Photo courtesy of The Boeing Company.
Employee at the Boeing’s manufacturing facility in Everett, Wash. Photo courtesy of Boeing.
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Photo courtesy of The Boeing Company. |
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Employee at the Boeing’s manufacturing facility in Everett, Wash. Photo courtesy of Boeing. |
President Obama's presidential policy directive on Africa states that it is a U.S. priority to stimulate economic growth, trade and investment in Africa. Ex-Im Bank loan guarantees are bringing that policy to fruition and sustaining American jobs in the process.
In May 2012, Ex-Im Bank approved a loan guarantee of more than $1 billion to Ethiopian Airlines for the export of a new fleet of Boeing 787 Dreamliners. The historic transaction, co-financed by Nippon Export and Investment Insurance, also supports the export of General Electric spare engines.
Ex-Im Bank has been a reliable economic partner of Ethiopian Airlines since 2002, supporting its ongoing fleet renewal and expansion program. The B787 aircraft is the first of its kind to be delivered outside of Japan and the first B787 to be financed by Ex-Im Bank.
Kassim Geresu, chief financial officer of Ethiopian Airlines, said, "Ex-Im Bank's reliable and consistent support for our acquisition of state-of-the-art Boeing aircraft has been an important factor in the successful implementation of our growth strategy. Ethiopian Airlines is proud to be a good client of Ex-Im Bank, and we intend to maintain this win-win partnership between our two organizations."
Ex-Im Bank’s support for the U.S. aerospace industry assists in creating and sustaining jobs across in the United States. For example, the B787’s manufacturer, Boeing Commercial Airplanes, employs nearly 80,000 skilled workers and has a supplier base consisting of approximately 1,200 companies that provide thousands of additional aerospace jobs throughout the country.