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Wednesday, October 10, 2012

EXPORT-IMPORT BANK AUTHORIZES $117.5 MILLION LOAN GUANTEE SUPPORTING AIRCRAFT SALES TO FLYDUBAI


The Burj-al-Arab Hotel in Dubai is one of the world's tallest hotels. Its distinctive shape is meant to mimic an Arab dhow (sailing vessel).

FROM: U.S. EXPORT-IMPORT BANK

Ex-Im Bank Authorizes $117.5 Million in First Financing of Boeing Aircraft
to flydubai

WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) has authorized a $117.5 million loan guarantee supporting exports of Boeing 737-800 aircraft to flydubai, a low-cost airline owned by the government of Dubai.

Ex-Im Bank is guaranteeing a 12-year loan from the Private Export Funding Corp. It is the Bank’s first authorization supporting aircraft exports to flydubai.

"This financing is a first for Ex-Im Bank for this successful new carrier in the Middle East, and this export is a great opportunity for Boeing to expand its market reach in the United Arab Emirates. The aircraft financed supported hundreds of jobs at Boeing and its suppliers across the country," said Ex-Im Bank Chairman and President Fred. P. Hochberg.

"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.

In business since 2009, flydubai operates a route network of more than 45 destinations across the Middle East, North Africa, the Indian subcontinent, Asia, and Central and Eastern Europe. The airline is designated as a national carrier of the United Arab Emirates.