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A Cyprus-based budget airline said Monday it has secured investment from a wealthy Hong Kong group that brings it closer to launching flights and replacing the island's shuttered national carrier.Cobalt's chief executive Andrew Pyne said the January 2015 closure of bankrupt national carrier Cyprus Airways had created "a vacuum in terms of an airline that puts Cyprus first and promotes the island as its home". He said the airline would establish Cyprus as a major aviation hub, capitalizing on its geographical location, and aimed to create 500 local jobs over the next five years.
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