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Saturday, October 17, 1998 Published at 14:56 GMT 15:56 UK


World: Africa

Rescue plan for Air Afrique


The eleven West African governments with a stake in the debt-ridden multinational airline, Air Afrique, have announced a plan which, they hope, will save the airline from collapse.

At a meeting in Ivory Coast, where the airline is based, the Ivorian transport minister, Adama Coulibaly, said that a number of investors, including some from France, had been found to help defray the three-hundred million dollar debt.

He said liquidating Air Afrique was out of the question.

Creditors for the company seized a number of planes in July, after it failed to pay arrears, halting some of its long-haul flights to America and Europe.

Much of the debt was incurred when the African CFA franc was devalued in l994.

From the newsroom of the BBC World Service



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