🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

U.S. EXIM Bank board backs $811 million loan guarantee to aid Boeing jet sale

Published 06/17/2022, 04:25 PM
Updated 06/17/2022, 07:45 PM
© Reuters. A banner for the first 737 MAX airliner is displayed adjacent to the production line for the Boeing P-8 Poseidon maritime patrol aircraft at Boeing's 737 factory in Renton, Washington, U.S. November 18, 2021. REUTERS/Jason Redmond
BA
-

WASHINGTON (Reuters) -The Export-Import Bank of the United States (EXIM) on Friday said its board of directors approved an $811 million loan guarantee to help finance the sale of Boeing (NYSE:BA) wide-body aircraft to French-Dutch airline Air France-KLM SA.

EXIM said in a statement that the loan guarantee would support aircraft assembled at Boeing's Everett, Washington, and North Charleston, South Carolina, factories, which produce 787 jetliners. It did not specify the number of aircraft involved, but KLM had ordered some 15 787-10 aircraft and began to take delivery of them in 2019.

Since then, Boeing experienced severe delays in 787 Dreamliner deliveries because of production flaws and has advised airlines and suppliers that deliveries would resume in the second half of 2022, but is still awaiting regulatory approvals.

EXIM said in a statement that the loan guarantee would support hundreds of small and medium-sized business suppliers and about 4,500 jobs in the United States.

"This transaction also helps a sector critical to U.S. economic security rebound from the economic impacts of the COVID-19 pandemic," it said.

© Reuters. A banner for the first 737 MAX airliner is displayed adjacent to the production line for the Boeing P-8 Poseidon maritime patrol aircraft at Boeing's 737 factory in Renton, Washington, U.S. November 18, 2021. REUTERS/Jason Redmond

A Boeing spokesperson could not immediately be reached.

Boeing in December lost a major Air France-KLM order for 100 new narrow body jets to arch rival Airbus.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.