ICBC Leasing to finance Embraer aircraft

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China's ICBC Financial Leasing (ICBC Leasing) has signed a memorandum of understanding with Embraer.

Under the agreement, the company will help to help finance the Brazilian company's aircraft in China and other markets. The agreement covers both commercial and business jets, say the two companies in a statement.

Under the MoU, total programme support could amount to as much as $2.5 billion over the next five years.

"The rapid development of the Chinese economy has resulted in high growth rates for regional and executive aviation, making it one of the greatest potential markets in the world," says Paulo Silva, president of Embraer Commercial Aviation.

The company forecasts that there will be a demand for 430 commercial aircraft in the sub-120 seat category, and 635 executive jets, in China in the next 10 years.