Addis Ababa, Ethiopia, August 16, 2012 – Ethiopian Airlines, the fastest growing
airline in Africa, has secured $1 billion of financing from J.P. Morgan for its
10 Boeing B787-8- Dreamliners. The Export-Import Bank (Ex-Im Bank) of the United
States has provided export credit agency support via guaranteed loans that cover
85% of the total cost of the aircraft. The balance will be financed by a group of
financial institutions including ING Capital, the Emerging Africa Infrastructure
Fund (EAIF), The Netherlands Development Finance Company (FMO), the ICF Debt Pool
LLP (ICF), and from internal cash resources of Ethiopian.
Ethiopian received its first Dreamliner on August 14, 2012 in Seattle, Washington.
A series of events are planned to celebrate this milestone in the presence of Ethiopian
and U.S. Government officials, Ambassadors and representatives of international
organizations as well as Boeing and other partners’ executives. The airline will
take delivery of five Dreamliners before the end of the fiscal year.
"The financial support for our acquisition of the 10 B787-8 aircraft is critical
to Ethiopian Airlines as we aim to become the leading African airline. Our first
B787-8 aircraft will first be deployed, on rotation basis, in our African destinations.
Thereafter, once we receive our second Dreamliner by mid-September, it will operate
on our Washington D.C. route”, said Tewolde Gebremariam, CEO of Ethiopian. He added:
“Ethiopian is the first airline outside Japan to own this game changing aircraft.
We are proud to continue our pioneering role in African aviation and to provide
the best possible travel experience to our customers."
"With uncertainty in the aircraft financing market about a potential funding
gap and tightening credit conditions, J. P. Morgan’s $1 billion aircraft financing
is testimony to our trusted relationship with Ethiopian Airlines and the strength
and capacity of our trade finance capabilities," said Jeremy Shaw, head of J.P.
Morgan’s trade finance business in Europe, the Middle East and Africa (EMEA). "J.P.
Morgan is committed to continued expansion in the SubSaharan Africa region where
our clients are seeking cost effective, large scale funding to facilitate their
strategic growth plans."
This fiscal year alone, Ethiopian will phase-in 14 additional aircraft, including
5 Dreamliners, 3 brand new B737-800 with Sky Interior, and 5 exclusively business
class configurated Q-400s. Ethiopian, which has registered an average yearly growth
rate of 30% for the last 8 years, plans to become the leading aviation group in
Africa by 2025.
To cater for this fast growth, the airline is undertaking numerous facility expansions,
which include the construction of the biggest perishable cargo terminal in the world,
a new state-ofthe art maintenance hangar and the biggest aviation training academy
About Ethiopian Airlines
Ethiopian Airlines, the fastest growing airline in Africa, made its maiden international
flight to Cairo in 1946 and now the Airline provides dependable services to 69 international
destinations spanning four continents.
Ethiopian is proud to be a Star Alliance Member. The Star Alliance network is
the leading global airline network offering customers convenient worldwide reach
and a smoother travel experience. The Star Alliance network offers more than 21,555
daily flights to 1,356 airports in 193 countries.
Ethiopian is a multi-award winner for its commitment and contributions towards
the development and growth of the African aviation industry and in recognition of
its distinguished long-haul operations enhanced by the introduction of new routes
and products. Recently, Ethiopian won Gold in the African Airline of the Year 2011/2012
Awards organized by the African Aviation News Portal. Ethiopian also received the
2011 AFRAA award for being consistently profitable over the years and has won the
"AFRICAN CARGO AIRLINE OF THE YEAR 2011 Award” for its excellence in air cargo.
Ethiopian also won the NEPAD Transport Infrastructure Excellence Awards 2009 and
"the Airline of the Year 2009 Award" from the African Airlines Association (AFRAA).
With its acquisition of and firm orders for several new modern aircraft and its
fast expanding network, the airline is well positioned to become the leading aviation
group in Africa, per its Vision 2025 strategic roadmap.
About J.P. Morgan
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.3 trillion and operations in more than 60 countries. The firm
is a leader in investment banking, financial services for consumers, small business
and commercial banking, financial transaction processing, asset management and private
equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves
millions of consumers in the United States and many of the worlds most prominent
corporate, institutional and government clients under its J.P. Morgan and Chase
brands. Information about JPMorgan Chase & Co. is available at
For more information about this press release, please contact:
Ethiopian Airlines Manager PR & Publications
Tel: (251-1) 517-84-07
J.P. Morgan Media Contact
Tel: +44(0) 207 134 5285