The African Export-Impork Bank (Afreximbank) has been named mandated lead arranger to raise financing of the purchase of 20 aircraft for Kenya Airways.

The financing package consists of a pre-delivery payments facility and an aircraft delivery finance facility to fund the delivery, between Q3 2012 and Q4 2013, of nine Boeing 787-800s, one Boeing 777-300ER and 10 Embraer 190s.

Afreximbank president Jean-Louis Ekra says: “The fleet expansion programme supported by the proposed financing promises to keep Kenya Airways ahead of its peers in the years ahead, and more importantly facilitates intra-African trade, which is at the core of Afreximbank’s mandate.

“In implementing this important mandate, Afreximbank will further its efforts towards the modernisation of the African aviation sector; one of the key enablers of intra-African trade.”

Titus Naikuni, group managing director and CEO of Kenya Airways adds: “The new deliveries financed by Afreximbank will serve capacity increase, as well as allow for replacement of aircraft that are due for retirement.

“Transport is an important component in economic development, as it opens up markets allowing access to goods and services. Our Jomo Kenyatta International Airport hub is currently being expanded to effectively meet the growing traffic; the airport is centrally located to effectively open up Africa to the world.”