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Overview

ICBC Leasing leases one Airbus A319 aircraft to Eurowings GmbH

Commitment Year•2019Country of Activity•GermanyDirect Recipient Country of Incorporation•GermanySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 17, 2019
Start (actual)
May 17, 2019
End (actual)
May 17, 2019

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned companies

  • ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Receiving agencies

Private Sector

  • Eurowings GmbH

Loan description

ICBC Leasing leases one Airbus A319 aircraft to Eurowings GmbH

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to May 17, 2019 ICBC Financial Leasing Co., Ltd. (ICBCFL) — a Chinese state-owned leasing company and wholly-owned subsidiary of the Industrial and Commercial Bank of China (ICBC) — entered into a lease agreement with Eurowings GmbH — a German low-cost airline headquartered in Düsseldorf and a wholly owned subsidiary of the Germany's flag carrier airline Deutsche Lufthansa AG — for one vintage Airbus A319 aircraft. The aircraft had previously been leased to Air Berlin and its Austria-based subsidiary NIKI (Record ID#102229). On May 17, 2019, ICBC Leasing delivered the aircraft to Eurowings.

Staff comments

1. A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. Under a capital lease (a financial arrangement where the lessee/borrower uses an asset and pays regular installments plus interest to the lender/lessor), rental payments are usually classified as interest and obligation payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding obligation balance). AidData codes capital leases as loans. 2. The specific commitment date of this lease agreement is unknown. For the time being, AidData has coded the delivery date as the commitment date and marked the commitment_date_estimated? field as True.