This archive report was first published on 13 January 2020.
January 13, 2020 - Kenya Airways is set to receive a cash injection from the government in a bid to revive the struggling airline.
Acting Treasury CS Ukur Yattani announced plans to provide resources to help boost the airline's operations, citing the need to rid the airline of its loss-making streak.
Kenya Airways reported a net loss of KSh8.5 billion in the first half of 2019, largely due to a 15% increase in operating expenses, which rose to KSh61 billion.
The airline's chairman, Michael Joseph, has stated that they require up to KSh45 billion to return to profitability, amidst plans to nationalize the carrier.
According to reports, Kenya Airways owes various lenders significant amounts, including CBA Group (KSh3.1 billion), NIC Bank (KSh2.1 billion), Equity Bank (KSh5.2 billion), Cooperative Bank (KSh3.3 billion), KCB (KSh2.1 billion), and Diamond Trust Bank (KSh2.1 billion).
