Photo Credit: Moshe Shai / Flash 90
EL AL planes parked at Ben Gurion International Airport.

Israel’s Ministry of Finance offered El Al Israel Airlines a $50 million aid package today. The company was already having financial problems before the Covid crisis began but has been hit especially hard by the Coronavirus pandemic.

But there is a catch. Kenny Rozenberg, El Al’s current owner, must also loan the company $43 million out of his own pocket if the airline is to receive the funds. The airline will also be required to sell off some of its planes.

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El Al was reportedly hoping on getting as much as $150 million in government aid as compensation for all of the lost revenue caused by government-required shutdowns and limitations on travel.

The Ministry of Finance has also offered Israel’s other two airlines Arkia and Israir a $7 million grant each. Israel’s smaller air carriers had asked for much more than that with Arkia asking for a $35 million bailout and Israir asking for $20 million in government aid.

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TPS - The Tazpit News Agency provides news from Israel.