in Business & Finance

Ethiopian Airlines and ICBC Financial Leasing sign MoU

Posted 6 May 2014 · Add Comment

During H.E. Chinese Premier Li Keqiang's state visit to Ethiopia, a Memorandum of Understanding (MoU) was signed between Ethiopian Airlines and ICBC Financial 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,  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."

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