Air Zim seeks $770m

Source: Air Zim seeks $770m – DailyNews Live

Business Live      13 February 2017

HARARE – National flag carrier, Air Zimbabwe, requires at least $770
million to procure new aeroplanes suitable for domestic, regional and
international routes, Transport minister Jorum Gumbo has said.

“This will involve procuring three small jets for the domestic market and
an appropriate mix for other regional and international aircraft in line
with the airline turn-around strategy,” he said.

This comes as the national airline’s six aircrafts are now difficult to
maintain and frequently break down due to old age.

Gumbo said given the prevailing demands on the fiscus, it was not
conceivable for government to inject the required capital into Air
Zimbabwe, hence the need for engagement of a strategic partner.

“Recapitalisation of the airline will enable it to contribute positively
towards both tourism and economic growth,” he said.

The latest development comes as the parastatal’s debt has ballooned by 7,6
percent to $323 million by the end of last year from $300 million in 2015.