EX-IM BANK BOARD OF DIRECTORS EXTENDS ENVIRONMENTAL PROCEDURES, APPROVES KEYAN AIRLINE TRANSACTION AND FINANCING FOR HOTEL EQUIPMENT TO TURKEY
ENVIRONMENTAL PROCEDURES & GUIDELINES: The Export-Import Bank of the United States (Ex-Im Bank) Board of Directors approved the extension for six months of the current version of Ex-Im Bank's Environmental Procedures and Guidelines and Nuclear Procedures and Guidelines. The rules were last extended in December 2001. The decision is aimed at allowing the board and incoming chairman time to become versed on evolving issues related to these guidelines.
KENYA: The board approved a final commitment for a long-term loan guarantee to Kenya Airways Ltd., Nairobi, Kenya, to support the export by The Boeing Co., Renton, WA, of two B737-700 aircraft equipped with engines made by CFM International Inc., Cincinnati, OH. The transaction is structured as an asset-based financing with the aircraft serving as collateral. Kenya Airways, Kenya's privatized national flag carrier, will use the aircraft to expand its routes and increase flight frequencies on selected high volume routes. The guaranteed lender on the current transaction is Barclays Bank International, New York, NY.
TURKEY: the board approved a final commitment for a $13.75 million long-term guarantee supporting the $13.5 million export by Leonard Parker Company, Coral Gables, FL, and other U.S. suppliers of hotel equipment and furniture for a resort hotel to be built on the Bodrum Peninsula in Turkey. The Ex-Im Bank guarantee also covers financing fees and project-related installation services in the buyer's country. U.S. suppliers on the transaction include Otis Elevator Company, Farmington, CT; and Withers Transfer & Storage, Miami, FL. The borrower and primary source of repayment is Aysir Truizm Ve Insaat Anonim Sirketi, Istanbul. Aysir is the builder of the project. The guaranteed lender is ABN Amro Bank N.V., Chicago, IL. The resort will be named Barbaros Bay Resort.