Business
Ethiopia To Relaunch Zambia’s National Airline At $30m
Ethiopian Airlines says it has signed a shareholding agreement with Zambia’s main development agency to relaunch the Southern African country’s flag carrier at an initial cost of $30 million.
A joint statement with Zambia’s state-owned Industrial Development Corporation (IDC) on Monday in Lusaka said that under the plan, Zambia Airways, being revived more than two decades after it was shut down, would operate 12 planes by 2028.
The Ethiopian state-owned carrier has outpaced regional competitors Kenya Airways and South African Airways to become Africa’s largest airline by revenue and profit, and has been buying shares in other African airlines to gain a competitive advantage over rivals such as those in the Gulf.
Ethiopian Airlines said it would own 45 per cent of the revamped Zambian Airline, while Zambia would own 55 per cent.
“The initial investment as we start up the national carrier will be $30 million. Obviously, as we operate the airline, we will facilitate the financing necessary to support its growth,” it said.
Ethiopian Airlines said in January it had signed an agreement with the Zambian Government to relaunch Zambia Airways.
Zambia Airways will launch local and regional routes this year, while intercontinental routes, including Europe, the Middle East and Asia, will be added in the near future, it said.
State-owned Zambia Airways went into liquidation in 1994.
The privately-owned Zambian Airways then emerged as the country’s main carrier with flights to other major hubs in southern Africa, but it suspended operations in 2009.
Ethiopian Airlines operates and manages Malawi Airlines through a deal signed in 2013.
In May, the airline said it was in talks with Chad, Djibouti, Equatorial Guinea and Guinea to set up carriers through joint ventures.
It also aimed to create a new airline in Mozambique that it will fully own.
Ethiopia said in June it would open Ethiopian Airlines and its state-run telecoms monopoly to private domestic and foreign investment in a major policy shift that will loosen the state’s grip on the economy.
Business
NCDMB, Jake Riley Empower 250 Youths On Vocational Skills
Business
NUJ Partners RSIRS On New Tax Law Education
Transport
Nigeria Rates 7th For Visa Application To France —–Schengen Visa
-
Sports1 day agoArsenal Women End Man City’s Invincibility
-
Sports1 day agoU-20 WWC: Falconets claim qualifier win
-
Sports1 day agoInsurance Deepen Enyimba’s Trouble
-
Environment1 day agoRivers State Government Suspend Fire Service Collection Levies
-
Sports1 day agoYouth Olympics preparation Gears up
-
Environment1 day agoLASEMA pushes attitudinal change to cut fire outbreaks in Lagos
-
Sports1 day agoTornadoes Set For NPFL exit over Stadium Ban
-
Sports1 day agoCologne Youth Team Set Crowd Record
