This archive report was first published on 19 May 2020.
As the COVID-19 pandemic continues to affect the global airline industry, EgyptAir, the country's flag carrier, has received a significant boost in the form of $127 million (KSh13.6 Bn) in state aid from the government.
According to the country's finance ministry, the government will support the carrier until it returns to 80% of its 2019 operations. This support comes as the airline has been operating repatriation flights for citizens stranded abroad, as well as flying some domestic routes despite the suspension of international passenger flights.
International Air Transport Association (IATA) projects that the global air industry will make revenue losses of between $63 billion and $113 billion in 2020 in the passenger sector. Additionally, the association reported that airlines worldwide might need up to $200 billion in state aid to remain afloat.
Since the COVID-19 outbreak, international bookings in Africa dropped roughly 20% in March and April, with domestic bookings declining by about 15% in March and 25% in April. By 11th March 2020, airlines had lost as much as $4.4 billion in revenue.
Other airlines worldwide that have received state bailouts include Air France KLM, Germany's Lufthansa, and Dubai's state-owned airline, Emirates.
As a member of Star Alliance and the Arab Air Carriers Organization, EgyptAir operates scheduled passenger and freight services to more than 75 destinations in the Middle East, Europe, Africa, Asia, and the Americas.
