Veling Ltd, a Mauritius-based aircraft leasing company, announced (16-Feb-2010) a Sale & Leaseback transaction of two B777-200 aircraft to Emirates. The transaction involved financing from a consortium of three African banks, namely Nedbank Capital in South Africa, State Bank and Bank One in Mauritius, making it an “All African Deal”. [more][more - Perspective]
Veling: “This transaction was particularly difficult in the current tough economic environment for aviation and aircraft financing. It is extremely gratifying to us that Veling persevered in its efforts to complete this transaction and in the process managed to structure a unique deal with Emirates Airlines, together with the participation of an ALL African banking consortium", Nirvan Veerasamy, Managing Director. Source: Veling, 16-Feb-2010.