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EBRD gives you wings
$5 million loan for leasing of modern-generation aircraft in Tajikistan
Rising demand for air travel and an ageing fleet are making the modernisation
of Tajikistan State Air Company (‘Tajik Air’) a key challenge for the
company’s development. To support the airline the EBRD is lending $5 million
to enable it to carry out the necessary preparatory works for the lease of two
second-hand, modern-generation aircraft.
Following the break-up of the Soviet Union, the aviation sector in Tajikistan
has undergone significant changes. After a steep decline in the number of
passengers transported, from 2.1 million in 1990 to 170,000 in 2000, the
number is now approaching 600,000 a year. Up to 2 million Tajik people are
working in Russia and their demand for air travel is clearly exceeding supply,
which is provided mainly by Tajik Air and Russian airlines.
Much of Tajik Air’s fleet is reaching its maximum economic lifespan, and the
cost of overhauls and maintenance work has become significant. The airline has
34 operational Russian aircraft of eight different types with an average age
of 22 years, and no new planes have been acquired over the last 12 years. To
increase passenger traffic and improve operational efficiency the company has
decided to modernise its fleet by leasing the two relatively new aircraft.
The EBRD’s loan will help finance pre-operating costs, such as training of
crew and technical staff, minor modification work, inspection and validation
of certificates and registration costs, and an aviation consultant. The
Government of Tajikistan has agreed that Tajik Air will have the freedom to
set and adjust fares in light of market conditions.
Through increased traffic capacity and thus closer links between Tajikistan
and the world, the project should help integrate the Tajik economy in trade,
labour mobility, information and communications, said Riccardo Puliti, EBRD
Director for Transport. Given that aviation is the only practical way to
travel from Tajikistan to foreign destinations, the improvement of these links
is vital for the country’s well-being.
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