On 25 June 2015, right before the delivery of the second brand new Bombardier Q400 NextGen, RwandAir signed a financial deal with Preferential Trade Area Bank (PTA) worth US $160 million.
This loan will enable the airline to acquire new aircraft, which will increase capacity for the Dubai route as well as meet growing demand from European and Asian markets. The addition of the new Airbus A330-200 and Airbus A330-300 will be made possible through the loan and take RwandAir’s young fleet from 8 to 10 aircraft in 2016.
“We are honoured to have PTA Bank as our long-term and dependable partner to support our growth strategy. The new acquisition shall enable us to enhance and spread our world-class products and services beyond our current footprint,” said John Mirenge, CEO of RwandAir.
Speaking about the agreement, PTA Bank President Admassu Tadesse said, “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 government’s Vision 2020.
RwandAir is an existing PTA Bank client and as part of its fleet expansion strategy, the airline is planning to purchase two Airbus A330 passenger aircraft at a total cost of about US $160 million.”
The PTA Bank financing is an important contribution to RwandAir’s long-term success and sustainability and the airline is pleased to be working in partnership with the bank to achieve our expansion goals.