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Ethiopian Airlines acquisition of 10 787s principally financed by JP Morgan

20-Aug-2012 11:53 AM

Ethiopian Airlines stated (16-Aug-2012) it has secured USD1 billion of financing from J P Morgan for its 10 Boeing 787-8s. The US Export-Import Bank (Ex-Im Bank) provided export credit agency support via guaranteed loans that cover 85% of the total cost of the aircraft. The balance will be financed by a group of financial institutions including ING Capital, the Emerging Africa Infrastructure Fund (EAIF), The Netherlands Development Finance Company (FMO) and the ICF Debt Pool (ICF), as well as from internal cash resources of the carrier. Ethiopian received its first 787 on 14-Aug-2012. The airline will take delivery of five 787s before the end of the fiscal year, as well as three 737-800s and five Q400s. [more - original PR]