FOR IMMEDIATE RELEASE June 25, 2003
Linda Formella (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) is providing a medium-term direct loan to support the export of two Beech 1900D aircraft by Raytheon Aircraft Company of Wichita, Kan., to Overland Airways Ltd., a new airline in Lagos, Nigeria. This is the first Ex-Im Bank-financed aircraft transaction in Nigeria in a number of years. The aircraft are expected to be delivered and placed in service by mid-August 2003.
Ex-Im Bank is pleased to support Raytheon Aircraft Company in this transaction. Nigeria has a growing demand for air transportation services and is an important emerging market in sub-Saharan Africa for U.S.-manufactured aircraft. We look forward to doing more aircraft business in this market, said J. Joseph Grandmaison, a member of Ex-Im Bank's board of directors.
Raytheon is delighted to be involved with Overland Airways and Ex-Im Bank in providing expanded and reliable domestic air transport in Nigeria. The Beech 1900D is the perfect aircraft to meet Overland's mission requirements, said Andrew Mathews, vice president of Asset Finance for Raytheon Airline Aviation Services.
Overland Airways Ltd. is a new Nigerian registered airline that plans to offer scheduled and charter passenger services within Nigeria and on some routes to neighboring countries. The airline is affiliated with Landover Company Ltd., an established aviation services firm in Lagos, Nigeria. Ex-Im Bank's five-year direct loan is guaranteed by Capital Bank International Ltd. of Lagos, Nigeria, and Landover Company Ltd.
Ex-Im Bank is the official U.S. export credit agency that helps finance the sales of U.S. exports, primarily to developing markets, by providing loans, guarantees and export credit insurance. In the past five years, Ex-Im Bank has supported the export of $21 billion of U.S. aircraft to markets around the world.