May 7, 2020 / 7:40 PM / 25 days ago

Latvia approves investment in airBaltic amid virus crisis

RIGA (Reuters) - Latvia’s government on Thursday gave the go-ahead to an investment of up to 250 million euros ($271 million) in airBaltic to help the airline get through the COVID-19 pandemic.

The investment plan, which remains subject to European Commission approval, will be done in tranches, and will increase Latvia’s stake in airBaltic to 91% from the current 80.05% if carried out in full.

“The investment by the government will allow the company to overcome the emergency situation and will enable it to develop by retaining its competitiveness,” Latvian transport minister Talis Linkaits said at a news conference on Thursday.

Reporting by Gedert Gelzis, writing by Johannes Hellstrom, editing by Giles Elgood

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