StanChart closes ECA-backed Airbus deal
Standard Chartered has provided a multi-million dollar loan, backed by export credit agencies (ECAs), to Air Arabia for the purchase of two Airbus aircraft.
The bank was unable to disclose the exact amount of the deal when contacted by GTR, but confirmed that the ECAs involved were Eurler Hermes, UK Export Finance and Coface.
The facility was arranged, underwritten and funded entirely by Standard Chartered. The two A320-214 series aircraft were delivered to Air Arabia in May and July 2012.
Heinz Noeding, global head of structured export finance at the bank, says: “The latest ECA financing of the two aircraft was completed in an abbreviated timescale. The success of Air Arabia to date and its impressive future plans are compelling and we are proud to play a role in supporting this continued growth. We look forward to an even closer partnership with Air Arabia in the future.”
Air Arabia is the United Arab Emirates’ national low-cost airline, established in 2003.