The deal, arranged through Citibank, covers shop visits for Avianca’s fleet of CFM56 engines at the GE Aerospace Celma facility in Brazil. By leveraging the Export Credit Insurance provided by the Brazilian Agency for the Management of Guarantee Funds and Guarantees (ABGF), Avianca gains significant flexibility to maintain its operational performance while reinforcing the role of the Celma site as a regional aerospace hub.
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Avianca Secures Landmark $300 Million Financing for Engine Maintenance
A $300 million financing agreement between Avianca, GE Aerospace, and Brazil’s ABGF marks the first time a non-Brazilian airline has utilized the agency's export credit insurance to fund engine maintenance services, signaling a shift in how regional carriers manage high-value technical overhauls at Brazilian facilities.
Felipe Gutierrez, Chief Operating Officer of Avianca, noted that the agreement aligns with the Abra Group's broader strategy to enhance fleet resilience and operational efficiency. For Brazil, the arrangement serves as a strategic win. Maíra Madrid, President of ABGF, stated that supporting such transactions helps generate high-skilled employment and expands Brazil’s influence in the global aerospace value chain. Currently, the Celma facility handles nearly 25% of GE Aerospace's internal engine maintenance work worldwide, operating across sites in Petrópolis, Rio de Janeiro, and Três Rios.
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