Bahrain's national carrier Gulf Air has secured a $80 million loan from a unit of Dubai's Mashreq Bank to help the ailing airline meet its working capital requirements.
The financing facility will be provided by the Mashreq Bahrain, a unit of the UAE-based lender, the companies said in a joint statement on Sunday. No further details on the nature of the financing or pricing for the loan was provided.
The loan deal comes just weeks after the struggling carrier said it would downsize operations and seek cash from government funds to sustain operations. The airline said it could also tap Bahrain's sovereign wealth fund Mumtalakat, which has a stake in the carrier.
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