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Air Zimbabwe fails to raise investors to supply forex starved state

ZIMBAWE's national airline, Air Zimbabwe, has failed to secure outside investment, dealing a blow to government plans to sell state-owned assets and secure much-needed revenue, reports Bloomberg

24 February 2020 - 19:00

ZIMBAWE's national airline, Air Zimbabwe, has failed to secure outside investment, dealing a blow to government plans to sell state-owned assets and secure much-needed revenue, reports Bloomberg.

The airline, which in October 2018 was placed under administration, received expressions of interest from 10 international investors and had short-listed three bidders.



'A process to solicit for a strategic partner or investor was undertaken, but none of the parties that expressed interest and submitted bids were successful,' the airline's administrator Reggie Saruchera.



Restructuring of state-owned enterprises is a cornerstone of President Emmerson Mnangagwa's reform agenda to revive an economy that has halved in size since 2000, and alleviate a crippling shortage of foreign currency.



The airline has outstanding debt of about $370 million, and Saruchera recommended this be settled before seeking fresh investment. It will lease out two Boeing 777 jetliners it bought from Malaysia Airlines in 2018 and has received nine bids for them, he said.


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