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BNDES Supports Export of Embraer E-Jets to the USA
Oct, 11, 2022 Posted by Gabriel MalheirosWeek 202241
The Brazilian Development Bank (BNDES) approved financing for the export of six Embraer E175 commercial jets to the north American regional carrier SkyWest Airlines, Inc. (SkyWest), whose operations began in 1972. The aircraft will be delivered through the end of the year to SkyWest under existing previously announced orders with Embraer. The aeronautical sector is considered strategic due to its high added value in technological content, innovation, and labor training.
The financing, in the order of R$670 million, will be through BNDES Exim Post-shipment, with disbursements made in reais in Brazil in favor of Embraer. SkyWest (importer) will assume the commitment to pay in dollars to BNDES, generating foreign currency for Brazil.
This is the second financing tranche with BNDES for the sale of Embraer aircraft exports to SkyWest Airlines using the innovative Aircraft Financing Insurance Consortium (AFIC) offering from Marsh, the world’s leading insurance broker and risk advisor. The first financing was executed in December 2020 in amount of R$ 400 million.
The Aircraft Non-Payment Insurance (ANPI) policy is underwritten by four international insurance groups: AXA XL, AXIS Capital, SOMPO International and Fidelis Insurance. The ANPI policy provides that, in the event of default by the debtor, the insurers make all scheduled payments to the lender until all outstanding principal is repaid. The AFIC insurance offering also increases the flexibility and speed of implementation of financing between the parties for buyers of Embraer aircraft.
Source: TravelDaily News
To read the full original article, please go to: https://www.traveldailynews.com/post/bndes-supports-exports-of-embraer-aircraft-to-the-united-states
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