Israel: The Finance and Transport Ministries of Israel have announced a relief scheme for the country's airlines, which have been severely harmed by the Covid-19 problem. According to sources, the government has approved financial aid for the airlines in the form of bonds convertible into stocks for a three-year period with no interest.

The state aid, worth up to USD 44 million, will be distributed to the airlines in tandem with a capital infusion from the owners. After three years, the airlines will have the option of repaying the bond to the state or converting the loan into state-owned stock. The government's part in each airline's equity capital will not exceed 24 percent.

Furthermore, the state's shares will be inactive, meaning it will not have the opportunity to vote as a shareholder. The measure complements the government's prior support for airlines, which was announced in May.

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