Norway’s government on Friday proposed 16.3 billion Norwegian crowns ($1.9 billion) in extra fiscal spending this year to aid municipalities and businesses struggling as a result of the COVID-19 pandemic, the finance ministry said.
Visit our dedicated coronavirus site here for all the latest updates.
The proposed package included 1.5 billion crowns for a hybrid loan to Norwegian Air, which is undergoing financial restructuring, provided that an agreement is reached on the terms, and pending parliament’s approval.
The planned allotment followed a government decision on January 21 to back the airline, which plans to emerge from court-ordered bankruptcy protection as a slimmed-down carrier focused primarily on the Nordic region.
The amount was in line with what Norwegian has asked for, the government said.
Pareto Securities, which advised the government on the support for Norwegian, said the airline’s scaled-down business plan appeared to make it a “sensible financial investment”, the finance ministry said.
For the latest headlines, follow our Google News channel online or via the app.
Norwegian Air was not immediately available to comment.
Read more:
Coronavirus: Norway imposes new restrictions to prevent new COVID-19 wave, says PM
Missing people presumed dead after Norway landslide: police chief
Violence in Central African Republic displaces over 200,000: UN
SHOW MORE
Last Update: Friday, 29 January 2021 KSA 15:47 – GMT 12:47
