Friday, 20 December 2013 04:34

Export Transaction Agreement for Mongolian Airlines Boeing 767-300ER finalized

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mongolian-airlines-boeing-767-300erOfficials from the Export-Import Bank of the United States (Ex-Im Bank) and MIAT Mongolian Airlines (MIAT) participated in a signing ceremony today that finalized the export of a U.S. Boeing 767-300ER aircraft with GE engines to MIAT.

Ex-Im Bank Chairman and President Fred P. Hochberg, MIAT President and CEO Jargalsaikhan Gungaa, and PEFCO Vice President Vince Herman signed the financing documents. Altangerel Bulgaa, Mongolia's Ambassador to the United States, and representatives from GE and The Boeing Company were also in attendance.

The transaction, guaranteed by Mongolia's Ministry of Finance, was previously approved by Ex-Im Bank's board of directors and counts as both the Bank's first significant transaction in Mongolia and its first transaction with MIAT.

"There are numerous opportunities for U.S. exporters in Mongolia, and I hope that this agreement encourages more Americans to explore this diverse and exciting market," said Chairman Fred P. Hochberg. "By increasing MIAT's fleet, we are able to support high-quality jobs in both the United States and Mongolia."

"Aviation plays a strategic role in Mongolia's global interactions. Boeing is delighted that MIAT's latest 767-300ER marks the carrier's first direct purchase of one of our jetliners and continues the airline's reliance on quality U.S. made aircraft to meet its mission.  This, in turn, links Mongolia to the success of American aviation manufacturing and the many thousands of U.S. jobs it supports," said John Wojick, senior vice president, Global Sales & Marketing for Boeing Commercial Airplanes.

"MIAT is pleased to conclude its first financing transaction with the support of Ex-Im Bank," said President Jargalsaikhan Gungaa. "We are proud to be the first airline in Mongolia to acquire an aircraft directly from The Boeing Company and to finance an aircraft with the support of Ex-Im Bank. This is an important step for the aviation industry in Mongolia, and the confidence shown by Ex-Im Bank in Mongolia will have a positive impact on all industries."

Last year, Chairman Hochberg participated in a business-development mission in Mongolia, where he encouraged sourcing of U.S. products and services for regional infrastructure projects. Chairman Hochberg also oversaw the signing of a memorandum of understanding with the Development Bank of Mongolia to facilitate trade opportunities between the United States and Mongolia.