Ethiopian Airlines Receives $40m Loan from African Development Bank (AfDB) - 31 March, 2011

The African Development Bank Board of Directors approved a second lien corporate loan of $40 million to Ethiopian Airlines in Tunis on March 23, 2011. The approved loan is an additional fund for partial financing of the purchased five Boeing 777-200LR aircraft, besides what has been availed by Citibank N.A., African Finance Corporation (AFC) and Eastern and Southern African Trade and Development Bank (PTA).

“Ethiopian would like to thank the management and Board of the African Development Bank for their support. The support vividly reflects AfDB’s firm commitment to advance the growth of aviation in Africa”, said Ato Tewolde G. Mariam CEO of Ethiopian Airlines.

The African Development bank supports the continent’s economic and social development by promoting investments as well as providing its regional member countries with technical and financial assistance.

Ethiopian Airlines has ordered the most modern aircraft direct from the manufacturers to meet the growing demand for increased capacity and additional destinations, ensure the comfort of its customers as well as build an environmentally friendly fleet. The orders include ten 787-Dreamliners and ten 737-800s from the Boeing Company as well as twelve A-350-900s from Airbus. Ethiopian recently has received three of its Boeing 777-200LRs and will receive two more in April and July of this year.

Currently, Ethiopian operates to 60 international destinations of which 40 are in Africa. In the next couple of months, Ethiopian will commence operation to two more new destinations: namely, Milan in Italy and Hangzhou in China, with five flights a week to each destination.

Ethiopian has a fleet of 46 aircrafts, comprising of three 777-200LRs, eleven 767-300ERs, eight 757-200s, five 737-700s, five 737-800s, eight Q-400 passenger aircraft and two 757-260s, two 747s and two MD-11s freighters. With the addition of the new aircraft, the airlines will be one of the few in the industry who possess the youngest and most modern fleet.

About Ethiopian

Ethiopian Airlines, one of the largest and fastest growing airlines in Africa, made its maiden flight to Cairo in 1946. With the addition of new flight services to Hangzhou, Milan, and Madras Ethiopian will provide dependable services to 62 international destinations spanning four continents.

Recently, Ethiopian won the 2011 "AFRICAN CARGO AIRLINE OF THE YEAR" Award for its excellence in air cargo. Ethiopian won the NEPAD Transport Infrastructure Excellence Awards 2009 and the 2009 "Airline of the Year" award from the African Airlines Association (AFRAA). In August, 2008, Ethiopian won "the 2008 Corporate Achievement Award" of Aviation & Allied Business for setting the pace towards the development and growth of the African aviation industry. Ethiopian is also the first African carrier to win the 2008 Brussels Airport Company Award in recognition of its distinguished long haul operations witnessed through the introduction of new routes, new products, and close cooperation with Brussels Airport in marketing activities.