The European Union has approved USD 4.7 billion in government aid for national carrier Air France as it struggles through the economic impact of the COVID-19 pandemic.
In return for the aid, the carrier has promised to make slots available to competitors at the busy Orly airport in Paris.
The public support will come with strings attached, said EU Commission Vice President Margrethe Vestager.
Last year, Air France got 3 billion euros in direct loans from the French state as part of a recapitalisation of up to 4 billion euros.
The French government, the airline's largest single shareholder, has said it was essential to save the national carrier but it is not considering nationalizing Air France.
In exchange for the bailout, the government set conditions of profitability and more environmentally sustainable, less polluting policies.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.