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Boeing (BA) officially signed a deal with Italy's export bank to finance loans totaling $1.25 billion annually as the U.S. export-import bank continues to be stuck in limbo, the Wall Street Journal reported.

Airlines use export banks to secure cheaper commercial funding, but the U.S. bank has been given a $10 million loan limit since 2015 when lawmakers blocked the appointment of a new head of the bank. 

Boeing's agreement with Italy's Sace SpA is the first it has struck with a foreign export-import bank. Boeing shares were up 0.5% in afternoon trading Wednesday. 

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