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Overview

ICBC Leasing leases one Airbus A320CEO aircraft to Ernest Airlines

Commitment Year•2018Country of Activity•ItalyDirect Recipient Country of Incorporation•ItalySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 30, 2018
Start (actual)
Nov 30, 2018
End (actual)
Nov 30, 2018

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

  • Ernest S.p.A. (Ernest Airlines)

Loan description

ICBC Leasing leases one Airbus A320CEO aircraft to Ernest Airlines

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to November 30, 2018, ICBC Financial Leasing Co., Ltd. (ICBCFL; ICBC Leasing) — 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 Ernest S.p.A. — an Italy-incorporated low-cost airline headquartered in Milan — for one Airbus A320CEO aircraft. The aircraft, named "Fredrik", was delivered on November 30, 2018 and began scheduled flights on December 22, 2018. On December 29, 2019, the Italian Civil Aviation Authority announced that it would be suspending the airline's air operator's certificate on January 13, 2020 due to a lack of required guarantees. As a result, shortly afterward, before January 9, 2020 Ernest Airlines returned the A320 aircraft to ICBCFL Leasing.