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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