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AFC Funds USD 668 million Ethiopian Airlines fleet Modernisation

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Africa Finance Corporation (AFC), in collaboration with other international financial institutions, has concluded the co-financing of five new Boeing 777-260LR aircraft for Ethiopian Airlines. The acquisition of the new airplanes was in line with the Airline’s fleet modernization and expansion program. The AFC provided USD 24 million as part of a second lien loan tranche of the fleet financing plan. The new aircraft will expand Ethiopian airlines capacity on long haul routes to and from Africa, from its Addis Ababa hub.

Ethiopian Airlines, the national flag carrier of Ethiopia, was founded in 1945. Today, it has become one of the continent’s leading carriers, operating at the forefront of technology, with high quality service and operational excellence. Ethiopian Airlines plays a pivotal role in the economic development of the Ethiopian economy, and commands a major share of the pan-African air transport network, serving 58 international destinations. It plays a major role in capacity development within Ethiopia. The modernization of its fleet will create in excess of 400 skilled jobs within the airline’s workforce.

The project is financed with senior debt from US Eximbank, and the second lien loan provided by the Africa Finance Corporation, African Development Bank, and PTA Bank. Citibank N. A. was the mandated lead arranger for the transaction. Commenting on the support provided to the Project and the company’s long term investment plan, Andrew Alli said “the AFC will continue to partner with institutions such as Ethiopian Airlines, in its quest to achieve and surpass its worldwide competitors in continued technical and service excellence and capacity development, and in so doing execute on our mandate to bridge the infrastructure investment deficit in Africa”

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