Israel approves $100 mn plan to support airlines

Jerusalem, Jan 17 (IANS) Israel's three major airlines will receive $100 million from the government to deal with the Omicron crisis, the country's Finance and Transport Ministries said in a joint statement.

Under the plan, the Israeli government will offer El Al, Israir and Arkia airlines convertible bonds, which can be exchanged into shares, for three years without interest, at a total of $85 million, reports Xinhua news agency.

The government will also fund in advance for 20 years excess fuel and maintenance expenses related to the air defense systems installed on the planes, at a total of $15 million for all three airlines.

Israel has witnessed a surge of Covid-19 cases caused by the outbreak of the Omicron variant.