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Conformist
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How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Conformist » 18 Jul 2013, 08:35

British aid money flows into offshore fund

More than £160 million of British foreign aid is being channelled through an offshore investment fund used to buy Boeing jets for an African airline and other big business deals.

By Robert Mendick, London Telegraph

The Emerging Africa Infrastructure Fund (EAIF) has received funding from the British taxpayer through a set of offshore companies.

The British aid money is used to put together multi-million pound business deals in Africa.

A recent deal, signed last year, helped finance the purchase of 10 Boeing 787 Dreamliners – the world’s most advanced passenger plane – by Ethiopian Airlines, owned by the Ethiopian government.

The EAIF is managed by the Frontier Markets Fund Managers (FMFM), which receives about £4 million a year for its services from the money it receives from the Department for International Development (DfID) and other governments.

FMFM’s staff are based at Standard Bank in London, which receives 70 per cent of the profits the fund earns.

But the company is registered in Mauritius, where foreign companies receive an 80 per cent discount on corporation tax, meaning any profits earned by companies linked to the fund pay tax at a rate of 3 per cent.

This compares with a UK rate of 23 per cent.

Critics said yesterday that DfID appeared to be using aid money to pay City bankers and fund corporate deals rather than help the world’s poor.

“International aid should be used to help the world’s poorest, not invest in international airlines,” said Matthew Sinclair, chief executive of the TaxPayers’ Alliance.

John Hilary, executive director of the anti-poverty charity War on Want, said: “DfID is legally obliged to use the aid budget to combat poverty around the world. Instead, it is now channelling hundreds of millions of pounds of taxpayers’ money to private investment funds run out of tax havens.”

He said using Mauritius as a base allowed companies funded by DfID to escape public scrutiny.

“The British public has a right to know why aid money is being used to prop up wealthy corporate enterprises rather than fighting poverty as it is supposed to do.”

EAIF was set up in 2002 by the then Labour government and received £68.5 million over the next eight years. The Coalition has committed £100 million of further funding until 2015.

FMFM also runs another investment fund called GuarantCo, which has received £64 million from DfID in the past decade.

The EAIF receives its money through the Private Infrastructure Development Group (PIDG), also registered in Mauritius. PIDG was set up by DfID with funding from the Swiss, Dutch and Swedish governments.

EAIF provided a £20 million bridging loan for the Ethiopian deal.

Nick Rouse, FMFM’s managing director, said the fund – because of its backing from DfID and other governments – could secure financing for schemes that commercial banks would not lend to.

Mauritius was used to register the various funds because it had a developed regulatory system able to handle large sums of money from a number of donor countries, he said.

Mr Rouse said the financing of the Dreamliners allowed Ethiopian Airlines to compete with rivals such as Emirates. “They couldn’t get the money anywhere else,” he added.

A DfID spokesman said: “Providing commercial loans when other finance is simply not available helps African economies to flourish and end their reliance on development assistance. This is an excellent example of how investing in local companies and creating jobs can lay the foundations for future growth.”

Source: http://www.telegraph.co.uk/news/politic ... -fund.html

whereisthefrog
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by whereisthefrog » 18 Jul 2013, 09:26

The chigaram weyanes were showing off their dreamliners little did we know they were bought using begged money :lol: :lol: :lol: :lol: :lol:

Degnet
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Degnet » 18 Jul 2013, 09:35

whereisthefrog wrote:The chigaram weyanes were showing off their dreamliners little did we know they were bought using begged money :lol: :lol: :lol: :lol: :lol:



Are youn't tired yourself of using such words,you can say it with out any insult or not say some thing,by saying Ugum,you are hiding those people who should have been accused,but again,that isn't the only reason,you are trying to blind also the majority Eritreans through your damned hate propoganda.

Conformist
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Conformist » 18 Jul 2013, 09:53

whereisthefrog wrote:The chigaram weyanes were showing off their dreamliners little did we know they were bought using begged money :lol: :lol: :lol: :lol: :lol:
That's the least of their problems, they haven't done their homework before buying those expensive planes. The plane body is covered with carbon-fibre panels, a very difficult and expensive material to manufacture or even repair.

If aluminum alloya are damaged, it easy to repair, either you just bring it back to shape by heat treatment or you replace it entirely. If a carbon fibre is damaged the cracks will just travel throughout the panel due to the hardness of the material, you can't repair it, it must be completely replaced. Carbon fibre is several times more expensive than aluminun alloys. It's just a bad idea for a poor nation that lives on food aid to try to own.

