RwandAir has secured a $160 million loan facility from PTA Bank, covering two new Airbus A330s scheduled for delivery next year.
The bank confirms it was appointed as mandated lead arranger and sole lender in the transaction.
In March, the Rwandan national carrier signed a memorandum of understanding with Airbus for the acquisition of an A330-200 and an A330-300. Both are to be delivered between September and December 2016, Flightglobal's Ascend Fleets database shows.
Rwandair chief executive John Mirenge said that the new A330s would support the carrier's plans to expand into Europe and Asia, enhance its regional presence, and open up new routes.
"We were delighted to have the opportunity to close this important financing for RwandAir and contribute to Rwanda's economic development and the delivery against transport and infrastructure components of the Rwandan government's Vision 2020 Initiative," says PTA Bank president Admassu Tadesse,
PTA Bank, which styles itself as an "eastern and southern African trade and development bank", has been instrumental in RwandAir's fleet acquisition process since the carrier in 2009 disclosed plans to acquire its own fleet with the purchase of two ex-Lufthansa Bombardier CRJ200s.
The bank has provided a $13.5 million loan facility for those units, along with pre-delivery payment and US Export-Import Bank-backed 10-year loans for the acquisition of a pair of Boeing 737-800s in 2011.
The following year, RwandAir acquired a pair of new CRJ900s via Export Development Canada guarantee.
RwandAir operates two 737-700s, two 737-800s, two CRJ900s, two Q400s and a single Dash 8-100, Ascend Fleets shows.
Source: Cirium Dashboard
