Air Zimbabwe requires $368m to finance new aircraft, clear debt, replace outdated equipment and cover rising fuel costs.
An airline spokesman made the announcement while speaking before a parliamentary committee on transport and communications.
It’s thought that the majority of the funds would be used to purchase or lease new aircraft to replace the carriers ageing fleet – allegedly of its 10-strong fleet, only three aircraft are operational.
Smaller amounts would be set aside to finance recurring costs such as jet fuel and make strategic upgrades to Air Zimbabwe’s transport, communications and workforce infrastructure.
The Zimbabwe Tourism Authority recently urged the government to subsidise the country’s flag carrier with a particular focus on re-developing links with Europe following the withdrawal of KLM.