airBaltic Secures €250M (US$274M) From Latvian Government - Cargo Airbus A220
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May 9 ,2020 - by Sumit Rehal for simpleflying.com
This week, airBaltic announced that it will receive a €250 million (US$274 million) investment from the Latvian government. The country's cabinet approved the move in a bid to help its flag carrier overcome the financial impact of the global health crisis.
The government of Latvia is the majority shareholder of the airline. Therefore, it is taking steps to ensure its stability through the outbreak. According to a press release, its stake in the firm will increase from 80.05 percent to 91 percent with the deal.
While the majority of the operator's services have been suspended, it has been conducting vital cargo flights with its Airbus A220s.
Last month, it flew between the Latvian capital of Riga and Urumqi in China to ship crucial medical supplies for use in Latvia.