RwandAir is in talks with the IMF in order to raise the credit ceiling on new external debt, as the airline is looking to finance three aircraft lease agreements worth US$300 million.
Rwanda's current ceiling on external debt is $500 million, and the government's approval of the new agreement will raise the limit to $800 million.
Initially, RwandAir planned to acquire two aircraft in the current fiscal year, however, an opportunity arose when a European airline folded, so RwandAir decided to acquire three aircraft in total. The three aircraft will replace two aging Bombardier aircraft.
The carrier plans to place the aircraft on routes throughout Africa, as well as to Europe, the US, and Asia.
RwandAir is still awaiting US approval to launch direct flights between Kigali and the US, however, it recently was allowed to codeshare on routes to the US.
If the FAA approves the airline following its audit in September 2018, RwandAir aims to begin routes to the US by early 2019 with the new aircraft.
RwandAir also expects to break-even by end of 2019.