Abu Dhabi-Mubasher: Etihad Airways has raised $500 million in funds for the airline and four of its minority-owned carriers, according to a statement issued Wednesday.

The fund was raised by Etihad along with its partners including Air Berlin, Air Serbia, Air Seychelles, and Alitalia.

The funds are “largely for capital expenditure and investment in fleet, as well as for refinancing, depending on each individual airline’s needs,” the statement said.

This step followed Etihad’s successful efforts in 2015 to raise $700 million using its Etihad Airways Partners platform, a group of airlines minority owned by Etihad.