Ethiopian secures PDP loan financing for Boeing 777-200LR Freighters
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 777-200LR 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 four B777-200LRF 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 six dedicated freighters. The addition of the four B777-200LR 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 interconnecting 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 US$2 billion in revenue, uplift 820,000 tons of cargo and operate to 37 destinations using 18 dedicated freighters by 2025.