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European Investment Bank financing announced for two ERA members

Following nearly four years of intensive lobbying activity by ERA and our members, the European Investment Bank (EIB) announced on 18 July that its Board of Directors have approved funding of a total of €546m for ERA members KLM Cityhopper and Air Nostrum. 

This investment is part of a total of €1bn that the EIB has earmarked for European regional airline fleet renewal and is comprised of loans of €296m for Air Nostrum as part of a fleet renewal programme for the purchase of new Bombardier CRJ1000s, and €250m for KLM Cityhopper for the acquisition of new more fuel efficient and environmentally friendly Embraer 175 and 190s to replace ageing Fokker 70s. 

Recognition by the EIB of the need for fleet financing for Europe’s regional airlines, as communicated to ERA’s management team last October by EIB Vice President Pim van Ballekom, marked a significant milestone in the project, however the approval of the Bank Management Board to extend credit for the purchase of new, environmentally sensitive and more fuel efficient aircraft to ERA members is testament to the hard work and effort of all involved in the initiative. The ERA Chief Financial Officers' Group is already in the preparatory stages of organising a meeting to discuss with the EIB the best way to proceed with a view to potentially extending the scope of the project and increasing accessibility to credit for ERA airline and lessor members.

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