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COMAC signs Developmental Financial Cooperation Agreement with CDB

Last Updated (Beijing Time):2017-01-11   Source:News Center of COMAC
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Site of signing ceremony.

 

Commercial Aircraft Corporation of China, Ltd. (COMAC) and China Development Bank (CDB) held a Symposium on Supporting the Development of Trunk Liner by Developmental Finance held in Beijing on January 11th, 2017, and signed a Developmental Financial Cooperation Agreement to further deepen the cooperation between both sides and better service the national strategy of trunk liner. Mr. Hu Huaibang, Chairman of CDB, Mr. Zheng Zhijie, President of CDB, Mr. Jin Zhuanglong, Chairman of COMAC, and Mr. He Dongfeng, President of COMAC, attended the symposium and witnessed the signing ceremony. Mr. Cai Dong, Vice President of CDB, and Mr. Tian Min, CFO of COMAC, signed on the Cooperation Agreement.

Mr. Jin Zhuanglong expressed that to develop the trunk liner program is an important strategic decision made by CPC Central Committee and the State Council, and this program is also a landmark project in building an innovative country. For more than eight years, COMAC cadres and workers have worked hard to overcome difficulties and forge ahead, and obtained periodical results. ARJ21 aircraft developed by COMAC was put into line service on June 28th last year, and the overall operation condition was stable and smooth. C919 aircraft engine ignition was successfully completed on November 10th last year, and pre-flight preparations are being made at present. An agreement on Sino-Russian long-range widebody aircraft program was signed in last June, and a mockup of the aircraft debuted at Zhuhai Airshow on November 2nd. The 13th Five-Year Plan Period is a critical phase for COMAC to develop research and production, and supports from government policies, industry upstream and downstream as well as financial institutions are needed.

Mr. Hu Huaibang expressed that to develop civil aircraft industry is a major strategic choice of China, and as aircraft manufacturing industry has huge investment in advancing period and long return cycle, it needs long-term support from a financial institution with a long-term perspective. As the world's largest developmental financial institution, CDB has the ability and confidence to service COMAC with respect to research, development, manufacturing, production, operation and industry chain layout. He hoped that COMAC would combine its own technical and market advantages with the financing advantages of CDB, and both sides would follow the principles of marketization and internationalization and establish a new-type strategic partnership of omni-directional in-depth cooperation between high-end equipment manufacturing industry and the financial group in order to achieve the purpose of common development and co-prosperity. CDB would take multiple measures simultaneously, make integrated use of investment, loan, debt, leasing and securities, and customize specific and comprehensive financial service plans during different developmental stages to help COMAC rank among the top of international aircraft manufacturing industry as soon as possible.

After the symposium, and witnessed by the leaders of both sides, COMAC and CDB signed a Developmental Financial Cooperation Agreement and a Renminbi Loan Framework Agreement. Both sides have signed a strategic cooperation agreement focusing on the 12th Five-Year Plan Period in 2008. This symposium and the signing of agreements consolidated the cooperation mechanism of servicing COMAC by developmental finance, clarified the overall thinking and strategic focus of the cooperation between both sides during the 13th Five-Year Plan Period, was an important step for promoting the development of the high-end equipment manufacturing industry, and would make positive contribution to the development of Chinese civil aircraft industry.

 

In discussion.

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