National carrier of Namibia is on the verge of collapse as local banks refusing to fund at least its day-to-day operations after it failed to publish annual reports for over 10 years.
At least, the airline has to settle N$ 250 million to Namibia Airports Company to carryout day-to-day operations, but non of the financial institutions are extending a line of credit. Acting managing director of Air Namibia Mandi Samson said “We’re looking for financing from other countries such as South Africa, which brings the complication of currency exposure. It is not ideal, but if the entire country says they cannot assist us … we have to look elsewhere,”
Air Namibia’s financial situation would affect 700 workers, as well as 70 000 others within the value chain in which the airline is the primary catalyst.
The airline is heavily dependent on government bailouts to continue operating, having received over N$6 billion since 2000.
Air Namibia is one of the oldest airline in Africa. founded in November 1946. it operates four Airbus A319, two A330-200 and four Embrear ERJs.