Kenya Airways (KQ) has announced financing for the purchase nine new Boeing 787-800s, one 777-300ER and 10 Embraer E-190 aircraft, from the African Export-Import Bank (Afreximbank). The 787 and 777-300ER aircraft are slated for delivery during the first and fourth quarters of 2014, respectively, while the E-190s are scheduled for delivery in the third quarter of this year.

“Our 10 year strategy is quite robust,” KQ CEO and group MD Titus Naikuni said. “The new deliveries financed by AFREXIM, will serve both capacity increases as well as allow for replacement of aircrafts that are due for retirement. The Dreamliners will replace the 767s whilst the E190s will be used for capacity expansion on the Africa/regional routes.”

The Afreximbank financing package consists of a pre-delivery payment facility and an aircraft delivery finance facility to fund the delivery of all 20 aircraft. The pre-delivery payments of the nine 787-800s will also be financed by proceeds of a recent KQ rights issue, under which it raised Ksh14.49 billion. The fleet expansion is part of KQ’s 10-year growth plan, with which it seeks to grow its fleet from 34 aircraft to 119 by 2021, and increase its destinations from 57 to 115