Ethiopian Airlines has inked a significant $450 million loan agreement with Citi to fund the acquisition of five new Boeing aircraft, comprising three Boeing 737-8 and two Boeing 777F (Cargo).
The loan, secured against the aircraft’s value, is arranged by Citi’s Corporate Banking and Export Agency and Finance teams and guaranteed by the Export-Import Bank of the United States. This marks Citi’s largest aircraft financing in Ethiopia in the past decade, contributing to Ethiopian Airlines’ growth plan to expand its fleet to 150 aircraft.
The new additions aim to strengthen the airline’s global expansion and elevate Ethiopian Cargo & Logistics Services as Africa’s largest cargo network operator. The fleet expansion aligns with Ethiopian Airlines’ strategic goal to surpass 270 aircraft by 2035.
CEO MesfinTasew expressed gratitude for the partnership, emphasizing fleet expansion as a key growth pillar. Akin Dawodu, Citi Sub Saharan Africa Head, highlighted the bank’s longstanding relationship with Ethiopian Airlines and the collaborative effort to facilitate this financing deal.