Ethiopian secures Pre Delivery Payment (PDP) loan financing for 4 Boeing 777-200 LR Freighters deliveries
Addis Ababa, 20 December, 2013 – Ethiopian Airlines has mandated Natixis as PDP Facility Lead Arranger and Eastern and Southern African Trade and Development Bank (PTA Bank) as PDP Facility Co-Arranger to provide pre-delivery payment loan financing for its batch of four new Boeing 777-200 LR Freighter aircraft, to be delivered between autumn 2014 and winter 2015.
Ethiopian Airlines, Natixis and PTA Bank have announced today that they have completed the multi tranche PDP financing. Boeing will deliver 4 B777-200 LRF to the airline which will be operated in the group’s expanding cargo network around the world.
Ethiopian Cargo is the largest cargo operator in Africa with a network covering 24 destinations across Asia, Europe, Africa and Middle East, using 6 dedicated freighters. The addition of the 4 B777-200 LR Freighters is part of Ethiopian Cargo Vision 2025 strategic roadmap of supporting the fast growing exports of perishables from Ethiopia and enabling increased trade between Africa and the rest of the world.
“We are phasing-in the latest technology cargo aircraft with the aim of supporting Ethiopia’s exports and the booming trade between Africa and the rest of the world. The B777-200 LR Freighters have proven capabilities that are ideal for the transport of perishables. In addition to our two existing cargo hubs in Addis Ababa and Liege in Europe, we have recently established a third cargo hub in Lome, Togo, with our partner airline in West Africa, ASKY Airlines. Going forward, we plan to establish similar cargo hubs in Southern and Central Africa with the aim of facilitating trade and investment within Africa and between Africa and the rest of the world.”, said Chief Executive Officer of Ethiopian Airlines, Tewolde Gebremariam.
Admassu Tadesse, President of the Eastern and Southern Africa Trade and Development Bank, remarked: “There is no doubt that Ethiopian Airlines is playing a very important role in inter connecting Africa with itself, and the rest of the world. As a regional financial institution, we are pleased to continue to support Ethiopian as it grows and serves Africa better than ever. It is certainly giving practical expression to its mantra as ‘the new spirit of Africa”.
In line with its Vision 2025, Ethiopian Cargo aims to generate 2 billion dollars in revenue, uplift 820,000 tons of cargo and operate to 37 destinations using 18 dedicated freighters by 2025.
Ethiopian Airlines (Ethiopian) is the fastest growing Airline in Africa. In its operations in the past close to seven decades, Ethiopian has become one of the continent’s leading carriers, unrivalled in efficiency and operational success.
Ethiopian commands the lion share of the pan-African passenger and cargo network operating the youngest and most modern fleet to more than 78 international destinations across five continents. Ethiopian fleet includes ultra-modern and environmentally friendly aircraft such as the Boeing 787, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200LR Freighter and Bombardier Q-400 with double cabin. In fact, Ethiopian is the first airline in Africa to own and operate these aircraft.
Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 that will see it become the leading aviation group in Africa with seven business centers: Ethiopian Domestic and Regional Airline; Ethiopian International Passenger Airline; Ethiopian Cargo; Ethiopian MRO; Ethiopian Aviation Academy; Ethiopian In-flight Catering Services; and Ethiopian Ground Service. Ethiopian is a multi-award winning airline registering an average growth of 25% in the past seven years.