ANNOUNCED AS TEMPORARYNo
According to consistent press reports, on 15 June 2017, the Parliament of Kenya, approved the proposal for the government to guarantee USD 750 million worth of the debt owed by its national flagship carrier Kenya Airways.
Specifically, based on the Parliament's decision the Treasury will guarantee USD 750 million of the loans owned by the Kenyan Airways to different financial institutions which have extended the flagship carrier debt financing. The scope of this guarantee is to help Kenyan Airways to restructure its organisation in the face of the financial losses it has been facing in the past fiscal years.
Kenya Airways is the flag carrier of Kenya. Kenya Airways is a public-private partnership. The largest shareholders are the Government of Kenya (29.8% ownership stake) and KLM (26.73% ownership stake).
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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