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Mohamed Hwej, the Minister of Economy and Trade in the Tripoli-based Libyan government approved on Wednesday the investment and commercial register of the Joint (Venture) Libyan-Spanish Company for Aircraft Maintenance and Air Cargo services.
The signing ceremony was attended by the Chairman of the Board of Directors of Afriqiyah Airways, the Chairman of the Libyan-Spanish joint company, the head of the General Commercial Registry Department and the Director General of the Privatization and Investment Board (PIB).
Commenting exclusively to Libya Herald on the agreement, the Spokesman for the Ministry of Economy and Trade, Fawzi Wadi, said “This step comes within the implementation of the Minister of Economy and Trade’s decision No. 266 of 2023 regarding the implementation of the “ADVCO” station project for aircraft maintenance and air freight at Misrata International Airport by the Joint Libyan-Spanish Company. Libya’s Afriqiyah Airways Company holds a 51 percent and Spain’s “AD Air Business Group S.L.” holds 49 percent in the of the Joint company’s shares’’.
Current Euro 150 million maintenance costs will be reduced by 50 percent
Wadi confirmed that Afriqiyah Airways currently incurs maintenance costs amounting to Euro 150 million annually, and that the implementation of the maintenance station project will contribute to reducing these costs by 50 percent, in addition to the revenues that the company would obtain from aircraft maintenance for other companies.
Largest maintenance centre in North Africa
He pointed out that the Misrata airport maintenance centre will be the largest maintenance centre in North Africa and will provide opportunities for no less than 2,000 jobs and training and qualification programmes for national cadres in cooperation with leading international companies in the field.
Multiple flights planned to EU destinations
The maintenance centre will have great importance in the permanent continuation of the operation of Afriqiyah Airways aircraft. This is especially so with the approval of multiple travel destinations and the operation of direct flights from Mitiga International Airport to Italy, Germany and Spain during the coming months. This is conditional to European airspace being opened to Libyan aircraft during the coming months – according to understandings between the Tripoli Libyan government, Italy and the rest of the mentioned countries – as well as with Britain soon.
Contributing to the national economy
Wadi highlighted the speech of the Minister of Economy and Trade, in which he emphasized the importance of implementing investment projects for air transport services that contribute to the development of commercial traffic and the development of the national economy, directing the Libyan-Spanish Joint Aircraft Maintenance and Air Cargo Services Company to start implementing aircraft maintenance stations and contribute to raising the level of air cargo services at Libyan airports.
