International air transport, hospitality sectors seek Sh1trn funds

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Five aviation bodies, together with the hospitality bodies, are seeking Sh1.06 trillion (Sh10 billion) in an attempt to absorb financial crisis that have largely hit the sector due to the pandemic.

According to Alexandre de Juniac, the Director-General and chief executive officer of the International Air transport Association (IATA), financial aid is paramount in assisting Africa in the post-pandemic period.

“But without a life of funding to keep the travel and tourism sector alive, the economic devastation of covid-19 could take Africa’s development back a decade or more,” said Mr. Juniac.

The need to seek relief comes in as Kenya’s air transport and tourism sectors have grounded their operations following the regulations made by the government to curb the spread of the virus. Flights have been canceled, and so have tourism booking canceled.

The main source of revenue for most airlines is now cargo transportation and in which airlines like Kenya airways are struggling to transport cargo due to less available freight plans.

The funds are requested by IATA, the African Airlines Association, the Airline Association of Southern Africa, the United Nations World Tourism Organization, and the World Travel Tourism. 

The funds will target hotels, restaurants, guesthouses, lodges, and airlines.

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The Author of this Article is a registered Financial & Investment Analyst with Institute of Certified Investment and Financial Analyst. If your require more information Email: info@finsolutions.co.ke or +254 780216631

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