China Development Bank provides loan to Hainan Airlines for the acquisition of increased capital in Africa World Airlines in July 2012

In July 2012, China Development Bank provided a loan to Hainan Airlines for the acquisition of increased capital in Africa World Airlines, a Ghanaian incorporated company that was formed in 2012 to provide low-cost operations. The face value of the loan is unknown. The purpose of the project was to establish Africa World Airlines Ltd. (AWA), and thereby provide safe, convenient and high-quality air transportation services to passengers in Ghana and other countries in West Africa. At present, AWA has eight ERJ145 planes offering services on three domestic routes – Ghana-Accra-Kumasi, Accra-Tamale and Accra-Takoradi – and five international routes: Accra-Lagos, Accra-Abuja, Accra-Monrovia, Accra-Freetown and Lagos-Monrovia. It also operates charter flights.

Additional details

1. More research is needed to determine if the CDB loan is in fact separate from CADFund's equity investment. See http://en.cadfund.com/archiver/ceitest/UpFile/Files/Default/20201022163527882499.pdf

Number of official sources

1

Number of total sources

2