PARIS (Yosefardi) – Flag carrier PT Garuda Indonesia Tbk (GIAA) has secured loan commitment of US$4.5 billion from BOC Aviation, used to fund the purchase of new aircraft, said Indonesian Minister for State Owned Enterprises, Rini Soemarno.
GIAA needs around US$9 billion until 2025 for purchasing new aircraft and rejuvenation. The airliner targets to buy 53 wide body aircrafts and 80 narrow body aircrafts by 2025. Currently, it operates 169 aircrafts, consisting of 34 wide body aircrafts and narrow body (the rest).
BOC Aviation said it signed a memorandum of partnership with GIAA for pre-delivery and sale-and-leaseback financing for the Indonesian flag carrier.
BOC Aviation is a leading global aircraft leasing company with a portfolio of 251 owned and managed aircraft operated by 60 airlines worldwide in 30 countries, with commitments to acquire 196 aircraft, as of 31 March 2015.
The Company has one of the youngest fleets in the industry with an average owned aircraft age of less than four years. BOC Aviation, owned by Bank of China, is based in Singapore with offices in Dublin, London, Seattle and Tianjin.