Ethiopian Airlines And Citi Sign A USD 450M Loan Agreement
Africa’s largest carrier, Ethiopian Airlines, has inked a loan agreement with Citi. Worth USD 450 million, it is to finance five new Boeing aircraft – three 737-8s and two 777F (cargo). For Citi, this loan agreement is the largest for aircraft financing in Ethiopia in the last 10 years.
The airline will take delivery of all five jets before December comes to a close. Once done, its fleet will expand to 150. Where the 737-8s will help the carrier bolster its short- and medium-haul network, the 777 Freighters will further boost Ethiopian Cargo & Logistics Services’ stature to become the largest cargo network operator in the continent.
Ethiopian Airlines presently serves 135 passenger and cargo destinations worldwide, including 63 in Africa. Besides the belly hold capacity in passenger aircraft, the airline’s cargo and logistics arm covers 67 dedicated services using 17 freighter jets. By 2035, the airline aims to expand its fleet to more than 270 aircraft.
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