Established in March 1961, by the Treaty of Yaounde, Air Afrique is owned by 11 member states (Benin, Burkina Faso, Central African Republic, Cote d'Ivoire, Congo, Mali, Mauritania, Niger, Chad, Senegal and Togo). Headquarters of the carrier are in Abidjan, capital of the Cote d'Ivoire. The 11 countries hold 68.44% of the airline's capital but efforts are underway to reduce this as newly-appointed chief executive Jeffrey Erikson, the ex-TWA and Reno Air manager, attempts the uphill task of securing privatisation by attracting further investors. The remainder of the capital is held by Air France (11.84%), the French Development Agency (8.87%) and by three further small investors. The airline has had financial problems for years.Four of Air Afrique's A310-300 aircraft were impounded by creditors in July 1998, compelling the airline to lease two A330-200s to make up for the shortfall in capacity. The current fleet stands at: two Airbus A330-200s, two A300-600s, two Boeing 737-300s and one McDonnell Douglas DC8. The airline will also take delivery of a third A300-600 this month.