Turnaround at SAA has banks keen to lend

South Africa's state airline is being approached by banks keen to discuss lending the carrier money, aided by a turnaround in the company's finances, interim CEO John Lamola said.

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South African Airways (SAA) needs to finance a growth strategy that envisages more than doubling its fleet to 43 planes over the next five years.

The company is constrained from seeking funds from the government, which is limiting bailouts to state-owned enterprises as it focuses on stabilising the nation's debt.

Talks with lenders on raising capital are expected to conclude by March, Lamola said in an interview on Wednesday.