During the years in which Emirates has grown from an important regional carrier to a worldwide powerhouse, rivals have often claimed—with modest proof—that the airline merely has benefited from a range of special privileges and circumstances. Soon the accusers will have the opportunity to test their hypothesis as one of those supposed perks—cheap export financing for aircraft—goes by the wayside. And judging from Emirates’ reaction, this perk, like most of the others, appears to count for less than meets the eye.
“Export credit agency (ECA) financing accounts for only about......
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