Embraer signs aircraft financing MoU with China's ABC Leasing

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Embraer and China's ABC Financial Leasing have signed a memorandum of understanding (MoU) on aircraft financing and leasing.

The deal will create new financing opportunities for Embraer to sell aircraft in China and other markets, with a focus on the development of China's regional, executive and agricultural aviation, says the airframer. ABC Leasing is a wholly-owned subsidiary of the Agriculatural Bank of China.

The agreement could be worth as much as $1.5 billion over the next five years, says Embraer.

ABC Leasing chairman Yang Kun says: "This strategic alliance with Embraer will create a new approach for both sides to jointly develop both domestic and overseas markets."

The agreement will further strengthen the airframer's co-operation with financing institutions in China, says Embraer.

Embraer has 115 firm orders from Chinese customers, with more than 80 aircraft already delivered and operating in China.