Flydubai wins $117m Ex-Im Bank loan guarantee
Washington, October 10, 2012
The Export-Import Bank of the US (Ex-Im Bank) has authorised a $117.5 million loan guarantee supporting exports of Boeing 737-800 aircraft to flydubai, a Dubai-based low-cost airline.
Ex-Im Bank is guaranteeing a 12-year loan from the Private Export Funding Corp. It is the bank's first authorisation supporting aircraft exports to flydubai.
"This financing is a first for Ex-Im Bank for this successful new carrier in the Middle East, and this export is a great opportunity for Boeing to expand its market reach in the United Arab Emirates. The aircraft financed supported hundreds of jobs at Boeing and its suppliers across the country," said Ex-Im Bank chairman and president Fred. P Hochberg.
"We believed that it was the right time, in flydubai's third year of operation, to diversify the sources of funding for our aircraft. We are delighted to have the support of Ex-Im Bank and the Private Export Funding Corp. as we continue to grow, and we look forward to developing our relationship with them in the future," said Ghaith Al Ghaith, CEO of flydubai.
In business since 2009, flydubai operates a route network of more than 45 destinations across the Middle East, North Africa, the Indian subcontinent, Asia, and Central and Eastern Europe. The airline is designated as a national carrier of the UAE. - TradeArabia News Service