Ethiopian Airlines has entered a shareholder’s agreement with the Government of Zambia for the revival of Zambia Airways.
As part of the agreement, the Government of Zambia will hold a majority stake of 55% and Ethiopian Airlines will own a 45% stake in Zambia Airways, which went bankrupt in 1994.
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The airline shut down its operations in January 2009, citing high fuel costs as the primary reason.
Following the revival, the carrier will initially serve national and regional destinations.
Ethiopian Airlines Group CEO Tewolde Gebremariam said: “The launching of Zambia Airways will enable the travelling public in Zambia and the Southern African region to enjoy greater connectivity options, thereby facilitating the flow of investment, trade and tourism, and contributing to the socio-economic growth of the country and the region.
“As an indigenous and truly Pan-African airline, we firmly believe that it is only through partnerships among African carriers that the aviation industry of the continent will be able to get its fair share of the African market, currently heavily skewed in favour of non-African airlines, and play its rightful role in availing efficient air connectivity within Africa, as well as with the rest of the world.”
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By GlobalDataThe relaunch of Zambia Airways is also expected to help Ethiopian Airlines to fulfil its Vision 2025 strategy, which aims to open various company hubs across Africa.
Ethiopian Airlines currently operates a mixed fleet of Airbus, Boeing and Bombardier aircraft.
