The transaction will support an estimated 700 American jobs in the aircraft and aircraft-engine manufacturing industry, according to an Ex-Im Bank estimate derived from U.S. Departments of Commerce and Labor data and methodology.

Ex-Im Bank Chairman, Fred P. Hochberg, announced the transaction last week in Addis Ababa. Hochberg is in Ethiopia conducting meetings with government and business leaders as part of a week-long business development trip to India, Ethiopia and South Africa.
Ex-Im Bank is pleased to add another transaction in our successful partnership with Ethiopian Airlines, which is supporting hundreds of jobs in the U.S. aerospace industry. This transaction also demonstrates the tremendous potential of Africa for U.S. exporters,” said Ex-Im Bank Chairman Fred P. Hochberg. “Our financing of high-quality, ‘Made in the USA’ aircraft and engines is also helping Ethiopian Airlines continue to expand its service throughout Africa and beyond the continent.
In May 2012, Ex-Im Bank authorized financing to support 10 Boeing 787 Dreamliner aircraft to Ethiopian Airlines, four of which were funded through a capital-markets bond issuance in November 2012.

Ethiopian's relationship with the US Ex-Im Bank dates back to 1950, when a loan for USD1'000'000 (USD10million in 2012, adjusted for inflation) was granted by the bank to enable the then fledgling carrier to incorporate two Convair CV-240s into its fleet for use on international routes.