Dec 24 , 2022
US EXIM (export-import) Bank has dolled out 281 million dollars in capital guarantees to finance the purchase of Boeing 737 MAX aircraft by the Ethiopian Airlines Group. The Bank supports the American economy by facilitating US exports through the provision of loan guarantees, export credit insurance and direct loans to buyers. Boeing employs nearly 140,000 people, mainly in the US and 65 international countries. Boeing had settled with the US Justice Department for 2.5 billion dollars in January 2021, paying most of the compensation to airlines following two fatal crashes of the 737 MAX planes in 2019. One was an Ethiopian Airlines flight that claimed the lives of 157 people. The company's stock evaluation had lost 40 billion dollars, close to 20pc of its value, following the crashes. The CEO of Boeing was let go in December of 2019 with a compensation payment of 62 million dollars despite not receiving severance pay. The Ministry of Transport & Logistics held a press briefing at the Skylight Hotel on December 23, expressing full agreement to the assessment of Boeing on the cause of the crash, putting it to rest. Ethiopian Airlines Group had requested raising its capital threefold to 558 million dollars to Ethiopian Investment Holdings back in October. The company also desired to expand its fleet to 271 by 2035.
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