Lufthansa, Cyprus Airways Meet for “Advice”

Lufthansa, the renowned German colossus airline has offered some developement advice to Cypriot Airways over the past few days. Representatives of Triple Five, a Canadian Development and Finance Corporation,also happen to be in Cyprus at the same time.

Inofficially, there has been media talk about investment negotiations, but the official statement of the Cypriot CEO George Mavrokostas is that “Lufthansa is involved in a purely advisory role,” making clear that the Germans didn’t come to participate in any financial discussions.

Cypriot Airways asked the German airlines for advice in order to make their business “more profitable,” commented Mavrokostas.

Lufthansa Consulting, a group of economists and other specialists, have already visited Cyprus twice and had a meeting not only with the CEO of the Cypriot airline, but also with the officials of the Cypriot Ministry of Finance.

There is the potential, however, of Triple Five involving itself in the airways’ share capital. Former Finance Minister Kikis Kazamias discussed with Nader Ghermezian of Triple Five, the probability of investing 15-17 million euros in the company’s capital stock. However, no official interest or suggestion has yet been stated.

Cypriot Airways has recently increased their flight plan by two, including routes between Athens-Thessaloniki.


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