Wednesday, October 10, 2012
Ex-Im Bank Authorizes $117 Million Loan Guarantee to flydubai for Boeing 737s
The Export-Import Bank (Ex-Im Bank) of the United States authorized a $117.5 million loan guarantee to the state-run Dubai carrier flydubai for the purchase of Boeing 737-800s.
The bank said it is guaranteeing the 12-year loan from the Private Export Funding Corp. Ex-Im Bank Chairman Fred P. Hochberg called it a “great opportunity for Boeing to expand its market reach in the United Arab Emirates.”
The bank did not announce how many 737s flydubai intends to purchase with the loan.
“We believed that it was the right time, in flydubai's third year of operation, to diversify the sources of funding for our aircraft. We are delighted to have the support of Ex-Im Bank and the Private Export Funding Corp. as we continue to grow, and we look forward to developing our relationship with them in the future," said Ghaith Al Ghaith, CEO of flydubai.
(Note: Ex-Im Bank authorized a loan guarantee, and did not actually authorize a direct loan to flydubai)