Zimbabwe’s Transport minister Nicholas Goche has announced that government will take over ailing airline, Air Zimbabwe’s (Air Zim) $140 million debt.

“In oder to realise additional financing there is urgent need to find a strategic partner for the national airline through a private placement,” he said

The airlines executives had pleaded with the government to assume the huge debt which had seen it trade at a monthly loss of more than $3,5 million.

The Air Zim board as part of its capital raising initiative had approved the disposal of a 40 % stake of its cargo unit, National Handling Services (NHS) which had been valued at $80 million.

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