Riga. The shareholders of the Latvian airline airBaltic today approved the final decision of the Republic of Latvia to invest EUR 250 million into the equity of airBalticin order to overcome the economic crisis caused by COVID-19.

Martin Gauss, the CEO of airBaltic, said: “With this new equity investment we are executing our new business plan Destination 2025 CLEAN. This investment will facilitate the successful growth of airBaltic leading to an IPO in the future.”

Following the approval from the European Commission on July 3, the Latvian government will invest EUR 250 million into the equity of airBaltic.

On April 23, the Supervisory Board of the Latvian airline airBaltic approved the new business plan of the company presented by the management of airBaltic. The new plan foresees a reduced fleet, initially resuming operations with 22 Airbus A220-300 aircraft. The new plan takes into account the reduced capacity for the years 2020 and 2021, while at the same time foresees return to growth with up to 50 Airbus A220-300 aircraft by the end of 2023. The additional 30 options of Airbus A220-300 remain for future growth.