Ethiopian Airlines and Citi Sign a USD $450m Loan Agreement for Five New Aircraft
Summary
Ethiopian Airlines and Citi Sign a USD $450m Loan Agreement for Five New Aircraft Ethiopian will boost its fleet to more than 150 Agreement reflects Citis ability to offer clients complementary banking services and shows strength of global networkEthiopian Airlines, Africas largest carrier, today announce a landmark USD $450 million loan agreement that will finance five new Boeing aircraft: three Boeing 737-8 and two Boeing 777F (Cargo).The loan will be secured against the value of the five planes and has been arranged exclusively by Citis 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 Citis Treasury and Trade Solutions (TTS) business, and their support and partnership have been instrumental to reaching the deal. A lot of work has gone into getting this deal off the ground, and it is thanks to Citis strong relationships and connectivity both within the country and across our global network that we have been able to make it happen. Citis unrivalled global network will continue to support Ethiopian Airlines expansion across Africa, Asia, the Americas, Europe and beyond.Ethiopian Airlines, one of Africas most successful indigenous companies, plays a critical role in the countrys rapid economic growth by promoting tourism, facilitating import export of the country. Ethiopian has created Africa-wide and transcontinental networks flying to 135 international passenger and cargo destinations, including 63 African cities.