Israel approves $100 million plan to support airlines

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Israel’s three major airlines will receive $100 million from the government to deal with the Omicron crisis, the country’s Finance and Transport Ministries said in a joint statement…reports Asian Lite News

Under the plan, the Israeli government will offer El Al, Israir and Arkia airlines convertible bonds, which can be exchanged into shares, for three years without interest, at a total of $85 million, reports Xinhua news agency.

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The government will also fund in advance for 20 years excess fuel and maintenance expenses related to the air defense systems installed on the planes, at a total of $15 million for all three airlines.

Israel has witnessed a surge of Covid-19 cases caused by the outbreak of the Omicron variant.