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Ethiopian Airlines Obtains $159m AfDB Loan for Upgrades
Ethiopian Airlines has received approval for a $159 million financial package from the African Development Bank (AfDB) in support of its expansion plan and fleet modernization program.
This is AfDB’s second corporate loan to the carrier under its private sector window of which 85 per cent will be covered by Africa’s export credit agency, African Trade Insurance to provide credit risk insurance to the transaction.
The funding will allow Ethiopian Airlines to maintain the momentum on its expansion plan and be on track on its route operating roadmap.
It is setting the standards in Africa’s aviation sector by operating a modern and fuel-efficient fleet; introducing new routes; and adding the frequency on existing ones.
In 2016, the carrier increased its flight frequency to Seychelles and on its New York-Newark route and announced plans to resume flights to Conakry, Guinea in early 2017.
It also delivered the first Airbus for Africa, the A350 XWB (Xtra Wide Body) of which it plans to operate 14; and won the SKYTRAX World Airline Award for the Best Airline Staff in Africa.
The operations of the flagship airline for Ethiopia, fully-owned by the government, cover all aspects of aviation services from passenger services, cargo services to maintenance, ground-handling, catering and training at its aviation academy.
Ethiopian flies to 93 destinations, connecting the continent through its pan-African routes and also connecting Africa to the rest of the world.
Source: Footprint to Africa