ADDIS ABABA, Ethiopia, 27 January, 2014 -- GE Capital Aviation Services Limited (GECAS), the commercial aircraft leasing and financing arm of GE, today announced delivery of a new leased Boeing 777-300ER aircraft to Ethiopian Airlines.
While touring the Ethiopian Airlines facility in Addis Ababa today, GE Chairman and Chief Executive Officer Jeffrey R. Immelt said, ["Helping customers like Ethiopian build its business and expand the vital infrastructure of air travel in Africa is exactly what our aircraft financing business does best and why it is the industry leader."
"We congratulate Ethiopian Airlines on the newest addition to its fleet and are delighted to be part of our longstanding customer's continued growth and prosperity."]
The new aircraft comes from GECAS' existing order book with Boeing and is part of the airline's on-going ambitious fleet expansion plans.
"We are delighted to welcome GE Chairman and CEO Jeffrey Immelt to our headquarters in Addis Ababa for the first time. We have a longstanding and mutually beneficial partnership with GE. Most of our fleet, whether the B787s, the B777s or the B737 NGs are powered by GE engines. GECAS, the commercial aircraft leasing and financing arm of GE, is our major partner in our fleet growth and modernization project. With the boom of travel between Africa and the rest of the world, and our Vision 2025 strategic roadmap of fast, profitable and sustainable growth, we aim to more than double our current fleet size by 2025. Our mutually beneficial partnership with GE is, therefore, set for a very bright future."
A customer since 1993, GECAS currently leases two Boeing 777F freighters, two Boeing 737-700s and a Boeing 757-200 to Ethiopian Airlines. GECAS forecasts that the aviation industry and demand for aircraft in Africa will continue to grow significantly faster than the global average driven by intra-African commerce and Africa's increasing share of global trade. In Sub-Saharan Africa, GECAS currently leases 25 aircraft to 12 airlines in eight different countries and maintains offices in South Africa, Ghana, and Kenya.
Ethiopian Airlines (Ethiopian) is one of the fastest-growing airlines in Africa, operating the most modern fleet to more than 79 international destinations across five continents with passenger and cargo service. Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 that will see it become the leading aviation group in Africa with seven business centers: Ethiopian Domestic and Regional Airline; Ethiopian International Passenger Airline; Ethiopian Cargo; Ethiopian MRO; Ethiopian Aviation Academy; Ethiopian In-flight Catering Services; and Ethiopian Ground Service.
About GE Capital Aviation Services (GECAS)
GECAS, the U.S. and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,630 owned and serviced aircraft with over 230 airlines. With 40+ years in the industry, GECAS is recognized as the pre-eminent airline leasing company in the world, offering a wide range of aircraft types and financing options, including operating leases and secured debt financing. GECAS also provides an ever-expanding array of productivity solutions including spare engine leasing, airport and airline consulting services, and spare parts financing and management. GECAS, a unit of GE Capital, has offices in 23 cities around the world, and services customers in over 75 countries. (www.GECAS.com)
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