Madagascar Airlines : 100 million dollars to finance the business plan “Phenix 2023”

Implementation of the business plan “Phenix 2023” of Madagascar Airlines will require 100 million dollars indicated the Minister of Transport and Meteorology, Valéry Ramonjavelo. This plan will be spread over a period of three years and has the main objective of restoring the financial viability and autonomy of the company..

100 million dollars to finance Madagascar Airlines’ business plan

The Minister announced a rehabilitation plan for the Malagasy airline Madagascar Airlines which will require an investment of 100 $ million. The objective is to make the national airline independent after its rehabilitation, which represents a crucial step for the Malagasy air sector, he explained.. The implementation of this business plan will be done in three phases, the first phase of which is urgent and will require 20 $ million.

“Phenix 2023” : 20 million dollars from the World Bank

Technical and financial partners from the Big Island would indeed be ready to financially support this airline business plan.. Like the World Bank which would already be ready to provide the 20 million dollars to finance this first phase, confides Minister Valéry Ramonjavelo.

This first financing will be used for the repair of planes available to Madagascar Airlines, improving its maintenance service or even the digitalization of the company.

Retroactive funding

According to the Ministry of Economy and Finance (MEF) who participated in the discussions on this support, the World Bank proposed retroactive financing. Indeed, with this method of financing, “the State and this financial institution will establish a contract relating to the reimbursement to the State by the World Bank of expenses relating to the recovery of Madagascar Airlines”, specifies this department.

The acquisition of three Embraers is advanced

The second phase of the implementation of the “Phenix” plan 2023 » will require funding of 25 $ million, indicates our source in charge of the Madagascar Airlines file. This financing will be used for the acquisition, the rental and commissioning of devices which will strengthen the fleet of the national company as well as the training component. The acquisition of three Embraers is then advanced.

And, It is in the third phase that the acquisition of the aircraft that Madagascar Airlines will rent for its long-haul flights is planned.. This company plans to rent at least two, while putting Airbus A330s as first choice.

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