Air Algerie secures $2 billion government loan for fleet update

The Algerian government to provide the national carrier, Air Algerie, with funding of US$2 billion, via a loan from the National Investment Fund. The aim of the financing is to help the carrier update its fleet, as more than half of the airline's fleet is more than 25 years old.

Approximately 60% of the funds will be allocated for new aircraft, while the remainder is likely to be used to repay debts.

No further details were disclosed.