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EU Approves $4.7 Billion In State Aid To Carrier Air France

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FILE - In this May 17, 2019 file photo, Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris. The European Union has approved $4.7 billion in government aid for national carrier Air France as it struggles through the economic impact of the COVID-19 pandemic. (AP Photo/Christophe Ena, File)

(AP) — The European Union has approved $4.7 billion in state 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 busy Orly airport in Paris. Last year, Air France got 3 billion euros in direct loans from the French state that will be converted in bonds. In exchange, the government set profitability and environmental conditions. In addition, the French state will participate in the capital increase of the holding company for the Air France-KLM airline alliance,  France and the Netherlands reaffirmed they are not considering nationalizing the group.

 

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