International Trade Secretary announces UK Government funding to support Rolls-Royce-EL AL deal

By August 24 2018, 12:33 Latest News No Comments

El AlInternational Trade Secretary Rt. Hon. Dr Liam Fox MP today announced financing from UK Export Finance to support the sale of Rolls-Royce engines to Israel’s national carrier EL AL, in what he said is the “the largest single export deal the UK has had with Israel, and a marker of the strength of the trade relationship between the two countries”.

This delivery is part of Rolls-Royce’s contract to supply engines for 16 Boeing 787 Dreamliner aircraft for EL AL Israel Airlines.

UKEF has provided EL AL Israel Airlines with export credit support to finance the sale of a Rolls-Royce-powered Boeing 787 aircraft. This is the sixth aircraft to be delivered of a fleet of 16 Dreamliners with Rolls-Royce engines.

Dr Fox said: “The aerospace industry is a major driver of the UK economy and I am delighted that as we launch the government’s Export Strategy, UK Export Finance (UKEF) is backing this significant contract, which will support the continued international success of Rolls-Royce”.

Dganit Palti, Chief Financial Officer of EL AL Israel Airlines said: “We are very delighted with the delivery of the sixth Boeing 787 Aircraft. The transaction was financed by Citibank and supported by UKEF. On the special event of Israel’s 70th independence and the company’s 70th anniversary, the aircraft’s retro livery commemorates the 70 years of EL AL’s performance as Israel’s leading Airline. We are delighted that the UK government has chosen to support this financing as it showcases the continuing strong relationship between our two countries”.

 

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