[The Jolt] CAAS fattens existing relief kitty

Singapore- The Civil Aviation Authority of Singapore (CAAS) has topped-up an additional $70 million (US$46.2 million) into its existing relief fund and introduced a Cargo Incentive Scheme to help airlines and airport partners cope with the current financial crisis.

The latest cash injection is in addition to the US$85.9 million Air Hub Development Fund (AHDF), bringing the total relief package to US$131.1 million.

The new package comprises of additional rental rebates worth US$28.1 million and a new US$13.1 million Promotions Development Fund for retail, food & beverage and services concessionaires at Changi Airport.

A further US$4.6million in rental rebates for other airport partners was also added to the package.

On top of the US$46.2 million injection, CAAS has enhanced the AHDF with a Cargo Incentive Scheme. 

CAAS' warehouse and office tenants in Cargo Agent Buildings C, D, E and Megaplex within the Changi Airfreight Centre will now receive cash payouts of US$6.5 per tonne of cargo handled on a quarterly basis, up to an amount equivalent to 15% of their warehouse and office rent for that quarter, said CAAS.

This enhancement is designed to provide cargo agents further relief and spur air cargo performance at Changi Airport.

These relief measures are effective from 1 January 2009 to 31 December 2009.