The Latvian airline airBaltic announced that the major shareholder of the carrier, the Cabinet of Ministers of the Republic of Latvia, has approved the investment of up to EUR 250 million into the equity of airBaltic.

The government’s plan to provide its investment to airBaltic in tranches is still a subject to approval of the European Commission. Nevertheless, the company remains positive and looks forward to receiving this support to successfully go through the economic crisis caused by COVID-19.

“With this new equity investment, we can begin to execute our new business plan Destination 2025 CLEAN which focuses on a new start for airBaltic once international flight resume. This will facilitate successful growth for the company once the impact of the COVID-19 crisis begins to ease”, said Martin Gauss, the CEO of airBaltic.

The new business plan was approved at the of April. Under the updated strategy, after the travel restrictions are eased, the carrier will take off with the reduced fleet – 22 Airbus A220-300 aircraft.

Until the end of 2023 the company hopes to be back on the growth track with up to 50 Airbus A220-300 aircraft. The additional 30 options of Airbus A220-300 remain for future growth.