■ ETHIOPIA: US ExIm Bank okays $130million in financing to Ethiopian Airlines.

The Export-Import Bank of the United States (Ex-Im Bank) has authorized nearly USD130million in financing to support the export of General Electric-powered, Boeing long-range aircraft to Ethiopian Airlines (ET).

■ ETHIOPIA: Ethiopian successfully issues bond for $363m with backing from US ExIm Bank.

Ethiopian Airlines (ET) on 28 November 2012, successfully placed its first bond issue with the backing of the US Export-Import Bank, to finance several brand new Boeing 787-8 aircraft ordered for the Ethiopian national carrier. (A bond is a certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money; the issuer is required to pay a fixed sum annually until maturity and then a fixed sum to repay the principal.)

► UNITED STATES: (Pics) Ethiopian Airlines gets the keys to its first of ten 787s and finalizes the $1.2billion loan to pay for them.

After constant delays pushed back Boeing's 787 Dreamliner launch date by over 3 years, Ethiopian Airlines took delivery of its very own, and Africa's first, Dreamliner to be named "Africa First" (MSN 34745 | ET-AOQ) at a ceremony in Everett, north of Seattle yesterday.

The 'keys' to Africa First (Boeing)

"Today begins the first day in a new era of flying for our passengers and brings us even closer to our vision for the future, Vision 2025," said Tewolde GebreMariam, CEO of Ethiopian Airlines. "We are pleased to be the first airline in the world outside Japan to receive this technologically advanced aircraft. We have been waiting for this airplane and now that we officially have it and will show it to the world, I can say with pride, it was worth the wait. This airplane is going to move Ethiopian Airlines to the forefront of aviation leadership around the globe."

The 787 Dreamliner is composed of light-weight composites and features numerous system, engine and aerodynamic advancements making it more efficient to operate compared with its competition. It is the first mid-sized airplane capable of flying long-range routes, enabling airlines to open new, non-stop routes preferred by passengers.

"Today marks not just another milestone for Boeing and Ethiopian Airlines, but a new beginning in our 65-year partnership," said Van Rex Gallard, vice president of Sales for Africa, Latin America, & Caribbean, Boeing Commercial Airplanes.  "Ethiopian Airlines continues to show their strong leadership in African aviation and their growing presence around the globe. Being the first in Africa and one of the first in the world further confirms their position globally."

After taking delivery, Ethiopian will fly its Dreamliner to Washington D.C. where the aircraft will be on display and is expected to be visited by VIP guests and media. The aircraft will then make its inaugural trip to Africa with its first revenue flight from Dulles International Airport to Bole Addis Ababa International Airport.  

Ethiopian Airways has nine more 787 Dreamliners remaining on order. The airline was the first African airline to operate the 777-200LR, the first to order the Boeing 787 Dreamliner, and the first to order the 777 Freighter. Ethiopian Airlines currently operates an all-Boeing fleet of 737, 757, 767 and 777, and now 787 airplanes in passenger service and a 757, MD11 and 747 in cargo operations."

 Source [Boeing]

Also on the trip, Ethiopian put pen to paper with the United States Export Import Bank and secured a loan for USD$1.2billion to pay for the fleet of 10 Boeing 787 Dreamliners, three of which are due for delivery before the end of year.

"The purchase of the Dreamliner required a range of loan arrangements including a loan guarantee that was acquired from The US Export-Import Bank in charge of export credit arrangements in the United States.

The junior lenders, contributing 12.5% of the total amount required for the purchase of the Dreamliners, are Dutch financier ING Capital, the Netherlands Development Financial Company, US Emerging Capital Partners, and US ICF International or Inner City Fund noted Nega.  85% of the loan was arranged through JP Morgan Chase & Co. and the ING Group and Ethiopian Airlines covered the balance.  

The payment of the loan from the major financier, JP Morgan, will be paid back over a 12 year year period said Tewolde, Gebremariam, Chief Executive of the Airline."

 Source [2merkato Ethiopia]

Ethiopian will now fly its Dreamliner "Africa First" to Washington D.C , where the aircraft will be on display to foreign dignitaries amongst whom will be US Senators and House Representatives as well as Ambassadors, Executives from the World Bank and IMF, members of the Ethiopian community, the media and other invited guests. 

It should be noted that since its early days with the Boeing 707 and 720, Ethiopian has maintained a very strong bond with Boeing and its financiers at the Export-Import Bank of the United States.

Thereafter, Ethiopian Airlines on 16 August, will operate its first revenue flight between Washington Dulles – Addis Ababa. The Dreamliner is scheduled to touchdown at Addis Ababa's Bole International Airport on Thursday 16 August 2012 following which the airline will hold massive celebrations.

►►For a list of the various destinations to be visited by the 787 on its tour, see this post.

Now for the part you've all been waiting for, from the ceremony itself:

ALL PICTURES COPYRIGHT BOEING (VIA TWITTER)

 CONGRATULATIONS ETHIOPIAN AIRLINES!!!!

► ETHIOPIA: Ethiopian Airlines confirms 787 handover on August 14; to fly once off Washington - Addis flight on August 16.

Almost 3 years late, but the wait will be over soon enough as Ethiopian Airlines (ET) has officially announced that it is to take delivery of its first, and Africa's first, Boeing 787 Dreamliner at a ceremony in Seattle, Washington on Tuesday 14 August 2012.

""The fact that we are the first airline outside Japan to receive this ultra modern aircraft is an affirmation of our continuing pioneering role in African aviation. It is also a testimony of our commitment to give our passengers the best possible travel experience, with the best industry products and services." said Tewolde Gebremariam, CEO of Ethiopian. "

ET-AOQ in Seattle recently.

After taking delivery, Ethiopian will fly its Dreamliner "ET-AOQ" to Washington D.C. the following day, where the aircraft will be on display to foreign dignitaries amongst whom will be US Senators and House Representatives as well as Ambassadors, Executives from the World Bank and IMF, members of the Ethiopian community, the media and other invited guests. 

It should be noted that since its early days with the Boeing 707 and 720, Ethiopian has maintained a very strong bond with Boeing and its financiers at the Export-Import Bank of the United States.

Thereafter, Ethiopian Airlines on 16 August, will operate a one-time only Washington Dulles – Addis Ababa service on board its 787-8 aircraft, operating as a nonstop eastbound flight (13hrs 30mins) essentially the aircraft début flight.

•  ET2501 IAD1230 – 0900+1ADD 788 16AUG12

The Dreamliner is scheduled to touchdown at Addis Ababa's Bole International Airport on Thursday 16 August 2012 following which the airline will hold celebrations.

UPDATE: The Guangzhou, China inaugural route has been CANCELLED effective 6 August 2012. (For the updated schedule of Ethiopian's 787 destinations see this thread).