Ethiopian Airlines clinches $450 Million Loan to Expand Fleet

Ethiopian Airlines announced Thursday that it has finalized a financial agreement with Citi, securing a USD $450 million loan. The loan will be backed by the value of five new aircraft, with delivery expected in December 2023 in the State of Washington, home to Boeing.

Mesfin Tasew, the CEO of Ethiopian Airlines Group, expressed enthusiasm about the collaboration with Citi, stating, “We are pleased to announce that we have reached an agreement with Citi to secure a USD $450 million loan. This financing will allow us to expand our fleet size by adding five new aircraft, three B737-8 MAXs and two 777 Freighters.”

The delivery of these aircraft aligns with Ethiopian Airlines’ strategic growth pillars, focusing on fleet expansion to facilitate business growth and reach new markets.

Tasew emphasized the importance of this partnership with Citi in achieving their objectives, stating, “We are grateful for the mutually beneficial partnership we have established with Citi and look forward to further strengthening it.”

Ethiopian Airlines, often regarded as one of Africa’s most successful indigenous companies, is aiming for an ambitious fleet size of over 270 aircraft by 2035.