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April 6, 2009
U.S. Export-Import Bank to Provide over $1Billion
in Financing for Indonesian Airline Fleet Upgrades Jakarta, April 6 – The United States Export-Import Bank (Ex-Im) approved over $1billion in financing for Indonesian airlines to improve passenger fleets and increase their businesses, creating jobs in Indonesia and throughout the region. This new financing was made possible successful ratification and implementation of the Cape Town Treaty, which allows Indonesian airlines to save millions of dollars on financing costs. “This financing allows Indonesian registered companies to gain very competitive rates and favorable credit access similar to the most advanced countries in the world,” said U.S. Ambassador Cameron R. Hume. In addition, the future purchase of new commercial aircraft advances the Government of Indonesia’s goal of improving national air safety and service. “This action by the U.S. is a vote of confidence in the improving aviation regulatory and business environment in Indonesia. With our growing domestic and international air market the fleet modernization by national and private carriers is one result of our intensive program to assure a safe, healthy air transport system and will allow Indonesian operators to serve every major market in the world, ” said Ministry of Transportation Director General Herry Bakti. The Ex-Im financing will allow Lion Air to access $238 Million dollars to purchase new Boeing 737-900ER planes and provides preliminary authorization for another $841 million, for a total of 30 new passenger jets. Last Month Garuda Airlines announced the U.S. Ex-Im Bank authorized joint financing of $346 Million enabling Garuda to increase its fleet of high quality new aircraft. “We are delighted to be able to offer Lion Air the reduced exposure fee available under this treaty, which reduces the legal risks associated with cross-border, asset-backed aircraft financings and leases,” said Ex-Im Bank Vice President of Transportation Robert Morin. Since 2003, Ex-Im Bank has offered a reduction of its exposure fee on aircraft and aircraft engine transactions to eligible international airlines. A total of 28 countries, including the United States, have signed, ratified or acceded to and implemented the Cape Town Treaty. Ex-Im Bank is the official export-credit agency of the United States. ### |
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