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Ex-Im Bank Approves First Financing of U.S. Exports to Tajikistan

$80 Million Loan Guarantee Supports Boeing Aircraft Sales to Somon Air

FOR IMMEDIATE RELEASE October 4, 2011

Media Contact Name/Phone: 

Linda Formella (202) 565-3200

WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) is supporting its first transaction in the Central Asian nation of Tajikistan: the purchase of Boeing Next-Generation 737-900ER aircraft by Somon Air, a privately owned airline based in Dushanbe, Tajikistan.

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Ex-Im Bank has approved an $80 million loan guarantee supporting the export of Boeing Next-Generation 737-900ER aircraft to Somon Air, a privately owned airline in Tajikistan. The transaction is Ex-Im Bank's first financing in the Central Asian nation. Photo courtesy of Somon Capital.

This is Boeing's first sale to Somon Air and the first export of its 737-900ER and Sky Interior aircraft to Central Asia. The aircraft are fitted with engines from CFM International Inc. in Cincinnati, Ohio. Somon Air accepted delivery of the first of the aircraft from Boeing last week.

Ex-Im Bank is providing an $80 million guarantee of the loan from the Private Export Funding Corp. (PEFCO). The financing is structured as an asset-backed finance lease secured by first-priority mortgages on the aircraft.

This historic transaction not only supports U.S. manufacturing jobs in both Washington and Ohio but also employment at Boeing's suppliers across the country, including many small businesses. It also assists Somon Air in the expansion of its fleet, said Ex-Im Bank Chairman and President Fred P. Hochberg.

This delivery was a series of firsts - the first 737-900ER with Boeing's new Sky Interior going into the region and Somon Air's first time benefitting from Ex-Im Bank support. We are delighted that the Bank could help a new, small airline to realize its goal of operating new Boeing aircraft, said Marty Bentrott, vice president of Sales for Middle East, Russia and Central Asia, Boeing Commercial Airplanes.

Ex-Im Bank's support in this financing for Somon Air is very important. It is the first Ex-Im Bank deal in Tajikistan, and we are proud to be part of this historic event. Ex-Im Bank's support has enabled our airline to secure long-term financing for these aircraft. We hope that this deal will open many more opportunities for Somon Air as we grow and for other Tajik companies, said Somon Capital CEO Jamshed Rahmonberdiev.

Somon Air, the first privately owned airline in Tajikistan, began operating flights to Moscow in 2008. The airline presently operates regular flights to Frankfurt, Germany; Dubai, United Arab Emirates; Istanbul, Turkey; Almaty, Kazakhstan; Urumqi, China; Moscow, St. Petersburg and several other cities in Russia.

About Ex-Im Bank:

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank is a self-sustaining agency that receives no net appropriation from the U.S. Congress and charges interest and fees to fund its transactions.

The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex-Im Bank approved approximately $25 billion in authorizations in FY 2011 through August 2011 -- an all-time Ex-Im record. This total includes more than 2,500 U.S. small-business transactions. Ex-Im Bank's authorizations through August are supporting more than $30 billion in U.S. export sales and 213,000 American jobs in communities across the country. For more information, visit the Bank's Web site at www.exim.gov.