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4-Mar-2021 3:59 PM

Welsh Government to provide GBP42.6m in funding for Cardiff Airport

Wales' Minister for Economy, Transport and North Wales Ken Skates stated (03-Mar-2021) Cardiff Airport is "a vital gateway to Wales for business, tourists and general travellers" and is "vital for Wales's economic development that we have strong international connectivity". Wales' Government has agreed on a financial package to provide support to Cardiff Airport "in the medium term against a five year plan for the rescue and restructure of the airport". An investment of up to GBP42.6 million will be provided to the airport to restructure operations and secure long term viability. Mr Stakes added: "Separately, as sole shareholders of Cardiff Airport, we have made the decision on a purely commercial basis to write off GBP42.6 million of the airports debt", to maximise the likelihood of recovery of the Welsh Government loan. Wales' Government is also impairing the equity to reflect the loss of value as a result of COVID-19, which amounts to GBP46.3 million. [more - original PR]

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