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ExIm Bank backs aircraft loan for EgyptAir

EgyptAir on 28 August takes delivery of the first of five Boeing 737-800s with financing secured by the US ExIm Bank.

ExIm is guaranteeing a loan by JP Morgan to EgyptAir for the five aircraft, which were part are part of an ovearll order for 12 of the type. Deliveries of the remaining four aircraft are scheduled for September and October of this year.

On 6 August the carrier tabled plans to swap an order for two 777-300ERs with eight additional 737-800s.

During a ceremony today at the ExIm Bank's headquarters in Washington DC, Mohamed Hassan, adviser to the chairman of the airline's parent, EgyptAir Holding Company, said the five 737-800s that with the ExIm bank guarantee are earmarked for existing city pairs in the carrier's network.

ExIm Bank in fiscal 2008 authorized just under $1 billion to support large US aircraft exports to the Middle East and North Africa. To date in fiscal 2009 the Bank has doubled that amount to $2 billion.

The Bank's total exposure in large aircraft support in the those regions is currenty $4.8 billion, out of a total of $30 billion globally.

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