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Overview

CDB Aviation Lease Finance leases one Airbus A321-271NX aircraft to Aegean Airlines

Commitment Year•2023Country of Activity•GreeceDirect Recipient Country of Incorporation•GreeceOverseas Jurisdiction•IrelandSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 6, 2023
Start (planned)
Jun 20, 2025
Start (actual)
May 28, 2025
End (planned)
Jun 20, 2025
End (actual)
May 28, 2025

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

  • CDB Aviation Lease Finance DAC

Receiving agencies

Private Sector

  • Aegean Airlines S.A.

Loan description

CDB Aviation Lease Finance leases one Airbus A321-271NX aircraft to Aegean Airlines

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 9, 2023, CDB Aviation Lease Finance DAC — the wholly-owned Ireland-based subsidiary of China Development Bank Financial Leasing Co., Limited (CDB Leasing) — entered into a finance mandate agreement with Aegean Airlines S.A. — the Greece-incorporated airline that was the flag carrier of Greece headquartered in Kifisia and listed on the Athens Stock Exchange — for the forward operating lease of one Airbus A321-271NX aircraft. The A321-271NX was a variant of the Airbus A321neo and was in CDB Aviation's orderbook as of September 2023. The aircraft was expected to be delivered in spring 2025. The aircraft was delivered on or around May 28, 2025.

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 bond payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding bond balance). AidData codes capital leases as loans.