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BNDES Approves R$ 1 Billion Financing to Boost Embraer Exports

The Brazilian Development Bank granted R$ 1.09 billion to Embraer for commercial aircraft production to support export deliveries in 2025.

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This article summarizes reporting by Agência Brasil. Read the original reporting for full context.

BNDES Approves R$ 1 Billion Financing to Support Embraer Export Growth

The Brazilian Development Bank (BNDES) has approved a significant financing package totaling R$ 1.09 billion (approximately US$ 200 million) for Embraer, the country’s leading aerospace manufacturer. According to reporting by Agência Brasil, this funding is designed to provide the working capital necessary to support the production of commercial aircraft destined for the international market.

The credit operation, finalized on November 25, 2025, utilizes the BNDES Exim Pre-shipment line. This specific financial instrument is tailored to cover the production phase of export goods, ensuring that manufacturers have the liquidity required to purchase raw materials and cover labor costs before delivery to foreign buyers. As noted in the official communications cited by Agência Brasil, this move aligns with Embraer’s strategy to ramp up deliveries in the coming year.

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This latest injection of capital underscores the long-standing strategic partnership between the state-owned development bank and the aircraft manufacturer, aiming to secure Brazil’s position in the competitive global aerospace market.

Details of the Financing Package

The approved R$ 1.09 billion will be directed specifically toward the production of commercial jets already ordered by international clients. Under the terms of the Exim Pré-embarque (Pre-shipment) credit line, the funds are released to support the manufacturing cycle, covering the gap between production costs and final payment upon delivery.

Understanding the Credit Mechanism

According to BNDES data referenced in the report, this credit line is distinct because it finances the production phase rather than the purchase itself. The interest rates for the loan are composed of the standard financial cost, BNDES remuneration, and a credit risk rate applicable to this type of export support.

In a statement regarding the approval, BNDES President Aloizio Mercadante highlighted the strategic nature of the sector. As quoted by Agência Brasil:

“Brazil is part of a select group of countries with the capacity to design, manufacture, and export commercial, executive, defense, and agricultural aircraft.”

, Aloizio Mercadante, President of BNDES (via Agência Brasil)

Operational Outlook for 2025

The financing comes at a critical time for Embraer as it prepares for a surge in production. According to the company’s operational guidance cited in the report, Embraer forecasts delivering between 77 and 85 commercial jets in 2025.

Production Ramp-Up

If the company achieves the midpoint of this target (81 jets), it would represent an 11% increase compared to the 73 commercial jets delivered in 2024. The report further notes that in 2024, Embraer delivered a total of 206 aircraft across all segments, commercial, executive, and defense, marking an increase from 181 units in 2023.

Francisco Gomes Neto, CEO of Embraer, emphasized the necessity of this capital to meet rising demand. In remarks published by Agência Brasil, he stated:

“[…] BNDES financing is fundamental to support initiatives aimed at increasing production capacity and accelerating deliveries in the coming years.”

, Francisco Gomes Neto, CEO of Embraer

Historical Context and Strategic Importance

The relationship between BNDES and Embraer is a cornerstone of Brazil’s industrial export strategy. Historical data provided by BNDES indicates that since 1997, the bank has financed approximately US$ 26.3 billion in exports for the manufacturer. This funding has facilitated the export of roughly 1,350 aircraft over nearly three decades.

AirPro News Analysis

We observe that this financing package reinforces a broader trend in Brazilian industrial policy: a shift toward “neo-industrialization.” While Brazil is a global powerhouse in raw commodity exports like soy and iron ore, the aerospace sector represents a rare avenue for high-value-added, technology-intensive exports.

By securing state-backed export credit, a standard practice among global competitors like Boeing (via the US Ex-Im Bank) and Airbus (via European ECAs), Embraer ensures it can maintain competitive production flows. This liquidity is vital for competing in the narrow-body market, particularly against the Airbus A220, by ensuring that supply chain constraints do not hamper delivery schedules during a period of high demand.

Frequently Asked Questions

What is the BNDES Exim Pre-shipment line?
It is a credit line that provides working capital to companies to fund the production of goods destined for export. It covers costs like materials and labor before the product is shipped and paid for by the importer.
How much has BNDES invested in Embraer historically?
According to official data, BNDES has financed approximately US$ 26.3 billion in Embraer exports since 1997.
How many aircraft does Embraer plan to deliver in 2025?
Embraer projects delivering between 77 and 85 commercial jets in 2025.

Sources

Photo Credit: Embraer

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Aircraft Orders & Deliveries

AerCap Leases Two Boeing 777-300ERSF to Turkish Airlines

AerCap finalizes lease of two Boeing 777-300ERSF freighters to Turkish Airlines, with deliveries scheduled for 2027.

