Cargolux and Bank of China Luxembourg sign MoU

Beijing, 11September 2018 –In the presence of H.E. Mr. Pierre Gramegna, Minister of Finance Luxembourg, Cargolux and Bank of China have signed a Memorandum of Understanding for a USD 155 million Global Credit Line to collaborate in various banking projects and reap mutually beneficial opportunities.

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. The strategic partnership contains several phases of implementation, with a first phase of about USD 45 million immediately implemented with the signature of several agreements today.

“There is a long standing and trustworthy relationship between Cargolux and the Chinese institutions, one that we are happy to keep building on. Agreements such as this one reflect our mutual understanding and plant the seed for many more successful endeavors”, stats , Mr. Shengbo Yuan, Deputy General Manager of HNCA and member of the Board of Directors of Cargolux.

"We are happy to strengthen our cooperation with Cargolux through this strategic partnership which is a significant step in our support for the ‘Silk Road in the air’.” states Ms. Zhou Lihong, Chairman of Bank of China Luxembourg.

This strategic partnership was signed in Beijing during the Luxembourg for Finance mission and the ceremony was attended by H.E. Mr. Marc Huebsch, Luxembourg’s ambassador in China; Mr. Nicolas Mackel, CEO Luxembourg for Finance; Ms. ZHOU Lihong, Chairman of Bank of China Luxembourg; Mr. Mingchao Zhang, Chairman of Henan Civil Aviation Development and Investment (HNCA), Mr. Shengbo Yuan, Deputy General Manager of HNCA and several other representatives of the Luxembourg Ministry of Finance and Ministry of Foreign Affairs.

Cargolux was represented by the airline’s CFO, Mr. Maxim Straus who signed the deal with Mr. CHEN Longjian, Deputy General Manager, Bank of China Luxembourg.