in Business & Finance

AfDB approves USD $159 Million corporate loan to Ethiopian Airlines for fleet modernisation plan

Posted 21 December 2016 · Add Comment

The Board of Directors of the African Development Bank (AfDB) has approved a financing package of USD 159 million to partly finance Ethiopian Airlines' expansion plan and fleet modernisation programme, reports All Africa.

The package comprises two tranches, with the first tranche (85% of the financing) being covered by African Trade Insurance, Africa's export credit agency, which will be providing credit risk insurance to the transaction.

The Bank's support will allow Ethiopian Airlines to keep the momentum on its expansion plan and be on track on its route operating roadmap.

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