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ICBC Leasing signs $500 million MOU with Ethiopian Airlines for aircraft fleet expansion
| Funder | ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing) |
|---|---|
| Recipient Organization | Ethiopian Airlines |
| Country | Ethiopia |
| Start Date | May 04, 2014 |
| End Date | Sep 23, 2030 |
| Duration | 5,986 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 58566 |
Grant Description
ICBC Leasing signs $500 million MOU with Ethiopian Airlines for aircraft fleet expansion The Industrial and Commercial Bank of China's (ICBC) leasing subsidiary, ICBC Leasing, signed a memorandum of understanding with Ethiopian Airlines on May 4, 2014.
The MoU is for $500 million in financial facility including finance leasing, sale-and-lease back, commercial loans, and/or operating leases for aircraft from the ICBC's Boeing order book.
Under the MoU, ICBC will assist Ethiopian Airlines in its fleet expansion plans to secure new aircraft, including, but not limited to, B737s and B787s.
The fleet expansion is part of Ethiopian Airlines' 15-year strategic plan Vision 2025, which will expand the airline's business into several subcategories: Ethiopian Domestic and Regional Airlines; Ethiopian International Passenger Airlines; Ethiopian Cargo; Ethiopian MRO; Ethiopian Aviation Academy; Ethiopian In-flight Catering Services; and Ethiopian Ground Services.
The agreement was signed during a state visit by Chinese Premier Li Keqiang.
Staff Comments
The transaction amount listed is sourced from a media source citing an anonymous Ethiopian Airlines official as of May 2014. The current status of the loan and its terms is unknown.
Sources & References
- China to extend USD 500 mln to Ethiopian to finance its aircraft purchases
- Ethiopian signs MoU with Chinese lessor
- ICBC Financial Leasing
- MOU was signed between Ethiopian and ICBC Financial Leasing Co. Ltd
- ANNUAL REPORT 2013/14
- 李克强出访埃塞俄比亚 工银租赁签约埃国航空公司 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Ethiopian Airlines
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