Garuda Indonesia and ICBC Financial Leasing sign agreement for aircraft financing

Garuda Indonesia and ICBC Financial Leasing signed an agreement for aircraft financing. The agreement features a “sale and lease back” plan for Garuda Indonesia’s five Boeing 777-300ER and an “operating lease” plan for ICBC Financial Leasing’s six Airbus 320-200 for Citilink, valued at US$1.7bn. Garuda Indonesia will receive the five Boeing 777-300ER in May 2014 through September 2015, while the six Airbus 320-200 will join the Citilink fleet in June through December 2014.