During H.E. 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, Mr. 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. ICBC Leasing is not only the top aviation leasing company in China, but also one of the leading Lessors in international aviation leasing market.
Ethiopian Airlines (Ethiopian) is the fastest growing Airline in Africa. In its operations in the past close to seven decades, Ethiopian has become one of the continent’s leading carriers, unrivalled in efficiency and operational success.
Ethiopian commands the lion share of the pan-African passenger and cargo network operating the youngest and most modern fleet to more than 80 international destinations across five continents.
Ethiopian fleet includes ultra-modern and environmentally friendly aircraft such as the Boeing 787, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200LR Freighter and Bombardier Q-400 with double cabin. In fact, Ethiopian is the first airline in Africa to own and operate these aircraft.
Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 that will see it become the leading aviation group in Africa with seven business centers: Ethiopian Domestic and Regional Airline; Ethiopian International Passenger Airline; Ethiopian Cargo; Ethiopian MRO; Ethiopian Aviation Academy; Ethiopian In-flight Catering Services; and Ethiopian Ground Service. Ethiopian is a multi-award winning airline registering an average growth of 25% in the past seven years.