Ethiopian Airlines has entered a sale-and-leaseback agreement for a pair of De Havilland Canada Dash 8-400 turboprops recently delivered to the carrier.
The aircraft involved – bearing serial numbers 4626 and 4628 – were handed to the African operator in February.
Ethiopian Airlines has agreed their sale and leaseback, covering an eight-year term, with regional lessor TrueNoord.
Newly-appointed Ethiopian Airlines group chief Mesfin Tasew says the carrier is “committed to a sustainable future” for its regional operations.
TrueNoord, he says, has shown an ability to provide “practical and timely lease options” to support the airline’s business model.
The Dash 8-400, adds Tasew, is the “ideal aircraft” to serve the carrier’s domestic and regional network.
De Havilland Canada vice-president for sales and marketing Philippe Poutissou says TrueNoord’s investment in the turboprops reinforces the manufacturer’s reputation for producing aircraft with “long-term value retention”.
TrueNoord says a revolving warehouse facility – underwritten by Citibank, Societe Generale and Royal Bank of Canada – funded the Dash 8s.
“Increased capacity will enable Ethiopian to boost services domestically and broaden the choice of routes across neighbouring East African countries,” says Maarten Grift, the lessor’s sales manager for Africa, Middle East and the CIS. The agreement brings the number of Dash 8s in the portfolio to three in the space of six months.