Overview

China Construction Bank finances $119 million leasing agreement with Emirates Airline for Airbus 340-500

Commitments (Constant USD, 2023)$238,515,332

Commitment Year•2005Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesOverseas Jurisdiction•Hong Kong (China)Sector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 26, 2005

Last repayment (originally scheduled): Jul 23, 2017

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 Commercial Banks

China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

Emirates Airline

Implementing agencies

State-owned Commercial Banks

CCB International (Holdings) Ltd (CCB International)

Loan description

China Construction Bank finances $119 million leasing agreement with Emirates Airline for Airbus 340-500

Interest rate (t₀)•4.67438%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•12 years

Narrative

Full Description

Project narrative

On July 26, 2005, China Construction Bank (CCB), through its Hong Kong branch, financed a $119 million leasing agreement with Emirates Airlines, an Emirati state-owned air service provider, for an Airbus 340-500. The lease had a maturity of twelve (12) years and an interest rate of 78bps (0.78%) plus contemporary LIBOR. The lease was arranged by CCB's wholly-owned subsidiary CCB International Holdings. The aircraft was delivered to Emirates Airline in August, 2005. It was the airline's ninth advanced four-engine, long haul A340-500 and was earmarked for routes to and from New Zealand.