Bank Boosts Capital of Two African Regional Carriers | Aviation International News

Finance, Taxes, Insurance

Bank Boosts Capital of Two African Regional Carriers

Air Cote d'Ivoire and ASKY are both receiving fresh capital injections from the West African Development Bank

Togo-based ASKY is one of two regional airlines receiving fresh investment from the West African Development Bank. It operates a fleet of Bombardier Dash 8 Q400s and Boeing 737-700s. [Photo: Flickr: Creative Commons (BY-ND) by Colin Cooke Photo]

By Charles Alcock • Managing Editor

September 25, 2014

The West African Development Bank (BOAD) has agreed to inject fresh capital into regional airlines Air Cote d’Ivoire and ASKY. At a September 23 board meeting in the Togolese capital Lomé, the bank agreed to increase Ivory Coast-based Air Cote d’Ivoire’s share capital by 160 percent to CFA65 billion ($124.7 million), in the process taking a CFA2 billion ($3.8 million) stake in the company. The bank is also boosting the share capital of Togo-based ASKY to CFA25 billion ($47.9 million) and will increase its holding to CFA3 billion ($5.8 million). Both airlines have felt compelled to cut services to the West African countries affected by the Ebola outbreak, namely Liberia, Sierra Leone and Guinea.

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