Coronavirus: African countries have lost millions in 2 months – IATA

Coronavirus: African countries have lost millions in 2 months – IATA

- Over $400 million has been lost in Africa as a result of the coronavirus, the International Air Transport Association (IATA) has announced

- The outbreak of the virus has affected the operations of several industries, including the airline industry

- Airlines that have cancelled flights to and from China include South African Airways, Royal Air Maroc, Air Tanzania, Air Mauritius, EgyptAir, RwandAir and Kenya Airways

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The International Air Transport Association (IATA) has announced that Africa has lost about $400 million in two months due to the coronavirus.

The outbreak of the virus in China has affected the operations of several industries.

In Africa, the effects of the coronavirus has taken a toll on the operations in the airline industry.

Coronavirus: African countries have lost over GHC2 billion in 2 months – IATA

Source: Business Insider
Source: UGC

Per a Business Insider report, even though it is not as widespread in Africa as it is in the rest of the world, some airlines have suspended flights to and from China.

They include South African Airways, Royal Air Maroc, Air Tanzania, Air Mauritius, EgyptAir, RwandAir and Kenya Airways.

According to IATA’s vice president, Raphael Kuuchi, the losses in the continent's aviation industry have so far come from suspended and cancelled flights on routes to China.

In other news, there is an ongoing debate about the volume of funds raised by startups in Africa in the year 2019.

This comes in the wake of reports of various sums of monies given in support of businesses of startups in the year.

Three venture-funding studies carried out to ascertain the true facts led to three different results.

The tests were done by Disrupt Africa, a media outlet, WeeTracker, a database website and Partech, a global investment firm.

Per a report by Partech, African startups received a total of $2 billion from venture capitalists in the year 2019. WeeTracker fixed the amount at $1.3 million and Disrupt Africa pegged the amount at $496 million.

Techcrunch.com reports that the variance in the figures of $1.5 billion could be traced down to venture capitalist valuations in the selected countries.

Partech and WeeTracker drew the same conclusions with regard to the top three recipients of funds in Africa and named them as Nigeria, Kenya and Egypt, in that order.

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Source: Briefly.co.za

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