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US Ex-Im Bank has approved a US$244mn long-term guarantee to support the export by Boeing of B747-400 aircraft to Thai Airways. The aircraft have installed engines manufactured by General Electric Co.

Thai Airways is Thailand’s national flag carrier and covers more than 72 destinations in 34 countries on five continents.

US Ex-Im is guaranteeing a Japanese yen-denominated loan by BNP Paribas, Singapore, equivalent to US$244mn. The transaction is structured as an asset-based financing with the aircraft serving as collateral.

The aircraft acquisition is a continuation of Thai Airways modernisation programme to increase flight frequencies and expand its fleet to take advantage of expected growth opportunities in the airline’s major markets.