Kuwait Airways bid for $2bn in state funding rejected
Kuwait's National Assembly has rejected an initial application by Kuwait Airways to withdraw KWD600 million dinars (USD1.96 billion) from the country's General Reserve Fund (KGRF), reports ch-aviation.
Local MP Abdulwahab Al-Babtain said via social media that the airline had not provided parliament with an administrative work and financial plan to justify the request hence its rejection.
"And even the submission of such a plan by the Kuwaiti [airline] does not mean the KWD600 million will automatically be granted to them from the reserve, it must be a real, ambitious plan based on a financial study," he said.
The funding would have been used to cover payments for a fleet of thirty-seven new Airbus and Boeing aircraft ordered as part of the airline's renewal and growth strategy.