The Eurasian Development Bank (EDB) is in the process of allocating $100mn in funding to Somon Air, a Tajikistan-based airline. This funding is earmarked for the acquisition of two Boeing 737 aircraft, in line with Somon Air's plans for fleet expansion, EDB reported.
Somon Air, which has been steadily increasing its passenger traffic since 2020, is poised to enhance its operational capacity with the addition of these new aircraft. The airline recorded a surge in passenger numbers, reaching 787,600 in 2023, compared to 672,500 in 2019, signaling a robust recovery from the impacts of the pandemic.
Presently, Somon Air operates a fleet comprising six Boeing 737 aircraft of various configurations. However, with its strategic vision set on broadening its geographical reach, the airline aims to introduce new flight routes to key destinations by 2026. These routes include flights from Khujand to Jeddah, Dubai, Urumqi, and Istanbul in 2024, expanding further to destinations like Seoul, Frankfurt, Amsterdam, and Bangkok in subsequent years.
Commenting on the funding allocation, representatives from Somon Air expressed their gratitude towards the EDB for their support, emphasizing the pivotal role this investment will play in realizing the airline's growth objectives.
The EDB, an international financial institution dedicated to promoting economic development in Eurasia, boasts a charter capital totaling $7bn. With a focus on fostering comprehensive development across its member countries, the bank's portfolio primarily comprises projects aimed at enhancing integration in sectors such as transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering.
The EDB adheres to the UN Sustainable Development Goals (SDGs) and Environmental, Social, and Governance (ESG) principles in its operations, ensuring that its investments contribute to sustainable and responsible development practices.
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