AviaAM Leasing and HNCA contract signing

Lithuania-based aircraft leasing company AviaAM Leasing has signed an agreement for a joint venture with China's Henan Civil Aviation Development and Investment Company (HNCA).

The joint aircraft leasing company will be based in China's central province of Henan and will build and manage a fleet of narrow-body aircraft worth of up to USD 900 million.

"At the moment, China and other thriving economies of Asia serve as the engine of global aviation. With double-digit air traffic growth, local carriers will require thousands of new airplanes over the next 15-20 years." Tadas Goberis, chairman of the management board and CEO at AviaAM Leasing, said in a press release on Tuesday.

"As one of the world's leading aircraft leasing companies, we are bringing our experience and market expertise to support fleet expansion in the region. In the meantime, our partners at HNCA will provide access to favourable financing terms required for the join venture's fleet development," he said.

There are currently over 20,000 commercial aircraft flying around the world, with over 40% of them operated under leasing agreements, the company said.

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