The first tranche of $45m was “immediately implemented”. The statement explained that:
“The agreement foresees several realms for cooperation in order to strengthen bilateral ties which include mid-term credit facilities, bonds (Schuldschein), financial market products and aircraft financings.”
In 2014, 35% of the carrier was bought by HNCA, an aviation investment group, and the airline opened a hub in Zhengzhou, in central China. The two firms plan to launch a regional joint venture carrier in 2019.
Both Bank of China and ICBC have European hubs in Luxembourg.