IDA Ireland sign deal worth $500m with CCB

One of the world’s biggest companies, the aircraft leasing arm of China Construction Bank, has signed a Memorandum of Understanding (MOU) with IDA Ireland.

The deal is worth $500m (€439m) to Ireland.

The agreement is for CCB Leasing International to set up a base in Dublin and it plans to grow its aircraft fleet from 17 to over 200 in the next five years.

Chairman of China Construction Bank Hongzhaung Wang said Ireland is the ideal launch pad for European, African and American markets.

China Construction Bank is the fourth largest bank in the world with company assets of $750m (€659m).

The Chinese aviation market is one of the fastest growing in the world and Ireland is a leading centre for aircraft financing.