Afreximbank provides Egypt’s CIAF Leasing with $44mln aircraft financing facility

Afreximbank provides Egypt’s CIAF Leasing with $44mln aircraft financing facility

Egypt - The African Export-Import Bank (Afreximbank) has provided Egypt-based CIAF Leasing with a $44m aircraft financing facility for the acquisition of three Embraer E-190 aircraft to strengthen the company’s leasing operations.

With Afreximbank as a senior debt provider and the Brazilian National Development Bank (BNDES) providing an export credit funding line, the transaction enhances the capacity of the African aircraft lessor. In line with the terms of the facility, the loan has been applied towards CIAF’s acquisition of the aircraft which are being leased to Egypt’s national carrier, Egyptair, and sub-leased to Air Cairo.

Commenting on the transaction, Kanayo Awani, Executive Vice President, Intra-Africa Trade Bank, Afreximbank, said that the Bank’s participation in the transaction was a demonstration of its commitment to supporting Africa’s aviation sector, given its critical role in supporting employment creation, trade, tourism and other economic activities.

“Afreximbank, under its Intra-African Trade strategic pillar “Deliver”, recognizes the importance of a strong and effective African aviation market in realizing the objectives of the African Continental Free Trade Agreement (AfCFTA) and is committed to working with other aviation industry stakeholders to facilitate the continued investment and ongoing reforms which the sector critically needs,” said Awani.

Helen Brume, Director, Project and Asset Based