Zimbabwe’s troubled national airline has failed to secure outside investment, thereby dealing a blow to government plans to sell state-owned assets and secure much-needed revenue.
The airline, which in October 2018 was placed under administration, received expressions of interest from 10 international investors and had short-listed three bidders.
According to the airline’s administrator, Reggie Saruchera, a process to solicit for a strategic partner or investor was undertaken, but none of the parties that expressed interest and submitted bids were successful.
The airline also has an outstanding debt of about $370 million and Saruchera recommends that it be settled before seeking fresh investment.
The national carrier also says it will lease out two Boeing 777 jetliners it bought from Malaysia Airlines in 2018 and has received nine bids for them.