About 13 years ago there was the much anticipated Joint Strike fighter competition between the F-35 and X-32. One of the reasons the X-32 lost was because of the carbon fibre wings, that not only proved very difficult and expensive to manufacture, but also to repair.

So, there you have it, the US Airforce rejects fighter jets because of their impractical carbon fibre wings, but the Woyane geniuses go out to buy a whole carbon fibre fuselage with borrowed money. What do you say to someting like that? ... :roll:

Ethoash
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Ethoash » 18 Jul 2013, 10:44

Converter, here is ur answer


Corrosion and fatigue in a structure add significantly to the nonroutine maintenance burden on an operator. Nonroutine maintenance frequently doubles or even triples the total labor hours expended during a maintenance check. With the expanded use of composites and titanium combined with greater discipline in usage of aluminum, Boeing expects the 787 to have much lower nonroutine labor costs than a more conventional metallic airframe.

In addition to using a robust structural design in damage-prone areas, such as passenger and cargo doors, the 787 has been designed from the start with the capability to be repaired in exactly the same manner that airlines would repair an airplane today — with bolted repairs. The ability to perform bolted repairs in composite structure is service-proven on the 777 and offers comparable repair times and skills as employed on metallic airplanes. (By design, bolted repairs in composite structure can be permanent and damage tolerant, just as they can be on a metal structure.)

In addition, airlines have the option to perform bonded composite repairs, which offer improved aerodynamic and aesthetic finish. These repairs are permanent, damage tolerant, and do not require an autoclave. While a typical bonded repair may require 24 or more hours of airplane downtime, Boeing has taken advantage of the properties of composites to develop a new line of maintenance repair capability that requires less than an hour to apply. This rapid composite repair technique offers temporary repair capability to get an airplane flying again quickly, despite minor damage that might ground an aluminum airplane.

In total, the reduced risk of corrosion and fatigue associated with composites combined with the composite repair techniques described will lower overall maintenance costs and maximize airline revenue by keeping airplanes flying as much as possible. (Continue to next page)

mee
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by mee » 18 Jul 2013, 11:00

Ethoash wrote:Converter, here is ur answer


Corrosion and fatigue in a structure add significantly to the nonroutine maintenance burden on an operator. Nonroutine maintenance frequently doubles or even triples the total labor hours expended during a maintenance check. With the expanded use of composites and titanium combined with greater discipline in usage of aluminum, Boeing expects the 787 to have much lower nonroutine labor costs than a more conventional metallic airframe.

In addition to using a robust structural design in damage-prone areas, such as passenger and cargo doors, the 787 has been designed from the start with the capability to be repaired in exactly the same manner that airlines would repair an airplane today — with bolted repairs. The ability to perform bolted repairs in composite structure is service-proven on the 777 and offers comparable repair times and skills as employed on metallic airplanes. (By design, bolted repairs in composite structure can be permanent and damage tolerant, just as they can be on a metal structure.)

In addition, airlines have the option to perform bonded composite repairs, which offer improved aerodynamic and aesthetic finish. These repairs are permanent, damage tolerant, and do not require an autoclave. While a typical bonded repair may require 24 or more hours of airplane downtime, Boeing has taken advantage of the properties of composites to develop a new line of maintenance repair capability that requires less than an hour to apply. This rapid composite repair technique offers temporary repair capability to get an airplane flying again quickly, despite minor damage that might ground an aluminum airplane.

In total, the reduced risk of corrosion and fatigue associated with composites combined with the composite repair techniques described will lower overall maintenance costs and maximize airline revenue by keeping airplanes flying as much as possible. (Continue to next page)

you forgot to give credit for the text you presented:

Boeing 787, 4th last paragraph

http://www.boeing.com/commercial/aeroma ... _04_2.html

Semira
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Semira » 18 Jul 2013, 11:08

Yebandawlutt will certainly avoid topics like these. lately, lots of them were bragging about the dreamliner. now we know that the money comes through begging. when will weyannes do a single thing without their expertise begging? :lol:

Zafu
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Zafu » 18 Jul 2013, 11:28

At last aid money has been well spent!

