El Al Israel Airlines has received US$190mn from the US Export-Import Bank (US Exim) for the import of Boeing 737-900ER aircraft.

The facility was announced during President Obama’s visit to Israel last month.

US Exim chairman Fred Hochberg says: “This transaction will help ensure that El Al has a modern and efficient fleet that can meet the growing demands of their customer base. US Exim has a long and productive history of working with El Al, dating back to 1960. This transaction demonstrates that US Exim’s strong support of the American aerospace industry increases American competitiveness and supports high-quality American jobs in the process.”

El Al Chief Financial Officer Nissim Malki adds: “US Exim’s support of the American aerospace industry is remarkable and should be praised. El Al benefits from this support, which will facilitate the financing of 737-900 aircraft manufactured by Boeing.”

US Exim’s current exposure to Israel is around US$950mn, and the bank authorised its first transaction in the country in 1948.