Camair-Co, the Cameroonian public airline, officially acquired on April 19, 2017 two Boeing 737-700 NG aircraft, which it has been renting since 2011 from Aviation Capital Group, it was officially learned. Although the amount of the transaction has not been revealed, authorized sources maintain that the financing for these acquisitions is the result of the syndicated loan of 25 billion CFA francs granted to the company in 2016 by a banking pool led by Ecobank Cameroon.
With the final acquisition of these two aircraft for which Camair-Co has paid CFAF 19 billion of rental costs between 2011 and 2016, according to figures revealed by Ernest Dikoum, the company’s CEO, the Cameroonian air carrier is now owner of five aircraft, including two Boeing 737-700 NGs, two Chinese MA60s and a Boeing 767-300 ER.
Camair-Co is taking a decisive step in its stimulus plan to be implemented with the help of the American firm Boeing, leaving the status of tenant as owner of the aircraft making up its fleet. This recovery plan, the revised version of which was presented on March 20th, envisages the acquisition, from the first year of its implementation, of two Boeing 737-700 NG; Which has been effective since 19 April 2017.
Initially planned to extend over 5 years, the recovery plan for Camair-Co, finally declining over a period of 7 years, also foresees an increase in the frequency of domestic flights, from 70 to 100 per week; But above all “the anticipation of the deployment of cargo activity“, with “the establishment in the first year of a cargo division“, which will devote “entry into the fleet of a Boeing-type cargo plane 737-400F “.
To finance these ambitions, the company said in a recent statement, Camair-Co intends to realize, for this year 2017, savings of around 16 billion CFA francs; In particular through the effectiveness of the “relocation of headquarters to its own premises, the temporary suspension of unprofitable services, and the reduction of 21% of the company’s payroll“.
Camair-Co, under the leadership of Ecobank’s local subsidiary, announces that a banking pool will be called upon to provide this public airline with a second financing amounting to CFAF 30 billion.