Tel Aviv, Nov 22 (IANS): Israel's Finance and Transport Ministries have announced an aid program for the country's airlines, which were severely battered by the Covid-19 crisis.

Approved by the government, the airlines will receive financial assistance against bonds convertible for stocks for a period of three years without interest, reports Xinhua news agency.

The state aid, totalling up to $44 million, will be transferred to the airlines in parallel with an equal amount capital flow by the owners.

After three years, the airlines will be entitled to choose whether to repay the bond to the state or convert the debt into shares allotted to the state.

The share of the state in the stock capital of each airline will not exceed 24 per cent.

In addition, the shares to be held by the state will be dormant so that it will not have the right to vote as a shareholder.

The plan joins the government's previous support for airlines announced in May this year.