Ex-Im Bank Finances Seven GE Aircraft Engines to Emirates
FOR IMMEDIATE RELEASE February 24, 2005
Linda Formella (202) 565-3200
Ex-Im Bank is providing a loan guarantee of approximately $130 million to support the export of seven GE 90-115B aircraft engines from General Electric to Emirates, an airline based in Dubai, United Arab Emirates. (Photo: GE)
WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) is providing a loan guarantee of approximately $130 million to support the export of seven GE 90-115B aircraft engines from General Electric to Emirates, an airline based in Dubai, United Arab Emirates. The transaction is the first Ex-Im Bank-supported financing for Emirates, one of the world's fastest growing airlines and a major international airline in the Middle East. The GE 90-115 B engines will be used to power Boeing 777 extended range aircraft, which provide Emirates with extra capacity for passengers and cargo.
In support of the GE sale, Ex-Im Bank is guaranteeing a loan from Royal Bank of Scotland Aviation Capital, which also served as the arranger on the transaction. The transaction was signed in December 2004. The first of the engines was delivered to Emirates in December 2004, and the remaining engines are scheduled to be delivered in six-month intervals.
Ex-Im Bank is pleased to assist in financing General Electric's sale to Emirates. With this transaction, we launch a new business relationship with Emirates on behalf of U.S. aerospace companies, and we look forward to doing more business with this growing airline, Ex-Im Bank Vice Chair April Foley said today at a commemorative event held at Ex-Im Bank headquarters in Washington, D.C.
General Electric has an important supplier relationship with Emirates, and we greatly appreciate the efforts of Ex-Im Bank and Royal Bank of Scotland in facilitating the export of our product, said Muhammad Al-Lamadani, general manager at GE Transportation - Aircraft Engines.
This financing will result in further diversification of funding for Emirates as this is the first time that we have used Ex-Im Bank financing, and this creates a new source of financing for Emirates. We are delighted to have this first-time support of Ex-Im Bank and RBS, and we look forward to further enhancing our relationship in the future, said Riyaz Peermohamed, Emirates senior vice president, Corporate Treasury.
Ex-Im Bank, the official export credit agency of the United States, is in its 71 st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2004, Ex-Im Bank authorized financing to support $17.8 billion of U.S. exports worldwide. For more information, visit www.exim.gov.