Finnfund

The financing of the ATR fleet of Tanzanian private carrier Precision Air Services has been awarded by Airfinance Journal as "African Deal of the Year 2008". The USD 129 million structured finance lease of the ATR fleet was already awarded last December, by Jane's Transport Finance magazine, as the "2008 Aircraft Leasing Deal of the Year in Africa".  

Since 2008 Finnfund has been one of the financiers of the company’s investment programme. (Read more here)

"We are honored by this recognition, which consolidates the financing of our ATR fleet as one of the most performing and successful operations in the field of aviation finance in 2008", declared Alfonse Kioko, Managing Director and CEO of Precision Air Services.

"We would like to thank all our partners, ATR, Citi and Finnfund, which have played such a key role in order to make this financing possible. Thanks to their efforts, their knowledge and their success, we are now able to further expand the regional air connectivity in Tanzania, thus contributing to develop both tourism and business" he said.

Precision Air Services was founded in 1993 and has since increased its frequencies and capacity significantly with its current fleet of ten aircraft, including four ATR 42-320s, three ATR 72-210s, 2 ATR 72-500s and one Boeing 737. The fleet expansion has gone hand in hand with an increase in the volumes of passenger uplift.

The airline offers the widest connections to all major towns in Tanzania and, regionally, to Kenya, Uganda and soon to Angola and Democratic Republic of Congo. In December 2008, Precision Air Services won an Award as the most respected company in Tanzania.

For more information at Finnfund please contact Mr Mikko Kuuskoski tel. +358 9 3484 3380 or firstname.lastname@finnfund.fi