Ethiopian Airlines and Citi Secure USD 450m Loan for Five New Boeing Aircraft
Ethiopian Airlines secures USD 450m loan to add five Boeing aircraft to its fleet.
Ethiopian Airlines (ET) announced an agreement with Citi to secure a USD 450 million loan. This funding will facilitate the addition of five new Boeing aircraft to its fleet: three B737-8 MAXs and two 777 Freighters.
Financing Secured for Fleet Expansion
The airline has outlined that the loan, arranged exclusively by Citi’s Corporate Banking and Export Agency and Finance teams, will be secured against the value of the five planes. The loan is guaranteed by the Export-Import Bank of the United States (EXIM).
Citi has provided Ethiopian Airlines with its largest aircraft financing in a decade. This $450 million loan will support the bank’s expansion in the region and the airline’s growth plan.
“We are grateful for the mutually beneficial partnership we have established with Citi and look forward to further strengthening it. Fleet expansion being one of our strategic growth pillars, we will continue expanding and modernising our fleet size so as to grow our business and reach new markets.”
Ethiopian Airlines Group CEO Mr. Mesfin Tasew.
Ethiopian will receive all five new aircraft in Washington state, USA, in December, bringing its fleet to 150 and aligning with plans to grow to over 270 planes by 2035.
