Using a stop-gap loan, it took delivery of the first aircraft in July, bringing its total fleet to 10 planes. But according to an AfDB document seen by Reuters, it includes a $60 million sovereign loan from the bank to the Ivorian state, which owns a 65 percent stake in the airline. In addition to the Ivorian state, the airline’s other shareholders are Air France with a 20 percent stake and private Ivorian investor Goldenrod, which holds 15 percent. Others have been critical of the deal’s unique structure, which would create a special vehicle allowing the Ivorian state to transfer its sovereign loan to the airline with an AfDB guarantee. France, Germany and Spain, whose governments hold stakes in Airbus, currently sit on the AfDB board.

Source: Ethiopian News October 03, 2017 13:41 UTC