Ex-Im Bank Authorizes $190 Million to Israeli Airline
March 22, 2013
(Ex-Im Bank)
Financing will support 1,300 American Jobs
Washington D.C. – Today, the Export-Import Bank
of the United States (Ex-Im Bank) authorized
more than $190 million in financing to support
the export of Boeing 737-900ER aircraft to El
Al Israel Airlines, Ltd. (El Al). According to
Boeing, this transaction will help the company
create and sustain more than 1,300 American
jobs.
“This transaction will help ensure that El Al
has a modern and efficient fleet that can meet
the growing demands of their customer base,”
said Ex-Im Bank Chairman Fred P. Hochberg.
“Ex-Im has a long and productive history of
working with El Al, dating back to 1960. This
transaction demonstrates that Ex-Im Bank’s
strong support of the American aerospace
industry increases American competitiveness and
supports high-quality American jobs in the
process.”
“Ex-Im's support of the American aerospace
industry is remarkable and should be praised,”
said El Al Chief Financial Officer Nissim
Malki. “El Al benefits from this support, which
will facilitate the financing of 737-900
aircraft manufactured by Boeing. We are pleased
that this wonderful news came during President
Obama’s visit to Israel and would like to thank
Ex-Im Bank and Chairman Hochberg for their
professionalism, patience and creativity in
finalizing the transaction.”
This transaction is supported by the National
Association of Manufacturers (NAM). According
to NAM, “this particular transaction will have
a positive impact on jobs – both directly and
indirectly throughout the supply chain – and
will support economic growth in a key
manufacturing sector.”
El Al was established in 1948 and is the
national flag carrier of Israel. El Al
continues to play a crucial role for the
country, serving all sectors of the Israeli air
travel industry, including business travelers,
tourists, friends and relatives and
immigrants.
Ex-Im Bank’s first transaction with Israel was
in 1948, the year the country was founded. In
FY’12, the Bank authorized $1.7 million and its
exposure was $580 million. Ex-Im’s current
exposure in Israel is approximately $950
million.
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