Airlines

Ex-Im Bank Supports EgyptAir's Fleet Renewal with $400 Million Loan

Strategic Insights

Aug 26, 2009 — 1 min read

The Export-Import Bank of the United States has finalized a loan guarantee for EgyptAir's purchase of five Boeing 737-800 aircraft, marking a significant milestone in US-Egyptian relations. The US$400 million loan will support EgyptAir's fleet renewal and enable the airline to become a major global hub. This deal highlights the importance of the US-Egyptian trade relationship and Ex-Im Bank's role in facilitating exports in the current economic environment.

Key Takeaways:

Ex-Im Bank has guaranteed a $400 million loan from JP Morgan Chase to support EgyptAir's purchase of five Boeing 737-800 aircraft.
The loan is part of EgyptAir's fleet renewal program, with the airline recently ordering eight more Boeing aircraft.
The US-Egyptian trade relationship is crucial, with the deal marking the first Ex-Im Bank-supported financing for EgyptAir in over 25 years.
The transaction will support skilled jobs in the American economy and contribute to the regional and global economy.
EgyptAir has become a member of the Star Alliance, a global airline alliance offering passengers world-wide reach through 17,000 daily flights to 916 destinations.
The airline recently opened a new terminal at Cairo International Airport, equipped with cutting-edge airport technologies, designed to handle 14 million passengers annually.

Statistics:

$400 million: Value of the loan guaranteed by Ex-Im Bank for EgyptAir's purchase of five Boeing 737-800 aircraft.
5: Number of Boeing 737-800 aircraft financed by Ex-Im Bank.
8: Number of additional Boeing aircraft ordered by EgyptAir.
17,000: Number of daily flights offered by the Star Alliance to 916 destinations in 160 different countries.
916: Number of destinations covered by the Star Alliance.
12: Number of passengers served by EgyptAir's Star Alliance terminal at Cairo International Airport per year.
14 million: Projected annual capacity of the new terminal.

Sources:

TradeArabia News Service, Copyright 2008 www.tradearabia.com
Al Hilal Publishing & Marketing Group, Copyright 2009
Syndigate.info an Albawaba.com company, 2009

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