Rwanda’s National carrier RwandAir has significantly reduced its annual losses signaling growing stability as the airline expands to new regional and international destinations, reports KTPress.

According to the reports, in the airline's financial performance results in April 2017, it managed to reduce its loses to $1 million last year from $2.8 million and finance costs rose to $15.1 million.

The decrease in losses, according to experts has been attributed to increased numbers of tourists and revenue, business destinations, and more exports.

RwandAir has so far opened 26 destinations across the globe including almost 10 new regional and international destinations so far in 2017.

Last week RwandAir announced it would commence three weekly operations to Conakry (Guinea), Bamako (Mali) and Dakar (Senegal) from its new hub in Cotonou (Benin) with effect from 30th September 2017.

The launch of the new destinations follows the successful entry into the European market with flights to London and Brussels in May and July respectively, having launched service to Mumbai, India earlier in April.

RwandAir is planning to launch flights to New York and new Asian destinations, including Guangzhou in China in the near future.

From its hub at Kigali International Airport, RwandAir currently flies to 23 destinations across Africa, the Middle East, Europe and Asia with a fleet of 12 aircraft including two wide-body Airbus A330s.