FOR IMMEDIATE RELEASE December 14, 2003
Linda Formella (202) 565-3200
WASHINGTON, D.C.- Today the Export-Import Bank of the United States (Ex-Im Bank) signed the financing agreement to provide long-term financing to support the sale of three Boeing 777 large commercial aircraft and General Electric (GE) spare engines to Pakistan International Airlines (PIA), the national flag carrier of Pakistan. The guaranteed lender of the financing is Citibank. Ex-Im Bank has also approved a preliminary commitment to support five additional GE-powered Boeing aircraft for PIA.
Ex-Im Bank's support was critical to Boeing winning this order for eight, long-range, twin-aisle aircraft. We look forward to providing support for PIA's purchase of other U.S. manufactured aircraft and engines in the future, said Ex-Im Bank President and Chairman Philip Merrill.
The transaction is the completion of the first phase of PIA's major fleet renewal plan. PIA will be authorized to operate the new long-range aircraft to the United States.
Ex-Im Bank is the official U.S. export credit agency and helps to create and sustain U.S. jobs by financing the sales 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 more than $14 billion of U.S. exports worldwide. For more information about Ex-Im Bank, visit www.exim.gov.