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Government to discuss €30 million Nordica support package

A turboprop aircraft in Nordica livery.
A turboprop aircraft in Nordica livery. Source: Anna Zvereva/Creative Commons

The government will discuss on Thursday (October 15) increasing the share capital of the Estonian airline Nordica by €22 million and an €8 million loan to help counter the effects of the coronavirus crisis.

In August, the European Commission gave the government permission to support Nordica with €30 million to help the airline company cope with the difficulties deriving from the coronavirus. Finally, the question has made it on to the government's agenda.

The government will authorize the Minister of Economic Affairs and Communication Taavi Aas (Center) to decide whether or not increase the share capital of Nordica by €22 million after concluding a preliminary contract with the company Polskie Linie Lotnnicze (LOT) to acquire a 49 percent stake in Regional Jet OÜ.

Secondly, Nordic Aviation Group and KredEX have started negotiations to conclude a working capital loan agreement to ensure smooth business operations and the necessary working capital in the amount of €8 million, due on December 31, 2026.

Nordica has developed an action place for the coming years, which includes offering regularly scheduled flights and charter flights, participating in domestic and non-domestic public procurement and other aviation services such as a virtual travel bureau.


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Editor: Roberta Vaino

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