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Ecobank Intervenes Financially To Rescue Camair Co From Going Bankrupt

The Cameroonian subsidiary of the pan-African group Ecobank has been approached by the Cameroon Airlines Corporation (Camair Co) to raise 30 billion FCFA in financing to implement recovery programme for the airline. This was revealed by Camair Co Managing Director, Jean Paul Nana Sandjo, in an interview with the Cameroonian government’s daily publication.

“The financing is already available. It will be disbursed in the next two to three weeks. After, we will roll out the recovery plan which will involve purchasing six planes to add to the two MA60s we already have. This will bring Camair-Co’s fleet to 11 by July-August,” stated the company’s managing director who indicated that the airline was 30 billion FCFA after 4 years of activities.

In addition to strengthening the company’s fleet, Jean Paul Nana Sandjo stated that the financing from Ecobank will be used to put in place maintenance facilities for the airline’s aircrafts. Indeed, explains the managing director, despite a lack of cash-flow, Camair Co spends a lot on the maintenance of its planes abroad, at times due to maintenance issues as basic as a flat tire.

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Cameroon Concord  is an online publication covering and reporting on  local and world news, sports, entertainment, politics, business, and religious news. Serving Cameroonians .

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