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Ethiopian Airlines invests in new Zambian national carrier
The Zambian government and Ethiopian Airlines have formalized an agreement to form Zambia Airways.
Zambia’s Industrial Development Corp. (IDC) Group CEO Mateyo Kaluba, and Ethiopian Airlines’ Group CEO Tewolde Gebremariam signed documents in the Zambian capital, Lusaka, on Aug. 19 setting out their positions as shareholders of the new national carrier.
The IDC will hold 55% of the carrier’s shares, with Ethiopian Airlines holding 45%. Initial investment in the new national airline will be $30 million.
“Obviously, as we operate the airline, we will facilitate the financing necessary to support its growth,” the partners said in a statement. They anticipate the new airline will operate 12 aircraft—types are still to be announced—and carry 1.9 million passengers by 2028.
Zambia Airways will launch operations with local and regional routes; long-haul sectors to Asia, Europe and the Middle East will be added later.
Ethiopian Airlines noted the investment in Zambia Airways is consistent with its Vision 2025 Multiple Hubs Strategy in Africa; the Ethiopian flag carrier plans to help set up four airlines on the continent this year.