Ethiopian Airlines has secured a USD 450 million loan agreement to finance the acquisition of five new Boeing aircraft—three Boeing 737-8 and two Boeing 777F (Cargo).

The loan, arranged by Citi's Corporate Banking and Export Agency and Finance teams, is guaranteed by the Export-Import Bank of the United States. Citi, a long-standing partner of Ethiopian Airlines, has provided its largest aircraft financing in Ethiopia in the last decade. The loan will be backed by the value of the five planes and is guaranteed by the Export-Import Bank of the United States (EXIM).

The deal will support the airline's expansion plans, bringing its fleet to 150 aircraft and enhancing Ethiopian Cargo & Logistics Services' position as Africa's largest cargo network operator. The loan marks Citi's 70th year working with Ethiopian clients, and the bank continues to support Ethiopian Airlines' growth across the globe.

Ethiopian Airlines Group has already achieved its vision 2025. It is now working towards meeting its vision 2035 which is aimed at increasing the airline’s destinations to 207 from the current 131. The vision also aims to almost double the Ethiopian Airline’s fleet by increasing the airline’s number of aircraft to 271. In addition, the Group is envisioning to earn USD 25 billion in revenue by the year 2035.

Source: Fana BC

Additional source: 2Merkato Archives