Ibdar Bank and Dubai-based Palma Holding have won the African Aviation Magazine's aircraft finance deal of the year award.

The award was for structuring of a 12-year agreement for acquiring four brand new Bombardier Q400 Next Gen aircraft and leasing them to Ethiopian Airlines, said a report in the Gulf Daily News (GDN), our sister publication.

In the deal valued at $100 million, Ibdar Bank contributed $22 million as investor whereas $78 million was secured through a funding agreement with Canada's Export Credit Agency EDC.

"The bank has been quite active in aviation financing and in co-operation with Palma Holding, we issued quite an important volume in this direction," said Ibdar Bank chief executive Basel Al Hag Issa. - TradeArabia News Service