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Ethiopian airlines en anglais

Country Ethiopia
Sector Transport - Air
Signing Date October 12th, 2012
Total Project Cost Confidential – Commercially Sensitive
ICF Debt Pool Exposure $30M
IFI Exposure $90M

Project Description

Ethiopian Airlines ("ET") is one of Africa’s most successful airlines. In an effort to become a world class African airline and the leading aviation group in Africa, ET has begun a major fleet renewal and expansion program. The project will provide a financing package for 10 new Boeing 787-8 Dreamliner aircraft each equipped with two General Electric GENX – 64B/75B engines. The planes will immediately be incorporated into ET’s fleet.

Financing Structure

The financing structure is comprised of both senior and junior debt financing. The junior debt facility participants are comprised of ING Capital, Emerging Africa Infrastructure Fund Limited ("EAIF"), FMO and the ICF Debt Pool.

Infrastructure Component

Ethiopia’s overall transportation infrastructure is underdeveloped. The incorporation of the Boeing 787’s into ET’s aircraft fleet will help expand the domestic and African route network. This additional transportation infrastructure will provide Ethiopia with greater connectivity to the African continent and the world.

Investment Rationale

Strong Borrower: ET has a strong brand and a deep understanding of the African aviation market;

Competitive Position in Industry: ET has a proven business model that leverages self-reliance and a competitive cost base.

Strong Project Rationale: ET operates in a market expected to exhibit strong growth rates throughout the life of the loan.

Development Impact

This is a highly developmental project to a strong borrower in a very poor country.

ET’s business focus on its domestic and African route network will provide Ethiopia with greater connectivity to the African continent and the world. This will have a catalytic effect on local tourism, travel and trade.

The new planes will give ET more cargo capacity allowing an increased level of commercial trade from Ethiopia.

ET’s vision 2025 also forecasts that it will increase employment from the current staff size of 7,200 to 16,899. This translates into 9,699 new jobs over a 12 year period.


There are currently no commercial subordinated loans available for aircraft financing in Africa.

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Cordiant Capital Inc.
Suite 2800
1002 Sherbrooke O.
Montreal, QC
H3A 3L6, Canada
tél. : 514-286-1142

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