Ethiopian, Zambia IDC sign shareholding agreement to relaunch Zambia Airways

Ethiopian Airlines and Zambia's Industrial Development Corporation (IDC) signed (19-Aug-2018) a shareholding agreement to relaunch Zambia Airways. IDC will hold 55% equity in the carrier, while Ethiopian Airlines will hold 45%. The companies expect an initial investment of USD30 million, with plans to facilitate the financing necessary to support growth. Zambia Airways is projected to operate a fleet of 12 aircraft and handle more than 1.9 million passengers by 2028, while its domestic and international network will include Europe, the Middle East and Asia. Ethiopian Airlines commented: "As an indigenous and truly Pan-African airline, we believe that African carriers will only get their fair share of the aviation industry and the African market through partnerships with other African carriers". Zambia Airways is expected to launch operations in 2018. [more - original PR]