Posted on: 23 April 2012 by Mark Howells
Embraer and China’s ICBC Financial Leasing Company (ICBC Leasing) have signed a Memorandum of Understanding (MoU) on aircraft financing and leasing which creates financing opportunities for the sale of Embraer’s commercial and executive jets in China and other markets.
Under the MoU, total programme support could amount to as much as $2.5 billion over the next five years.
“The rapid development of the Chinese economy has resulted in high growth rates for regional and executive aviation, making it one of the greatest potential markets in the world. Embraer forecasts a demand of 430 commercial jets up to 120-seat and 635 executive jets in China during the next ten years,” explained Paulo Cesar Silva, president, Embraer Commercial Aviation. “The co-operation with ICBC Leasing reinforces the recognition from Chinese leasing companies of Embraer’s leading presence in regional aviation and growing strength in executive aviation.”
“ICBC Leasing commits itself to be the world leading financial leasing institute via diversified business development, including aviation,” remarked Cong Lin, CEO of ICBC Leasing. “The strategic alliance with Embraer indicates one important breakthrough in the company’s aviation business segment, which also demonstrates our efforts to contribute to the development of China’s regional and executive aviation. Through integration of financing leasing services with industries entities and taking advantages of the strength of each party, we look forward to win-win collaboration.”