Ethiopian Airlines has reached an agreement with Boeing for the acquisition of five models of the latter's 777-8 freighter aircraft. The two firms signed a memorandum of understanding last week for the acquisition deal, valued at around 400 million dollars. Each 777-8 aircraft has a carrying capacity of 118tn. Though the figure is similar to the national carrier's 747-700 freighters, the new models are up to 30pc more fuel efficient. Over the second quarter of this year, the Ethiopian Airlines Group secured loans amounting to 283 million dollars from ING Capital, a commercial creditor headquartered in the Netherlands, for the procurement of aircraft. The loans are guaranteed by the Exim Bank of America. Ethiopian Airlines operates flights to 130 international destinations from its hub at Addis Abeba Bole International Airport. The carrier reinstated Boeing's 737-MAX aircraft to its fleet last month after the model was grounded for nearly three years following a crash that claimed 157 lives.