Emirates has closed a US$239mn financing agreement with US Ex-Im Bank for 22 GE90 General Electric (GE) and Rolls Royce engines. This is the first ever financing of engines by Emirates and also the first time it has used US Ex-Im support.
The financing for the engines was fully arranged and funded by Royal Bank of Scotland and comprises US$129mn for seven GE90 spare engines using Ex-Im support, and US$110mn for 15 Rolls engines using commercial debt.
The first of the GE90 engines was delivered in December 2004, with delivery of the remaining six due to be completed by 2007. The Rolls engines have been delivered already. Financing terms for the GE90 spare engines is five years, and eight years for the Rolls engines.