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EX-IM BANK SUPPORTS $495 MILLION IN AIRCRAFT SALES TO CHINA

FOR IMMEDIATE RELEASE September 26, 1996

Media Contact Name/Phone: 

Angela M. Phifer (202) 565-3200

The Export-Import Bank of the United States (Ex-Im Bank) today approved financing supporting the sale of more than $495 million of Boeing and McDonnell aircraft to China. The action brings the total Ex-Im Bank-financed aviation sales to China to $863 million for fiscal year 1996.

Ex-Im Bank's Board of Directors approved:

  • $100 million guarantee to support the $115 million sale of three MD-90-30 aircraft by McDonnell Douglas of Long Beach, California to China Northern Airlines (CNA) of Shenyang, Liaoning Province, People`s Republic of China. CNA is wholly owned by the Civil Aviation Authority of China. The lender is the Canadian Imperial Bank of Commerce, of New York, New York. The guarantor is the Bank of China, Beijing. Repayment will be on a 10 year term beginning December 31, 1996 for the first delivery.
  • $332.7 million guarantee to support the $380 million sale of two Boeing 777-200A and two Boeing 777-200B aircraft to China Southern Airlines of Guangdong, China. The guarantor is the Bank of China, Beijing. Repayment will begin six months after each delivery. The first delivery is June 15, 1997.

Ex-Im Bank continues to support the acquisition of U.S. aircraft to Chinese airlines operating in an expanding and dynamic market, said Ex-Im Bank Vice President of Aircraft Finance Julie J. Panaro. We look forward to continued U.S. success in the aviation sector into the next fiscal year.

Ex-Im Bank is an U.S. independent government agency that helps finance and promote the sale of U.S. goods and services around the world.