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AerCap Leases Two Boeing 777-300ERSF to Turkish Airlines

AerCap Holdings N.V. has finalized lease agreements with Turkish Airlines for two Boeing 777-300ERSF converted freighters, with deliveries scheduled between March and September 2027.

Announced on October 29, 2026, the transaction expands the Turkish flag carrier’s dedicated cargo capacity while utilizing Etihad Engineering’s maintenance, repair, and overhaul (MRO) facility in Abu Dhabi for the passenger-to-freighter (P2F) modifications. In a press release detailing the agreement, the Dublin-based aviation lessor emphasized the strategic alignment between the aircraft’s capabilities and the airline’s expanding freight network.

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Expanding Turkish Airlines’ cargo operations

The agreement builds on an existing relationship between AerCap and Turkish Airlines, which operates a large international network requiring substantial dedicated cargo lift. The addition of the two widebody freighters is intended to support the carrier’s volume requirements on high-demand international routes.

Peter Anderson, Chief Commercial Officer at AerCap, stated that the aircraft will provide the airline with additional cargo capacity combined with the performance capabilities specific to the 777-300ERSF platform. Financial terms of the lease agreements, including the exact lease duration and the specific aircraft serial numbers, were not disclosed in the announcement.

The Big Twin conversion program

The Boeing 777-300ERSF, marketed as “The Big Twin,” is a P2F conversion program developed through a joint venture between AerCap and Israel Aerospace Industries (IAI). It represents the first program designed to convert the Boeing 777-300ER into a dedicated freighter configuration.

According to AerCap’s cargo division, the 777-300ERSF offers 25 percent more cargo volume than the factory-built Boeing 777-200LRF. This increased capacity positions the converted twin-engine aircraft as a cost-effective replacement for aging four-engine Boeing 747 freighters currently operating in the global fleet.

AerCap delivered the first 777-300ERSF to launch customer Kalitta Air in September 2025. Since that initial delivery, the lessor has handed over aircraft to Fly Meta and secured lease agreements with other major operators, including Ethiopian Airlines and China Southern Group.

Regional conversion strategy in Abu Dhabi

The physical conversion of the two aircraft destined for Turkish Airlines will be executed at the Etihad Engineering MRO hub in Abu Dhabi, United Arab Emirates. This facility serves as a dedicated regional conversion center for the 777-300ERSF program.

Anderson highlighted the strategic importance of the location, noting that the Abu Dhabi facility provides a regional platform capability that enables aircraft to be converted in the Middle East prior to delivery. This localized approach is designed to efficiently serve customers across the Europe, Middle East, and Africa (EMEA) market.

“The dedicated 777-300ERSF conversion facility at Etihad Engineering’s MRO hub in Abu Dhabi provides an important regional platform capability, enabling the aircraft to be converted in the Middle East ahead of delivery to Turkish Airlines,” Anderson said.

AerCap’s broader market position

The Turkish Airlines agreement follows a period of strong financial performance for AerCap. On October 28, 2026, the company reported its third-quarter financial results, citing record adjusted earnings per share and raising its full-year 2026 guidance amid high lease rates and sustained demand for aviation assets.

As of September 30, 2026, AerCap’s total portfolio included 1,537 owned and managed aircraft, alongside approximately 1,300 engines and over 300 helicopters. The company’s dedicated cargo division manages a fleet of approximately 110 owned, managed, and on-order freighters, having completed more than 160 passenger-to-freighter conversions to date.

AirPro News analysis

We view the placement of 777-300ERSF aircraft with a major network carrier like Turkish Airlines as a strong validation of the Big Twin program’s economic proposition. As operators look to phase out older Boeing 747 freighters, the 25 percent volume advantage over the 777-200LRF makes the converted 300ER an attractive middle ground between factory-built twin-engine freighters and legacy four-engine platforms. Utilizing the Etihad Engineering facility in Abu Dhabi for a European customer also demonstrates the logistical efficiency of AerCap’s decentralized conversion strategy, reducing ferry times and regional friction for EMEA operators.

Photo Credit: AerCap

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CDB Aviation Leases Additional Boeing 737-800 to Neos

CDB Aviation will deliver a Boeing 737-800 to Italian leisure carrier Neos in November 2026, expanding a partnership begun in 2021.

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CDB Aviation Leases Additional Boeing 737-800 to Neos

Irish aircraft lessor CDB Aviation will expand its existing relationship with Italian leisure carrier Neos S.p.A. by leasing the airline one additional Boeing 737-800 narrowbody aircraft. The aircraft is scheduled for delivery in November 2026 and will support the carrier’s intra-European and intercontinental route networks.

