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Key players in Africa’s aviation industry are intensifying efforts to form joint ventures and strategic alliances with Turkish Airlines, as they look to tap into financing from the Türkiye Wealth Fund (TWF). The goal is to secure sustainable, long-term capital that can fuel growth and modernization across the continent’s struggling aviation sector—without imposing the burden of quick returns on financially constrained carriers.
The TWF, which manages assets valued at USD 224.04 billion, is the largest shareholder in Turkish Airlines, holding a 49.12 percent stake, according to its latest financial disclosures. At the Fifth Turkey –Africa Business and Economic Forum in Istanbul, aviation stakeholders highlighted the severe funding challenges confronting many African airlines. They noted that these carriers often depend on short-term, high-cost commercial bank loans, leaving them vulnerable to financial instability and limiting their capacity for sustained investment in fleet expansion, infrastructure, and route development.
“Most African airlines lack access to long-term financial instruments, yet aviation requires long-term capital commitments,” explained Professor Linjap. “To address this gap, there is a pressing need to establish asset management firms that operate collaboratively between Turkey and African nations.”
The implementation of the African Continental Free Trade Area (AfCFTA) is expected to significantly boost intra-African trade, which will, in turn, increase demand for air connectivity. Over the next decade, experts predict a surge in passenger and cargo traffic, necessitating capital market–driven financing solutions to support the anticipated expansion. Several major African airlines—including Kenya Airways and South African Airways (SAA)—are actively seeking strategic investors to inject fresh capital and help reverse years of financial decline. Recent filings reveal that SAA recorded a $20.33 million loss for the 2023/24 fiscal year, while Kenya Airways reported a $96.98 million loss in just the first half of 2025.
According to Mahmood Niazi Hoolash, former CFO of Air Seychelles, African governments should pursue alliances with established global airlines to attract private capital and mitigate investment risks in the sector. “By reducing investment risks, dormant and untapped pools of capital will begin to view Africa’s aviation sector as a viable and attractive opportunity,” he said.
The African Union (AU) is urging member states to reconsider their numerous bilateral aviation agreements with non-African nations, which it argues are hampering the implementation of the Single African Air Transport Market (SAATM)—a key initiative aimed at liberalizing air transport across the continent.
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“To make the Single African Air Transport Market effective, private investment must play a central role in aviation financing,” Prof Linjap added. “However, many countries are reluctant to abandon bilateral agreements because they fear losing revenue streams such as parking and servicing fees.” By aligning regulatory frameworks and fostering stronger partnerships—particularly with Türkiye’s well-capitalized aviation sector—African nations hope to unlock new funding avenues, modernize their airlines, and strengthen the continent’s position in global air transport networks.
