Ethiopian Airlines and Zambia Airways have signed a shareholder agreement to revive Zambia’s national airline, more than two decades after its closure.
The agreement reached last January between Africa’s largest airline and Zambia’s Industrial Development Agency, stipulates that Zambia Airways liquidated in 1994, will operate 12 aircrafts by 2028.
Ethiopian Airlines will own 45% of the renovated airline and Zambia 55%, according to a statement by the Ethiopian company. It adds that its initial investment in the start-up of the national carrier will be $30 million.
The initial investment as we start up the national carrier will be $30 million. Obviously, as we operate the airline, we will facilitate the financing necessary to support its growth
Zambia Airways is expected to launch local and regional routes by the end of this year.
Intercontinental routes, including Europe, the Middle East and Asia, will be added in the near future.