The agreement, announced in an October 28, 2026, press release, builds upon a leasing partnership established between the two companies in 2021. The transaction highlights continued demand for current-generation narrowbody assets to sustain short- and medium-haul leisure operations.

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Expanding the Neos narrowbody fleet

Neos, a wholly owned subsidiary of Alpitour S.p.A. based at Milan Malpensa Airport (MXP), operates an all-Boeing fleet. The airline currently utilizes 18 aircraft, comprising the Boeing 737-800, Boeing 737 MAX 8, and widebody Boeing 787-9 Dreamliner.

The Boeing 737-800 serves as a core asset for the airline’s short- to medium-haul leisure routes. Neos deploys these narrowbody aircraft on intra-European and select intercontinental flights. This narrowbody capacity complements its widebody Boeing 787-9 Dreamliner fleet, which is dedicated to long-haul operations across the carrier’s 85 global destinations in Europe, Africa, Asia, the Middle East, and the Americas.

Marco Brusa, Chief Operating Officer of Neos, stated that the planned addition reflects confidence in the lessor as a trusted partner.

“We are pleased to further strengthen our partnership with CDB Aviation with the planned addition of this Boeing 737-800 to our fleet,” Brusa said. “This agreement builds on our established relationship and reflects our confidence in CDB Aviation as a trusted partner. We look forward to welcoming the aircraft and continuing our successful collaboration.”

A growing lessor-operator partnership

The commercial relationship between CDB Aviation and Neos began in 2021 with an initial agreement covering two Boeing 737-800s. CDB Aviation officially announced the delivery of those two aircraft on February 7, 2023. Those initial airframes were configured with 186 single-class seats to support the carrier’s network.

CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd., operates globally from its Dublin headquarters. As of early 2025, the lessor reported a fleet of 521 owned and committed assets, with aircraft placed at 85 airlines across 40 countries.

Gavan Daly, Head of Commercial EMEA at CDB Aviation, noted the company’s satisfaction with the expanded agreement.

“We are delighted to deepen our partnership with Neos through the agreement to lease this additional 737-800 from CDB Aviation’s portfolio,” Daly said.

Photo Credit: CDB Aviation

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Atlantic Airways Orders Two More A320neos for 2030 Fleet Goal

Atlantic Airways ordered two Airbus A320neos on Oct 27, 2026, targeting an exclusively neo fleet by 2030.

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Atlantic Airways Orders Two More A320neos for 2030 Fleet Goal

Atlantic Airways has committed to an exclusively next-generation fleet by 2030 following a firm order for two additional Airbus A320neo aircraft signed on October 27, 2026, in Toulouse, France. The Faroe Islands’ national carrier will use the new jets to phase out its older Airbus A320ceo models, standardizing its operations around the more fuel-efficient variant.

In a press release issued by Airbus, the manufacturer confirmed the agreement supports the airline’s strategy to streamline maintenance and reduce emissions while maintaining regional connectivity for Faroese communities. The financial terms and specific delivery dates for these two newly ordered airframes were not disclosed.

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Fleet modernization and operational strategy

The transition to a single-variant fleet provides distinct economic advantages for regional operators. By standardizing on the Airbus A320neo, Atlantic Airways can simplify its maintenance planning and streamline pilot training processes. The A320neo variant delivers at least a 20 percent reduction in fuel consumption and carbon dioxide emissions compared to previous-generation single-aisle aircraft.

Niels Mortensen, Chairman of the Board for Atlantic Airways, emphasized the strategic nature of the acquisition.

“Our ambition is to operate an exclusively A320neo aircraft fleet in the near future, and this agreement marks a significant step towards achieving that goal,” Mortensen said. “This investment will help ensure the continuous renewal of our fleet while supporting efficient operations.”

Airbus executives highlighted the role of the aircraft in maintaining essential transport links. Benoît de Saint-Exupéry, Executive Vice President of Sales for the Commercial Aircraft business at Airbus, noted that the addition of the latest generation aircraft reinforces the airline’s commitment to regional connectivity.

Atlantic Airways’ transition timeline

The Faroe Islands flag carrier has been an Airbus customer since 2008. The airline began its current modernization program when it took delivery of its first Airbus A320neo on July 12, 2019. The carrier currently operates a fleet of four Airbus A320 Family aircraft, split evenly between two older-generation A320ceos and two A320neos.

Prior to the October 2026 announcement, Atlantic Airways already held orders for two additional A320neos. Those airframes are scheduled for delivery in 2028 and 2029. The two newly ordered aircraft will complete the replacement cycle, allowing the airline to retire its remaining A320ceos and meet its 2030 target for an all-neo fleet.

The Airbus A320 Family remains the most popular single-aisle aircraft program globally. According to Airbus, the aircraft family has secured more than 20,400 orders from operators worldwide.

Photo Credit: Airbus

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