Nairobi, Aug. 16 -- Kenya Airways plans to onboard a strategic investor by the end of this year to recapitalise the airline as part of a turnaround strategy.

The Treasury said it is working with Kenya Airways to find an investor who will inject additional capital into the airline, a perennial beneficiary of taxpayer-funded bailouts, to help it weather the financial headwinds that have left it in the red.

The disclosure followed the Public Accounts Committee's (PAC) follow-up on the status of its recommendation that the Treasury Cabinet Secretary develop and submit to Parliament a detailed debt management and exit strategy for Kenya Airways.

The strategy was to be developed by the government within three months of the formal adoption of...