U.S. Export Credit Agency Finances Sale of Boeing 777-200ER Aircraft
FOR IMMEDIATE RELEASE May 20, 2004
Linda Formella (202) 565-3200
WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) is providing more than $100 million in financing to support the export of a Boeing 777-200ER aircraft and a spare engine to Kenya Airways. The transaction is the first export of a Boeing 777 aircraft to an African airline. Kenya Airways took delivery of the aircraft from Boeing today in Seattle, Washington.
Kenya Airways is one of the premier airlines in Africa, and this is the first of several long-range Boeing aircraft that will enable Kenya Airways to further develop Nairobi as one of Africa's major aviation hubs. Ex-Im Bank has a very successful relationship with Kenya Airways, and we view this historic transaction as a sign of our strong commitment to supporting U.S. exports to sub-Saharan Africa, Ex-Im Bank Chairman Philip Merrill said.
The transaction is the first of three Boeing 777-200ER aircraft that has been ordered by Kenya Airways. The other aircraft are scheduled to be delivered to the airline next year.
In fiscal year 2003, Ex-Im Bank helped to finance a record $700 million in U.S. exports to sub-Saharan Africa, which was nearly 15 percent of total U.S. exports to the region during that period. In the past 10 years, Ex-Im Bank has assisted in financing almost $3 billion of exports of U.S. large commercial aircraft to African airlines.
Ex-Im Bank, the official export credit agency of the United States, is in its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2003, Ex-Im Bank authorized financing to support $14.3 billion of U.S. exports worldwide. For more information, visit www.exim.gov.