Ethiopian Airlines has signed an eight-year sale and leaseback agreement with TrueNoord, the specialist regional aircraft lessor, for two further factory-new Dash 8-400 aircraft. Manufactured by De Havilland of Canada, the new Dash 8-400 aircraft (MSN4626 and MSN4628) will be integrated into the fleet for immediate operation. Funding for the aircraft was provided by TrueNoord’s revolving warehouse facility underwritten by Citibank, Société Générale and Royal Bank of Canada. Milbank represented TrueNoord and Clifford Chance represented the lenders on the financing.
Maarten Grift, TrueNoord’s Sales Manager for Africa, Middle East, and CIS observes that Ethiopian Airlines’ growing portfolio will further underpin their strong reputation for quality services and innovation. “TrueNoord is pleased to be chosen to support their regional connectivity with the versatile and economical Dash 8-400 aircraft. Increased capacity will enable Ethiopian to boost services domestically and broaden the choice of routes across neighbouring East African countries.”
Currently celebrating 75 years of excellence, Ethiopian Airlines has become the continent’s leading carrier. Operating at the forefront of aviation technology, the airline is also one of Ethiopia’s major industries, and a respected institution in Africa. A dominant force across the Pan-African network, it currently serves 127 international and 22 domestic destinations operating the newest and youngest fleet in the region.
Mesfin Tasew, Group CEO of Ethiopian Airlines explains that “The airline is expanding with an important remit to explore new technologies alongside environmental matters and economic solutions. The organisation is committed to a sustainable future for regional aviation and being prepared to meet new demands. He added “Our growing relationship with TrueNoord is founded upon their…