ICBC loans $2.6B to lease 30 aircraft to India's IndiGo
Pledged amount
$ 2878447601.6620693
Adjusted pledged amount
$ 2878447601.6620693
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
India
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On September 17, 2014, during a meeting of multiple Chinese and Indian businesses in New Delhi, India's air company IndiGo Airlines and China's Industrial and Commercial Bank (ICBC) signed a MoU where in the ICBC will finance the leasing of over 30 Airbus A320s for the Indian airline. The deal is for 2.6 billion USD and will provide financing for the planes through either a sale and leaseback, financial lease or commercial lending, IndiGo signed an MoU with Airbus in October 2014 to purchase 250 Airbus A320neo planes. Funding would be taken care of by external commercial borrowings, bank debt and sale and leaseback including the signed MoU with ICBC (ICBC Financial Leasing Co. Ltd.). From the latest order, planes will start coming from 2018.
Number of official sources
0
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
IndiGo airlines [Private Sector]