Cargolux Airlines deepens relations with Chinese banks

Cargolux Airlines International S.A. took part in a finance mission to China during September 2017 that was led by Pierre Gramegna, Luxembourg’s Minister of Finance

Cargolux Airlines deepens relations with Chinese banks

Cargolux and its Chinese partners have developed strong ties since Henan Civil Aviation and Investment Co., Ltd. (HNCA) became a Cargolux shareholder in 2014. These ties were deepened during a state visit to China in June 2017 by Luxembourg’s Prime Minister Xavier Bettel to enter into a Commercial Cooperation Agreement in relation to the launch of Henan Cargo Airlines, the joint venture airline that Cargolux and HNCA are setting up.  

During the recent mission, Cargolux was represented by the airline’s President & CEO Richard Forson, and its Executive Vice-President & CFO, Maxim Straus, the all-cargo airline signed a facility agreement that lays the framework for further strategic cooperation between the world’s largest bank and one of the world’s major cargo airlines. 

“The cooperation with ICBC holds much promise for our future,” says Maxim Straus. “It also underlines the commitment that we made in regards to our Chinese expansion, the partnership with HNCA and the success of Henan Cargo Airlines.“  

“ICBC attaches great importance to the financial innovation and support for capacity cooperation under the One Belt One Road framework, such as the Air Silk Road cooperation between China and Luxembourg” Says Chen Fei, General Manager of ICBC Luxembourg Branch, “ICBC has shown that it is willing to take a leading role in Luxembourg’s market by working with key players in various industries and will prove to be a valuable partner for Cargolux and even Luxembourg with China.”  

Cargolux, based in Luxembourg, is Europe’s leading all-cargo airline with a modern and efficient fleet composed of 14 Boeing 747-8 freighters and 13 Boeing 747-400 freighters. The worldwide network covers 90 destinations, some 70 of which are served on scheduled all-cargo flights. The company has more than 85 offices in over 50 countries, and operates an extensive global trucking network to more than 250 destinations as well as full and part-charter services.