US Ex-Im finalises FlyDubai loan guarantee

Washington DC
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The US Export Import Bank (Ex-Im) has finalised a $117.5 million loan guarantee to FlyDubai for Boeing 737-800 aircraft.

The export credit agency's board approved the guarantee along with financing for AWAS on 27 September.

The Private Export Funding Corp will provide the 12-year loan.

"We believed that it was the right time, in flydubai's third year of operation, to diversify the sources of funding for our aircraft," says Ghaith Al Ghaith, chief executive of FlyDubai, in a statement.

"This financing is a first for Ex-Im Bank for this successful new carrier in the Middle East, and this export is a great opportunity for Boeing to expand its market reach in the United Arab Emirates," says Fred Hochberg, chairman and president of the bank, in a statement.

FlyDubai has three 737-800 deliveries scheduled in the fourth quarter, according to Flightglobal's Ascend Online database. Aircraft registered A6-FEB (40255) and A6-FEC (40256) will be delivered in October and A6-FED (40257) in November.