Cameroonian President, Paul Biya, has approved a multi-million dollar bailout for struggling national carrier Camair-Co, Minister of Transport, Edgar Alain Mebe Ngo'o, told state radio this week.
The bailout government will include the injection of USD101.4 million and restructuring of USD59.17 million worth of debt, USD33.81 million of which is owed to state-owned enterprises and the rest owed to various suppliers.
Under a Boeing Consulting turnaround plan which was drawn up late last year, Camair-Co will acquire up to nine additional aircraft by 2020 which will be used to serve their twenty seven destinations including Paris, Brussels, Guangzhou, Dubai, and Washington.
Camair-Co currently operates one Boeing 767-300ER, two Boeing 737-700s, and two MA-60s on scheduled flights to eighteen destinations.
The airline was launched in 2011 following the demise of its predecessor, Cameroon Airlines in 2008. Camair-Co has gone from one crisis to the other with too many changes in leadership.