Global Jet Capital, a US-based company providing leasing and lending solutions for large cabin, long-range private jets, has signed a Memorandum of Understanding (MOU) with the African Business Aviation Association (AfBAA) that designates Global Jet Capital as a preferred provider of financing solutions for AfBAA members seeking financing for private aircraft.
“We are pleased to be able to sign this MOU with AfBAA to help advance private aviation in Africa,” said Shawn Vick, Chairman of Global Jet Capital’s executive committee. “The growth in private aviation in Africa represents a significant opportunity for Global Jet Capital, and this agreement and partnership with AfBAA is a major step in moving forward to grow this market.”
Global Jet Capital offers asset-based structured financing services for private aircraft operators. In recent years, traditional lending sources have not been as active in private jet financing as they used to be. The company’s equity base, flexible business model and industry expertise allow it to move quickly to provide clients with customized financing solutions.
“Global Jet Capital’s asset-based approach to private aircraft financing is a significant boost to the African market,” said Tarek Ragheb, Chairman of AfBAA.
“Africa has great opportunities and growth potential for private aviation but the market faces significant challenges. This partnership with Global Jet Capital will help AfBAA members and our market tremendously,” stated Ragheb.
“Our team’s research, as well as that of independent sources, indicates there is increasing demand for leasing and lending solutions in this sector of the market,” added Vick. “As a result of our structure, capitalization and flexibility we have financing solutions that may not be available from traditional lending sources.”
Global Jet Capital was officially launched at the National Business Aviation Association (NBAA) Convention in Orlando, FL this past October. Three global investment firms – GSO Capital Partners, a Blackstone company in partnership with Franklin Square Capital Partners*, The Carlyle Group and AE Industrial Partners – partnered to launch the company, which has the financial capacity to fund more than $2 billion in aircraft financing for individual, corporate and government use globally. Global Jet Capital offers operating and interim leases, finance leases and mortgage loans, progress payments and mezzanine financing for both new and previously-owned private jets.
The African Business Aviation Association (AfBAA) was launched in May 2012 to represent the interests of Africa’s aircraft owners, operators, and suppliers to the business aviation community in a single voice. AfBAA currently has 80 members.
AfBAA’s primary objective is to promote, through advocacy, the understanding and benefits that business aviation provides for the continent’s economic development and prosperity. As an active, well-funded, professionally run organization, AfBAA is committed to increasing membership, raising awareness of the association internally in Africa and externally, and supporting all entities involved in business aviation in Africa. Chairman Tarek Ragheb and Executive Director Rady Fahmy work with the founding members to lead development of the association.