A plane of Colombian airline Viva Air is seen at El Dorado airport in Bogota, Colombia May 8, 2019. REUTERS/Luisa Gonzalez

BOGOTA (Reuters) – Low-cost airline Viva Air, which operates in Colombia and Peru, said on Thursday it is has received a $50 million investment from U.S. capital fund the Cartesian Capital Group, which it will direct toward expansion plans.

The airline, owned by Irelandia Aviation LLC of Dublin, said last year it is spending $5.2 billion to buy 50 Airbus planes which it hopes will help make it the top low-cost carrier in Latin America. It also announced plans to expand to a third country in 2020.

Cartesian has previously invested in regional airlines like Brazil’s Gol and Argentina’s Flybondi.

“The fact that a fund