Israel announces aid program for airlines

Tel Aviv, March 18: The Israeli Finance Ministry has announced an economic support program for the country's airlines due to the prolonged Covid-19 crisis and its extensive damage to the aviation industry.

"The plan will allow an immediate flow to facilitate the airlines operations during this period," the Ministry said in a statement on Wednesday.

As part of the plan, the state will purchase in advance, for 20 years, flight tickets for the governmental flight security guards.

Thus, the Ministry agreed with Israel's leading airline El Al on the purchase of flight tickets in the amount of $210 million, under the condition that the company will raise $105 million through a public offering.

This outline replaces a previous government offer of a state guarantee for a $400 million bank loan that El Al was supposed to take.

The ministry said that in the coming days a similar outline would be offered to other Israeli airlines, Israir and Arkia.

[IANS]

Posted about 2 days ago

Israel announces aid program for airlines

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