Ethiopian, ICBC Financial Leasing Co. Ltd sign MoU
Addis Ababa, 6 May 2014 (WIC) - During Chinese Premier Li Keqiang’s state visit to Ethiopia, a Memorandum of Understanding was signed between Ethiopian Airlines and ICBC Financial Leasing Co., Ltd. (hereinafter referred to as "ICBC Leasing").
According to the MOU, ICBC Leasing will provide Ethiopian Airlines financial support for its fleet expansion plan, including but not limited to B737 and B787 aircraft in the form of finance lease, sale and lease back, commercial loans or operating lease from ICBC Leasing’s Boeing order.
The MOU is one of the largest financial cooperation in the aviation industry between the two countries, which is an important step of China's financial industry to go international.
"We are delighted to work with Ethiopian Airlines-the top leading operator in the Africa, and to support its fleet expansion." said Chief Executive Officer of ICBC Leasing, Mr. Cong Lin, "The MOU marks a significant milestone between China’s Lessors and African airlines, which will promote deep financial cooperation between China and Africa."
"We are pleased to have ICBC Leasing, a leading global leasing company, as a strategic partner." said Chief Executive Officer of Ethiopian Airlines, Tewolde Gebremariam.
"The cooperation with ICBC Leasing and its parent company ICBC Bank, the largest commercial bank in the world, will support our Vision 2025 fast, profitable and sustainable growth strategy. We look forward to a long-term and mutually beneficial partnership with ICBC."
Ethiopian Airlines, the flag carrier of Ethiopia, was founded on 21 December 1945 and commenced operations on 8 April 1946. It is the most profitable and fastest growing global Pan-African carrier currently serving 80 international destinations across 5 continents with over 200 daily flights, and using the latest technology aircraft such as B777s and B787s.
ICBC Leasing, a wholly owned subsidiary of Industrial and Commercial Bank of China (ICBC), with a registered capital of 11 billion Yuan, was founded in November 2007. It is the largest and the most innovative Lessor in China.
With domestic and foreign assets of 200 billion Yuan as of the end of March 2014, it manages more than 380 aircraft, of which 168 aircraft were delivered to more than 50 domestic and foreign world-class airlines.
According to a press release issued by Ethiopia, ICBC Leasing is not only the top aviation leasing company in China, but also one of the leading Lessors in international aviation leasing market.
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