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Air France becomes a strategic partner of Air Côte d’Ivoire

17-May-2012 11:09 AM

Ivory Coast's Minister of Economy and Finance, Air France and the Aga Khan Fund for Economic Development (AKFED) signed (16-May-2012) a 'framework partnership agreement', a 'shareholders’ agreement' and articles of establishment to found Air Côte d’Ivoire. Initial capital was set at XOF2.5 billion (USD4.9 million) and will rise in the short term to XOF25 billion (USD48.6 million). Côte d’Ivoire contributed 65% of the initial capital, while 20% was contributed by Air France and 15% by Aérienne de Participation-Côte d’Ivoire, the airline holding company representing AKFED. The carrier has a strategic partnership agreement with Air France and the Aga Khan fund and will also benefit from cooperation with Air Burkina and Air Mali, which are part of the AKFED Group. The three African airlines will cooperate very close together "in order to build an economically viable long-term model” according to the Cote d'Ivoire government. René Décurey has been appointed as the airline’s CEO. The carrier plans to launch regional routes in Jul-2012 followed by domestic routes by the end of 2012. The carrier is presently recruiting flight and cabin crew. [more - original PR - Ministry of Economy and Finance]  [more - original PR - France]