Home » Aviation: Southeastern African Country, Madagascar Seeks $100 Million Investment to Transform National Carrier

Aviation: Southeastern African Country, Madagascar Seeks $100 Million Investment to Transform National Carrier

by Atqnews23
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In a bid to revitalize its national carrier, Madagascar is embarking on a quest for a $100 million investment for the rehabilitation of Madagascar Airlines.

Valery Ramonjavelo, the Minister of Transport and Meteorology, made the announcement, outlining a strategic plan to make the State-run airline financially independent.

According to northafricapost.com, the airline, launched in April 2022 in replacement of bankrupt Air Madagascar, has presented a turnaround plan known as “Phoenix 2030”, expected to help improve operations after accumulated losses of $25 million over the course of nine months in 2022. The World Bank in November 2023 agreed to back up the plan with $20 million.

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Thierry de Bailleul, at the helm of Madagascar Airlines for nearly a year, early in November 2023 indicated that the plan will be self-financed through borrowing and equity investments and will not require taxpayer money.

The airline according to T. de Bailleul is also luring investment from the Middle East.

READ: Tourism: Exploring Madagascar’s Nosy Be, a tropical African island paradise

The airline, launched in April 2022 in replacement of bankrupt Air Madagascar, has presented a turnaround plan known as “Phoenix 2030”, expected to help improve operations after accumulated losses of $25 million over the course of nine months in 2022. The World Bank in November 2023 agreed to back up the plan with $20 million.

Thierry de Bailleul, at the helm of Madagascar Airlines for nearly a year, early in November 2023 indicated that the plan will be self-financed through borrowing and equity investments and will not require taxpayer money.

The airline according to T. de Bailleul is also luring investment from the Middle East.

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