Embraer E-190 aircraft. Egyptair Training Academy.
The three aircrafts, E-190 model, will be purchased from Brazil's aerospace manufacturer Embraer, according to a press release on wednesday.
"Afreximbank...is committed to working with other aviation industry stakeholders to facilitate the continued investment and ongoing reforms which the sector critically needs,” said Awan Awani, Executive Vice President for Intra-Africa Trade Bank at Afreximbank.
The loan will help CIAF Leasing expand in the African market, said Helen Brume, Director of Project and Asset Based Finance at Afreximbank.
Founded in 2009, CIAF Leasing is a joint venture between Egyptian state-owned entities and Japan's Aviation Capital Group.
CIAF Leasing leases aircrafts to Egypt's national carrier Egyptair, which also subleases to its subsidiary Air Cairo.
CIAF Leasing currently has six aircraft in its portfolio.
The company focuses on the operating and financial leasing of narrow-body aircraft and the financial leasing of smaller ticket aviation-related equipment and assets.