CDB Aviation Leases Boeing 737 MAX Aircraft to Ethiopian Airlines

CDB Aviation and Ethiopian Airlines Forge New Partnership with 737 MAX Lease

In a significant move for the African aviation sector, Dublin-based global aircraft lessor CDB Aviation has officially partnered with Ethiopian Airlines, the continent’s largest carrier. The two companies have signed a lease agreement for two new Boeing 737 MAX 8 aircraft, marking a new chapter of collaboration. This deal, announced on November 17, 2025, underscores a broader trend of strategic fleet management as airlines navigate a complex global supply chain while pursuing ambitious growth targets.

The agreement is more than a simple transaction; it represents a strategic alignment. For Ethiopian Airlines, it’s a tactical step in its long-term “Vision 2035” strategy, which aims to dramatically expand its fleet and global network. For CDB Aviation, it serves as a crucial entry point into the burgeoning African market, partnering with its most prominent and profitable airline. The two aircraft, scheduled for delivery in the first half of 2026, will bolster Ethiopian’s fleet with modern, fuel-efficient technology, essential for sustainable growth and operational efficiency.

Ethiopian Airlines: Fueling an Ambitious “Vision 2035”

This lease agreement is a calculated component of Ethiopian Airlines’ aggressive long-term growth plan, known as “Vision 2035.” This comprehensive strategy is designed to cement the airline’s position as a dominant force in global aviation. The core objective is to more than double its operational footprint over the next decade, a goal that requires a substantial and modern fleet. The airline is not just adding planes; it is methodically building capacity to meet projected demand and expand its reach across continents.

The numbers behind “Vision 2035” are formidable. Ethiopian Airlines aims to increase its fleet to 270 aircraft and expand its destination network to 200 cities by 2035, a significant jump from its current 131 routes. To achieve this, the carrier has placed substantial orders directly with manufacturers. These include a 2023 order for 11 Boeing 787 Dreamliners and 20 Boeing 737 MAX aircraft. Furthermore, in March 2024, Ethiopian became the first African customer for the Boeing 777X, agreeing to purchase eight 777-9 jets with an option for 12 more. This blend of direct purchases and strategic leasing allows the airline to maintain its growth momentum, even when faced with manufacturing delivery delays.

Leasing aircraft, such as these two 737 MAX 8s from CDB Aviation, provides critical flexibility. It allows the airline to scale its fleet in a timely manner, bridging gaps left by production schedules and ensuring that its expansion plans remain on track. This approach mitigates risk while providing immediate access to the latest-generation aircraft, which are crucial for reducing fuel consumption and enhancing passenger experience. The 737 MAX, in particular, aligns perfectly with the airline’s focus on efficiency and modernity, supporting both regional and international routes effectively.

“We want to multiply the number of destinations by the end of the year 2035, and for this reason, we must strengthen our fleet with several new aircraft.”, Mesfin Tasew, CEO of Ethiopian Airlines

CDB Aviation: Expanding a Global Footprint into Africa

CDB Aviation, a wholly-owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd., is a major force in the global aircraft leasing market. The company has built a reputation for maintaining a diverse and modern portfolio, catering to a wide range of international airlines. This latest agreement with Ethiopian Airlines is a testament to its strategic goal of expanding its global reach into new and promising markets.

The lessor’s recent activity highlights its robust market presence. CDB Aviation has recently signed deals with carriers across the globe, including Loong Air in China for six Airbus A321neos, Volaris in Mexico for five A320neo family aircraft, and Azerbaijan Airlines for two Airbus A320neos. In 2024 alone, the company executed 70 aircraft transactions, covering leases, sales, and acquisitions. Demonstrating strong forward planning, CDB Aviation has already placed 100% of its new aircraft scheduled for delivery in 2025 and 90% of those for 2026, indicating high demand for its assets.

Partnering with Ethiopian Airlines is a landmark achievement for CDB Aviation. It marks a strategic entry into the African continent with the region’s premier carrier. The African aviation market is widely projected to experience a rapid surge in growth, driven by an expanding middle class and increasing demand for both business and leisure travel. This partnership positions CDB Aviation to capitalize on this trend, establishing a strong foothold in a market with immense potential.

“The African aviation market is primed for a rapid surge in growth, with a population that increasingly wants to fly, for business and pleasure. With continued investments fueling the growth of its fleet, Ethiopian is well positioned to increase connectivity across the continent, making travel more accessible.”, Jie Chen, CEO of CDB Aviation

A Strategic Partnership for a Growing Market

The lease of two Boeing 737 MAX 8 aircraft is a strategically sound move for both CDB Aviation and Ethiopian Airlines. For Ethiopian, it is a tactical acquisition that supports its ambitious fleet modernization and expansion goals under “Vision 2035.” It provides the airline with immediate access to modern, fuel-efficient aircraft, helping to manage its growth trajectory amidst potential manufacturing delays. This ensures the carrier can continue to expand its network and enhance its service without losing momentum.

For CDB Aviation, this agreement marks a successful and significant entry into the burgeoning African aviation market. By partnering with the continent’s largest and most profitable airline, CDB Aviation not only diversifies its customer base but also positions itself at the forefront of Africa’s expected air travel boom. The deal highlights broader industry trends, including the increasing reliance on leasing as a flexible fleet management tool and the universal push towards more efficient and sustainable aircraft to meet both economic and environmental goals.

FAQ

Question: What is the core of the agreement between CDB Aviation and Ethiopian Airlines?
Answer: CDB Aviation will lease two new Boeing 737 MAX 8 aircraft to Ethiopian Airlines. The aircraft are scheduled for delivery in the first half of 2026.

Question: Why is this deal significant for Ethiopian Airlines?
Answer: It is a key part of the airline’s “Vision 2035” long-term strategy to expand its fleet to 270 aircraft and its network to 200 destinations. Leasing helps the airline manage its growth and mitigate the impact of potential aircraft delivery delays from manufacturers.

Question: What does this partnership mean for CDB Aviation?
Answer: It marks CDB Aviation’s strategic entry into the growing African aviation market by partnering with the continent’s largest and most successful carrier.

Sources: CDB Aviation Press Release