Veling adds two B777-200 to their portfolio


The Mauritius-based aircraft leasing company, Veling, confirmed last week a sale and lease back agreement for two B777-200 with Emirates, financed entirely through an African banking syndicate comprising Bank One and State Bank from Mauritius and by Nedbank Capital of South Africa.

Veling reportedly now holds a portfolio of 13 aircraft, which include four A340-300 on lease to Sri Lankan, two ATR 72-500 on lease to India’s Kingfisher Airlines, two A310-300 on lease to Air India, and three A310-300F on lease to a cargo airline.

Veling has broken new ground with the lease arrangements for Emirates, making it an all-African financial deal, which was thought next to impossible a few months ago due to the prevailing financial market conditions at the time, but it also speaks volumes about the growing capacity within the African financial system to put together syndicated deals worth hundreds of millions of dollars, which previously were the domain of American or European firms specialized in aircraft leasing.