AVIC Leasing and Bombardier Sign Memorandum of Understanding for Aircraft Financing
Bombardier Aerospace and AVIC International Leasing Co., Ltd. (AVIC Leasing) of the People’s Republic of China on February 9th announced a memorandum of understanding (MOU) for an expanded co-operation to support the financing of commercial aircraft sales in China and globally. The MOU entered into between AVIC Leasing and Bombardier Inc. was one of several agreements signed at the Canada China Business Forum held today in Beijing, with Stephen Harper, Canadian Prime Minister, and Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc., in attendance.
AVIC Leasing, a subsidiary of Aviation Industry Corporation of China (AVIC), is a lease financing company with substantial assets and a rapidly growing aircraft fleet.
“Bombardier’s portfolio of commercial aircraft is well positioned to meet China’s rapidly growing air transport infrastructure, and AVIC Leasing will use this MOU to work with airlines and develop solutions to their varied business requirements,” said Zhao Hong Wei, President, AVIC Leasing.
“This MOU provides AVIC Leasing and Bombardier increased opportunities to grow their businesses by providing airlines with optimized aircraft and financing solutions in China and elsewhere,” said Mairead Lavery, Vice President, Strategy, Business Development and Structured Finance, Bombardier Aerospace.
More than 80 Bombardier-produced aircraft, including CRJ Series and Q-Series commercial aircraft, as well as Learjet, Challenger and Global business jets, are currently operating in China.
Bombardier predicts that over the next 20 years, China’s fleet of commercial aircraft will grow as it becomes the world’s second largest market for new aircraft deliveries, following closely behind the United States. Bombardier forecasts a demand for almost 2,400 commercial aircraft in the 60- to 149-seat segment in China and is working closely with local airlines, suppliers and stakeholders to assist in fleet and infrastructure expansion.
About Bombardier Commercial Aircraft
Bombardier Commercial Aircraft, a business unit of Bombardier Inc., is a world leader in the design and production of aircraft that seat up to 145 passengers. Its mission is to provide a complete range of commercial aircraft optimized for best-in-class efficiency with the highest level of customer service. The product portfolio is comprised of the Q400 NextGen airliner, the CRJ NextGen family of regional jets, and the CSeries jetliners which are the world’s newest and most advanced single-aisle, mainline aircraft for the 100- to 149-seat market segment.
About Bombardier
A world-leading manufacturer of innovative transportation solutions, from commercial aircraft and business jets to rail transportation equipment, systems and services, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended January 31, 2011, were $17.9 billion, and its shares are traded on the Toronto Stock Exchange (BBD). Bombardier is listed as an index component to the Dow Jones Sustainability World and North America indexes. News and information are available at www.bombardier.com or follow us on Twitter @Bombardier.
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