Ethiopian Airlines is a longstanding client of Citi’s Treasury and Trade Solutions (TTS) business, and their support and partnership have been instrumental to reaching the deal. The USD $450 million loan is Citi’s largest aircraft financing in Ethiopia within the last decade and will help support both the bank’s bid to increase its footprint in the region, and the airline’s ambitious growth plan. The five new aircraft will bolster Ethiopian Airline’s fleet to 150 in total and delivery of all the aircraft will be completed in the U.S. state of Washington in December. Ethiopian Airlines has ambitions to grow its fleet to over 270 aircraft by 2035. Ethiopian Airlines Group CEO Mesfin Tasew said: "We are pleased to announce that we have reached an agreement with Citi to secure a USD $450m loan.

Source: Ethiopian News December 19, 2023 20:02 UTC