Gulf Air to Receive $1.06b Loan

14.05.2011 Bahrain
Gulf Air to Receive $1.06b Loan

Gulf Air to Receive $1.06b Loan

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Earlier this week, Bahrain MPs approved loans worth BD400 million ($1.06 billion) for Gulf Air, even though the payments were sanctioned without their approval.

Parliament had considered rejecting a Royal Decree sanctioning the loans issued during parliament's summer recess last year.

However, Chairman Khalifa Al Dhahrani intervened saying the rejection would hamper Gulf Air's recovery plan, since the national carrier would have to return the cash.

MPs are unhappy at government bailouts for the airline, which has been accused of draining public money.

“The company has seen changes in the management for the past few years, but it has never managed to materialize recovery despite announcing dates,” said Al Asala MP Abdulhaleem Murad.
 
 



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