Eastern and Southern African Trade and Development Bank (PTA Bank) was appointed as mandated lead arranger and sole funder on the innovative Aircraft acquisition financing of
US$160 million loan to RwandAir.
Building on its existing relationship and previous experiences with RwandAir, PTA Bank facilitated an innovative financial solution that will enable RwandAir expand its existing fleet, subsequently on the 25th of June, 2015; RwandAir signed an agreement with the PTA Bank. The financing will assist RwandAir, Africa’s fastest growing airline; acquire two passenger aircraft from Airbus specifically the A330-200 and A330-300. The acquisition of the two wide body aircrafts will significantly increase RwandAir’s capacity to effectively meet growing demand and provide exceptional service quality for the ever growing long distance routes to Asia-China passenger markets.
“On behalf of the airline, we are honored to have PTA Bank as our long-term and dependable partner in supporting our growth strategy. The new acquisition shall enable us enhance and spread our world-class product and services beyond our current footprint; says Mr. John Mirenge, Chief Executive Officer, RwandAir
PTA Bank President, Mr. Admassu Tadesse, “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 Rwanda’s government’s Vision 2020 Initiative. RwandAir is PTA Bank’s existing client and it is a carrier owned by the Government of Rwanda. As part of its fleet expansion strategy, RwandAir is planning to purchase two Airbus A330 passenger aircraft at a total cost of about USD 160 million. Rwanda has achieved substantial economic gains since the launch of Vision 2020, and it continues to perform well.
Speaking at the ceremony, the Permanent Secretary/Secretary to Treasury, Ms. Kampeta Sayinzoga said: “Rwanda may be landlocked but has made a strategic decision not to be air- locked. Our development strategy is to be connected to the rest of the world through this strategic investment which will serve tourism, export of goods and transform Kigali into a Trade and Logistics Platform. PTA Bank has been, for many years now, a strategic financing partner of choice in the expansion journey of Rwandair”.