The Export-Import Bank of the United States (EXIM) said its board of directors unanimously approved a loan of $281 million for Ethiopian Airlines.The credit agency guarantees the fund from the Private Export Funding Corporation (PEFCO) to Ethiopian Airlines Group, the US embassy said in a statement.
The airline will use the finance to import several Boeing 737 MAX 8 aircraft, supporting 1,600 American jobs across Washington, Indiana, and North Carolina., said the bank.
Boeing delivered the first of this fleet in September 2022.
The remaining aircrafts are expected to be delivered by the end of March 2023.
Apart from creating jobs in the United States, EXIM President and Chair Reta Jo Lewis said the transactions “advances one of our founding charter mandates to expand and improve commercial ties across the Horn of Africa, where we must do all that we can to remain competitive and influential.”