COVID-19: Government will have to inject more than a billion escudos into TACV to return to operation – Minister

Praia, Mar 1 (Inforpress) – The Minister of Finance announced Friday the Government will inject one billion and 551 million escudos into Cabo Verde Airlines to return to operate but this amount will be adjusted according to market developments.

Olavo Correia, who participated in the press conference on the air transport dossier in Cabo Verde, considered that if the State does not intervene with public resources at this stage, Cabo Verde Airlines (CVA) will hardly be able to resume flights.

“Either the State intervenes publicly to make the company’s flights viable, or the company will stay on the ground and not be able to fly,” said the Minister who also said that the government’s idea is clear and involves resizing the company’s own ambition in terms of route, frequencies, number of planes and reducing operating costs, so that the contribution of the Government and shareholders is as little as possible.

The Deputy Prime Minister said for the company to return to operation, the available data indicate it will be necessary about 15 million euros, and it is certain the values can be adjusted according to market developments, that is, if there are many restrictions in the international air market and if the occupancy rate is too low.

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