Ethiopian, US Export-Import Bank sign 1.6 Billion USD Agreement
Addis Ababa, August 11, 2010 (Addis Ababa) - Ethiopian Airlines and the Export-Import Bank (Ex-Im Bank) of the United States signed an agreement valued at over 1.6 billion US dollar to support the financing of five B777-200LR and ten B787-8 aircraft and General Electric spare engines.
the financing documents were signed by Ethiopian Airlines CEO, Girma Wake and Ex-Im Bank Chairman and President, Fred P. Hochberg at a ceremony held at the 9th African Growth and Opportunity Act (AGOA) Forum in Washington DC on August 02, 2010.
The magnitude of the transaction represents the first of its kind for the support of the African aviation industry, according to a press statement Ethiopian sent to ENA on Wednesday.
After signing the agreement, Girma Wake said, Ethiopian would like to thank the management and Board of the US Ex-Im Bank for their unreserved support to Ethiopian Airlines.“This agreement has significant contribution towards the development and growth of our airline.”
He said “Our sincere thanks also go to the African governments, leaders and our customers for the unwavering support to the success of Ethiopian Airlines.”
The signing of this agreement reaffirms the principles and objectives for which the AGOA stands and vividly reflects the forum’s firm commitment to advance the growth of the aviation industry in Africa.
The US Ex-Im Bank President and Chairman Fred P. Hochberg said on the occasion that it was a pleasure to continue to work with and support one of Africa’s premier air carrier, Ethiopian Airlines.
“In fact, looking back at our relationship and discussing our latest transaction with our transportation team and Boeing, our relationship with Ethiopian Airlines is one of the best in the world,” he added.
He thanked Ethiopian Airlines, Boeing and “our” transportation team for making this possible and I look forward to strengthening this relationship.”
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