Earlier in May, the Bank approved a loan guarantee of more than $1 billion to Ethiopian Airlines for the export of a new fleet of Boeing 787 Dreamliners. The transaction, which was co-financed by Nippon Export and Investment Insurance (NEXI), also supported the export of G.E. spare engines."This aircraft is an example of the kind of American innovation that sets us apart and will drive our export competitiveness in the manufacturing sector," said Patricia M. Loui, director of Ex-Im Bank. "These themes are central to the President's National Export Initiative."
The Boeing 787 aircraft is the first of its kind to be delivered to any airline outside of Japan, and it is the first one to be financed by Ex-Im Bank.
"At Ex-Im Bank," continued Loui, "we look for opportunities that will meet the objectives of President Obama's Presidential Policy Directive on Africa, which includes stimulating economic growth, trade, and investment in Africa. Ex-Im Bank financing support for Ethiopian Airlines' Boeing 787 aircraft is helping to achieve these important objectives."
Ex-Im Bank has worked with Ethiopian Airlines since 2002 to support its ongoing fleet renewal and expansion program.
"Ex-Im Bank's reliable and consistent support for Ethiopian Airlines' acquisition of state-of-the-art Boeing aircraft, including our first Boeing 787 Dreamliner, has been an important factor in the successful implementation of our growth strategy. Ethiopian Airlines is proud of being a good client of Ex-Im Bank, and we intend to maintain such a win-win partnership between our two organizations forever," said Kassim Geresu, chief financial officer of Ethiopian Airlines.
Ex-Im Bank authorized a record $1.4 billion to support U.S. export sales to buyers in Sub-Saharan Africa in FY 2011, and the Bank has already topped last year's figures with $1.5 billion in the first three quarters of FY 2012.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 – an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country.
For more information, visit www.exim.gov.
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