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China,Ethiopia : ICBC FINANCIAL LEASING inks MOU with ETHIOPIAN AIRLINES

May 20, 2014



The Chinese government will offer a $500 million loan to Ethiopian Airlines to fund the Boeing jetliner acquisitions.

A Memorandum of Understanding (MoU) was inked between Ethiopian Airlines and ICBC Financial Leasing Co., Ltd, during Chinese Premier Li Keqiang's state visit to Ethiopia last week.

A senior official at Ethiopian said although the agreement relates only to Boeing plane, it can be extended to other fleet types in the future.

He said : "The understanding is for 500 million dollars in financial facility. The loan negotiation will be the next stage."

The MoU will see ICBC Leasing offering financial support to Ethiopian Airlines for its fleet expansion plan, including but not restricted to B737 and B787 planes in the form of finance lease, sale and lease back, commercial loans or operating lease from ICBC Leasing'sBoeing order.

Ethiopian said the agreement was one of the major financial cooperation in the aviation sector between the two countries, which is a key step for China's financial industry to go global.

CEO of ICBC Leasing, Cong Lin, said : "We are delighted to work with Ethiopian Airlines - the top leading operator in Africa, and to support its fleet expansion.The MoU marks a significant milestone between China's Lessors and African airlines, which will promote deep financial cooperation between China and Africa."


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Source: TendersInfo (India)


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