Ethiopian Airlines secures $450m loan for 5 Boeing jets

Ethiopian Airlines has secured a $450m loan to purchase five Boeing aircraft, namely three 737 MAX 8 and two 777F jets. According to the airline, the loan was secured against the value of the five aircraft, arranged exclusively by Citi’s Corporate Banking and Export Agency and Finance teams. The carrier noted that the loan was the bank’s largest aircraft financing in Ethiopia in the last decade, supporting Citi’s regional ambitions and Ethiopian Airlines’ growth plans. The five aircraft will grow the carrier’s fleet to 140 units, with Boeing finalizing the delivery process of the quintet in the United States (US) in December 2023. According to ch-aviation data, Boeing has already delivered one 737 MAX 8, registered as ET-BAL. Flightradar24 tracking activity showed that the aircraft left Seattle Paine Field International Airport (PAE) on December 15, arriving at Addis Ababa Bole Airport (ADD) following a stop at Dublin Airport (DUB) on December 17. Since then, it has completed six commercial flights, including landing at Chennai International Airport (MAA), India. Mesfin Tasew, the CEO of Ethiopian Airlines Group, explained that the financing provided by Citi will allow the airline to expand its fleet size, one of the group’s strategic growth pillars. Tasew promised that the airline “will continue expanding and modernizing our fleet size so as to grow our business and reach new markets.”<br/>