Dubai-based operating lessor Palma Holding has closed financing on another new Bombardier Q400 delivery to Ethiopian Airlines through a Sharia-compliant structure with Export Development Canada.

The structure includes 80% debt and 20% equity, with EDC as the lender. The operational lease is for 12 years .

The aircraft, MSN 4476, was delivered on 31 August. This followed the delivery of MSN 4475 in early August.

Bombardier announced an order from Palma Holding for four Q400s in February, saying the turboprops will be placed with Ethiopian Airlines via a joint venture involving Bahrain-based Idbar Bank. The lessor also holds options on another four Q400s.

Ethiopian now operates 11 aircraft of the type.

Source: Cirium Dashboard