Dubai’s low-cost airline Flydubai has secured a 12-year $117.5m loan backed by a guarantee from The Export-Import Bank of the United States (US Exim).

US-based Private Export Funding Corp (Pefco) is providing the financing. The loan supports the export of Boeing 737-800 aircraft and marks US Exim’s first authorisation supporting aircraft exports to Flydubai.

In May, the carrier signed a $172m aircraft financing facility with Pembroke, a wholly owned subsidiary of UK bank Standard Chartered.

Established in 2009, Flydubai is the second-largest carrier operating from Dubai International airport.