Halafi Mengedi
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Halafi Mengedi » 18 Jul 2013, 12:26

Do you know what priorities and capital budgeting are???

I understand about the Eritreans because they are jealous any good thing happened in Ethiopia but for the Ethiopians shame on you to criticize this investment. First of all, the aid is not real aid because Ethiopia earned it by sending its youths to monitor peace around Africa for the interest of UN and the western countries at very cheap price. Most importantly the money comes from different countries in different names can be used based what the government wants to accomplish for the fiscal year or a period of years. In this case the British aid money was spent to expand the existing company that is Ethiopian air lines because the Government sees the company profitable and it has high demand for their service. All Ethiopians should applause to the financial analysist who made the decision to invest the money to make more money and create more employment in the country and collect taxes from the workers as the form of revenue for the Federal and state to use for the public usages.

What does matter whether the Government spend the money on importing medicine or capital goods or agricultural capital goods, all are the same but the Government has its own priorities how they should allocate resources based the need of the country and they purchased airline to capture more market and satisfy their loyal customers and I am very pleased to see the money was invested very wisely for the benefit of all Ethiopians years to come.

If the money was spent to import luxury goods or luxury entertainment villas and Golf course the high raking people to benefit it then there is a legitimate criticism for their bad decision making. Let say if the money was give to help the poor people of Ethiopia then the Government can use the hard currency to invest it where it can generate more money like the Airline and then the government can buy food from the local farmers to distribute to the intended people. This is very shroud business decision by converting the local currency for hard currency and invest it to import capital goods the country cannot manufacture it at home.

Arba_Gorash
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Arba_Gorash » 18 Jul 2013, 12:33

Zafu wrote:At last aid money has been well spent!
Imagine how many millions of Ethiopian children have already died and will continue to die due to lack of food, clean drinking water and adequate health care, just because the aid money that was meant to keep them alive has been diverted to buy fire-prone airplanes that are entirely owned by the tribal minority clique in power to fatten their wallets. Very scary !

Conformist
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Conformist » 18 Jul 2013, 14:08

Halafi Mengedi wrote:Do you know what priorities and capital budgeting are???

allocate resources based the need of the country and they purchased airline to capture more market and satisfy their loyal customers and I am very pleased to see the money was invested very wisely for the benefit of all Ethiopians years to come.
It wasn't spent wisely, because these airplanes were bought for the sake of empty pride, to say Tigray is the equal of Japan which also bought the Dreamliners.

Carbon fibre is a notoriously difficult material to repair, thery should have bought the proven metal alloy bodies. You are seeing the stupidity of the EAl purchasers by the result, you are going to see more disasters to come, the Dreamliner is a bad investment.

Conformist
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Conformist » 18 Jul 2013, 14:09

Zafu wrote:At last aid money has been well spent!
Well spent on unsafe aircraft? :roll:

Arba_Gorash
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Arba_Gorash » 18 Jul 2013, 14:17

Image
Last edited by Arba_Gorash on 18 Jul 2013, 14:21, edited 1 time in total.

Conformist
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Conformist » 18 Jul 2013, 14:20

This aircraft is brand new, but it has,

1. Battery fire problems.

2. Engine problems.

3. de-icing system problems.

4. Fire problems unrelated to the battery fires.

5. Qatar Airways lost $200 million due to the grounding for months.

This is a cursed aircraft, jinxed from its very beginning.
Boeing 787 Dreamliner Becoming a Nightmare?

Boeing’s 787 Dreamliner is facing new problems, just a month after a four-month hiatus due to major issues with its lithium-ion batteries.

By Chana Ya'ar

First Publish: 6/12/2013, 10:28 AM

Boeing’s 787 Dreamliner is facing new problems, just a month after returning to service following a four-month hiatus due to major issues with its lithium-ion batteries.

Boeing’s 787 Dreamliner jet is quickly losing ground in Japan, with three cancellations of service this week alone.

All Nippon Airways (ANA) cancelled a service Wednesday afer the jet could not make its scheduled flight from Ube to Tokyo’s Haneda airport in Western Japan. The 787 was grounded because the right-side engine would not start, according to airline spokesman Yoichi Uchida, who said the 141 passengers on the flight were being redirected.

The incident occurred only one day after a Japan Airlines 787 flight to Singapore was forced to return to Haneda shortly after takeoff due to a problem in its de-icing system. The system is needed for certain weather conditions. A malfunction can sometimes be dangerous, but this time the jet was not at risk, according to JAL spokesman Jian Yang.

