FOR IMMEDIATE RELEASE December 5, 2002
Marianna Ohe (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) approved a long-term loan guarantee to Kenya Airways Ltd., Nairobi, Kenya, to support the export by The Boeing Co., Renton, WA, of two B737-700 aircraft equipped with engines made by CFM International Inc., Cincinnati, OH.
We at Ex-Im Bank take special pride that today we are able to show our confidence in Kenya and its internationally recognized airline, Kenya Airways, in approving this financing, said Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr.
All Americans share the pain with Kenyans whenever terrorists inflict their evil in Kenya, whether the attack is on our Embassy in 1998, or a hotel in Mombasa just this past Thanksgiving.
The transaction is structured as an asset-based financing with the aircraft serving as collateral. Kenya Airways, Kenya's privatized national flag carrier, will use the aircraft to expand its routes and increase flight frequencies on selected high volume routes. One of the most successful regional airlines in sub-Saharan Africa, Kenya Airways operates scheduled passenger and cargo services to 23 international destinations. It has rights under existing bi-lateral agreements to operate flights to 74 countries.
Prior to the current transaction, Ex-Im Bank has supported the export of four B737-300 aircraft to Kenya Airways. The guaranteed lender on the current transaction is Barclays Bank International, New York, NY.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports, primarily to growth markets throughout the world, by providing loans, guarantees, and insurance. In fiscal year 2002, Ex-Im Bank supported approximately $13 billion of U.S. exports worldwide.