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ING Capital has closed a $107.5 million pre-delivery payment (PDP) financing for Ethiopian Airlines in respect of Airbus A350-900 aircraft.

Photo: Airbus

New York-based ING Capital has closed a $107.5 million pre-delivery payment (PDP) financing for Ethiopian Airlines in respect of Airbus A350-900 aircraft.

The airline is using the PDP financing to finance a portion of the pre-delivery payments which it makes to Airbus prior to the delivery of each aircraft. ING Capital is the sole lender and facility agent. Payments were made in May.

Ethiopian Airlines has ordered 14 Airbus A350-900 aircraft, the first of which is scheduled to be delivered in June 2016. The airline will be the first African A350 operator when it takes delivery of the first aircraft. Ethiopian Airlines plans to deploy the aircraft on its expanding route network linking Africa with Europe, Asia and the Americas.

Terina Golfinos, managing director and head of ING Capital’s structured export finance team in New York, says: “We were especially pleased to have the opportunity to support our long-standing client Ethiopian Airlines on its very first PDP financing for Airbus aircraft. ING is delighted to continue its close collaboration with Ethiopian Airlines on the financing of its fleet of aircraft, which allows the airline to continue its strategic and rapid expansion as Africa’s most successful airline.”

Meseret Bitew, acting chief financial officer at Ethiopian Airlines, comments: "The financial support for our acquisition of the A350 aircraft is critical to Ethiopian Airlines as we aim to sustain our position of being the pioneer of African aviation as an aircraft technology leader.

“As part of our on-going fleet expansion and modernisation strategy, the acquisition of these aircraft will help us to be better positioned and serve our customers and to be on track to achieve our Vision 2025 goals."

5.2-magnitude earthquake hits near Borrego Springs, San Diego County.

5.2-magnitude earthquake hits near Borrego Springs, San Diego County. Anearthquake with a preliminary magnitude of 5.2 shook Southern California early Friday morning. The quake was centered about 14 miles north-northwest of Borrego Springs and hit just after 1 a.m., according to the U.S. Geological Survey.2 hours a

Ethiopian Airlines to add 10 to 15 long-range Boieng 777-8

Ethiopian Airlines to add 10 to 15 long-range Boieng 777-8
By Mathew Haggai -  June 8, 2016
   
Ethiopian Airlines
Ethiopian Airlines plans to buy between 10 and 15 Boeing 777-8s to increase the size of long-range fleet, announced the CEO of the firm, Tewolde Gebremariam, on June 2.

A Boeing 777 is considered as standard in terms of long-range large carriers. Launched in 1995, the 777 series includes six versions of which a cargo plane.

Ethiopian Airlines which currently serve close to hundred destinations worldwide plans to bring its fleet, which presently comprises 77 planes, to 140 planes by 2025, when the firm projects a turnover of more than $10 billion.

According to the International Air Transport Association, Ethiopian Airlines is presently top African firm in terms of profits and turnover. The company which is based at the Bole International airport recorded a record net profit of $165.4 million during its 2014-2015 fiscal year, up 12% from the previous year.

ፋሽን ከእንሰት Ethiopian designer turns everyday crop into fashion

 

Teshalesh Tadesse is an Ethiopian fashion designer whose products are made from enset, a plant that belongs to the Banana family and is commonly known as ‘false banana’. Teshalesh’s brand Adot Liyu sells remarkable fashion and household items – bags, belts, tops, tableware and baskets – wholly or partially made of the dried remainders of the everyday Ethiopian crop.

Growing up with a father who worked as shoemaker and a mother who grew enset for food, her family background inspired Teshalesh Tadesse to become the entrepreneur she is today.

With her company Adot Liyu, Teshalesh dries the remainder of the enset plant and designs eco-friendly and organic clothes and household items. By adding woven cotton to the remainders of a crop commonly referred to as ‘false banana’, Teshalesh turns waste into value. Given the fact that enset is one of Ethiopia’s main agricultural products, the potential of this application of its residue, is enormous.

Teshalesh sells her products at distributing hotels, national and international bazaars, expositions, and fashion shows. Although she is a young entrepreneur, her ambition achieved her products international fame. She has big plans to expand her company and by employing women from rural areas in particular, improve Ethiopian livelihoods.

Club Africa is happy to put the spotlight on Teshalesh, highlighting her work in this photo story.

ቅንጣቢ ዘገባ Micro Blog by EthioBeats : Public smoking ban for Ethiopia's capital

ቅንጣቢ ዘገባ Micro Blog by EthioBeats : Public smoking ban for Ethiopia's capital

ቅንጣቢ ዘገባ Micro Blog by EthioBeats : Public smoking ban for Ethiopia's capital

ቅንጣቢ ዘገባ Micro Blog by EthioBeats : Public smoking ban for Ethiopia's capital