(Ecofin Agency) - Air Côte d’Ivoire announced a fundraising campaign to mobilise $111.5 million for the second half of 2018. The resource will be used to complete the acquisition of 5 additional aircrafts.
According to the tender notice published on its website, the company targets private banks and financial institutions with experience in aircraft acquisition financing.
For the operation, Air Côte d'Ivoire is seeking a co-arranger that will, jointly with the African Development Bank (AfDB), structure and arrange the tranche to be subscribed by interested banks and financial institutions.
The company, which already has 10 aircrafts, has launched a program to modernize its fleet and expand activities. In November 2017, AfDB’s Board approved the financing of this program as a public-private partnership.
Air Côte d'Ivoire then acquired two aircrafts in July-November, 2017. The European aircraft manufacturer Airbus, which already supplies the company, would once again capture the largest share of these funds since the new aircrafts will be bought from this company.