Ethiopian Airlines has signed a $450 million EXIM-guranteed loan agreement with Citi for five new Boeing aircraft. The loan will finance three 737-8 and two 777F aircraft.
The loan is Citi’s largest aircraft financing in Ethiopia within the last decade. It was arranged by Citi’s corporate banking and export agency and finance teams with it being guaranteed by the Export Import Bank of the United States (EXIM).
“A lot of work has gone into getting this deal off the ground,” said Citi Sub Saharan Africa head Akin Dawodu, “and it is thanks to Citi’s strong relationships and connectivity both within the country and across our global network that we have been able to make it happen.”
The five aircraft will expand the airline’s fleet to 150 aircraft. Ethiopian Airlines Group CEO Mesfin Tasew said: “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 is aiming to grow its fleet to over 270 aircraft by 2035.