Two days ago, on June 10, ANA had to scrap a flight from Fukuoka to Tokyo when a sensor next to an engine indicated a possible problem.

The Dreamliner is the first jetliner to be produced primarily of composite plastic materials, making it a more cost-effective option for the far-flung Japanese island nation. It is also the first and only large commercial jet to include lithium-ion batteries as part of its power system.

The jetliner came back into service only a month ago after being grounded for four months due to problems with its lithium-ion batteries, which were overheating. The individual battery cells have since been encased to prevent fire and a venting tube leading to a place outside the fuselage has been added.

ANA and JAP, who together own 27 Dreamliners, were badly impacted by the 787's grounding since they were using the aircraft to fly long-haul routes to places like Boston, Massachusetts.

http://www.israelnationalnews.com/News/ ... egS2W2nmzE

dano
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by dano » 18 Jul 2013, 14:39

Crap,
20 million can't buy one dream-liner!

Arba_Gorash
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Arba_Gorash » 18 Jul 2013, 14:48

If the British people find out that their tax dollars are spent on propping up genocidal warlords with a long history of terrorism, kidnapping, violence against civilians and deliberate mass starvation of their own people for monetary gain, they may demand their government halt ALL aid to the tribal warlords in Ethiopia, crippling and bankrupting their machinations of oppression once and for all.

Arba_Gorash
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Arba_Gorash » 18 Jul 2013, 15:49

dano wrote:Crap,
20 million can't buy one dream-liner!
If the World Bank said 97% of your TPLF regime's annual budget comes from foreign-aid, where did you get the money to buy the 10 Dreamliners ? Obviously you're not exporting anything of value other than young women and children, so it would interesting to know how you were able to afford buying the soon-to-be-obsolete dreamliners.

Biniam
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Biniam » 18 Jul 2013, 15:51

Mr. Conformist,
you always impress me how you dig thru the web and get relevant news and articles. a person with your research skill shouldn't be limited to post to other websites. why don't you open and operate your own website, I am sure you will have a lot of readers. I will be the first one to join as a member. I don't agree on some of your views, you seem a bit extreme to me but I admire your talent of gathering articles and news and bring it us most of the time ahead of ethiopianreview it self. just a thought I am sure you have other things to do but if you do decide to set up your own website, there is a huge demand for a reliable ethiopian website.

Conformist
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Conformist » 18 Jul 2013, 16:20

Biniam wrote:Mr. Conformist,
you always impress me how you dig thru the web and get relevant news and articles. a person with your research skill shouldn't be limited to post to other websites. why don't you open and operate your own website, I am sure you will have a lot of readers. I will be the first one to join as a member. I don't agree on some of your views, you seem a bit extreme to me but I admire your talent of gathering articles and news and bring it us most of the time ahead of ethiopianreview it self. just a thought I am sure you have other things to do but if you do decide to set up your own website, there is a huge demand for a reliable ethiopian website.
Brother Biniam, thanks for the complement.

However I don't feel it is practical for me to open a website for the following reasons,

1. A dedicated website is a full time job, but I already have that.

2. I don't think I could add anything new, this website is already free and wide open, so it is doubtful a new one can do what this doesn't do.

For these and other reasons I must respectfully decline your suggestion.

Ethoash
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Re: How British Aid was Diverted to buy the Ethiopian Airlines Boeing Dreamliners

Post by Ethoash » 18 Jul 2013, 16:36

Arba_Gorash wrote:
Zafu wrote:At last aid money has been well spent!

Imagine how many millions of Ethiopian children have already died and will continue to die due to lack of food, clean drinking water and adequate health care, just because the aid money that was meant to keep them alive has been diverted to buy fire-prone airplanes that are entirely owned by the tribal minority clique in power to fatten their wallets. Very scary !

U can't help people by giving them Aid money or Aid food.. This like giving u fish instead of teaching u how to fish..

Ethiopia is not foooooood poor country because u mr. Arab Gorash told us the Arab r land grabbing to produce and export food to their native country now tell me if Ethiopia is food poor why those Arab and Indian land grab.

Now if Great British want Ethiopia they had the last 40 years they could have send us one tractor and one farm expert to teach us how to farm... No no they sending as cooked rice so that we can't farm it.

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