Ethiopian Airlines has secured a US$450 million loan that it will partly use to finance the purchase of two of its previously announced Boeing 777 freighters. As per a release, the loan will also finance three Boeing 737-8 passenger aircraft. The B777 freighter can carry up to 107 tonnes of cargo with a maximum range of 9,200 km. In March last year, Ethiopian signed a Memorandum of Understanding (MoU) with Boeing to purchase five 777-8Fs. The airline did not specify when the freighters would join its fleet. On top of the airline’s belly capacity, Ethiopian Cargo & Logistics Services offers 67 dedicated freighter services. The loan will be secured against the value of the five planes and has been arranged exclusively by Citi’s Corporate Banking and Export Agency and Finance teams. Ethiopian took delivery of its 10th 777F last month, for operation by Ethiopian Cargo. The aircraft is part of an order for five 777Fs made by Ethiopian in May 2022.
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