Ex-Im Bank Chairman Fred P. Hochberg Announces Financing in Addis Ababa Today
FOR IMMEDIATE RELEASE June 27, 2013
Linda Formella, (202) 565-3200
Addis Ababa, Ethiopia - The Export-Import Bank of the United States (Ex-Im Bank) has authorized nearly $130 million in financing to support the export of Boeing long-range aircraft and installed GE-90 engines to Ethiopian Airlines.
The transaction will support an estimated 700 American jobs in the aircraft and aircraft-engine manufacturing industry, according to an Ex-Im Bank estimate derived from U.S. Departments of Commerce and Labor data and methodology.
Boeing long-range aircraft with GE 90 installed engines
to Ethiopian Airlines. (Photo courtesy of The Boeing Co.)
Ex-Im Bank Chairman Fred P. Hochberg announced the transaction today in Addis Ababa. Hochberg is in Ethiopia conducting meetings with government and business leaders as part of a week-long business development trip to India, Ethiopia and South Africa.
Ex-Im Bank is pleased to add another transaction in our successful partnership with Ethiopian Airlines, which is supporting hundreds of jobs in the U.S. aerospace industry. This transaction also demonstrates the tremendous potential of Africa for U.S. exporters, said Ex-Im Bank Chairman Fred P. Hochberg. Our financing of high-quality, 'Made in the USA' aircraft and engines is also helping Ethiopian Airlines continue to expand its service throughout Africa and beyond the continent.
From 2003 through 2013, Ex-Im Bank has approved more than $2.2 billion to finance exports of U.S.-manufactured aircraft and aircraft engines to Ethiopian Airlines. In May 2012, Ex-Im Bank authorized financing to support 10 Boeing 787 Dreamliner aircraft to Ethiopian Airlines. Four of the aircraft were funded through a capital-markets bond issuance in November 2012.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from FY 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. 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 $35.8 billion in total authorizations in FY 2012 - an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales - also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.