A London Based Digital Publication Covering Diplomatic & Business Activities Globally

Thursday, February 22, 2024

France presents US$17 billion aid package to aerospace industry

France launched what it said was a 15 billion euro (US$17 billion) rescue plan for its aerospace industry, warning 100,000 jobs were directly at stake due to the coronavirus crisis travel slump, Reuters reported.

The package, which includes some already announced measures, includes an investment fund starting at 500 million euros with a target of 1 billion to boost the development of medium-sized suppliers, and 300 million euros of other aid to help aerospace sub-contractors modernise plants.

“We must save our aerospace industry,” Finance Minister Bruno Le Maire said as he presented the aid plan, adding Europe would not sacrifice its place on the world market – symbolised by France-based planemaker Airbus – to US giant Boeing or China’s upcoming planemaking competitor COMAC.

France will also invest 1.5 billion euros over three years to support research into new environmentally friendly aviation technology, of which 300 million will be available this year.

“In total, this plan will represent more than 15 billion euros of aid, investment, loans and guarantees,” the government said in a statement. The total includes seven billion euros of aid already announced for Air France and an acceleration of existing orders for Airbus tankers and other military kit.

The government was also talking to banks about how suppliers could manage surplus parts left stranded in the pipeline after decisions by Airbus and other manufacturers to slow production.

France said it had agreed a one-year moratorium on the repayment of the principal of aircraft loans backed by export credit agencies from March 2020 with Britain, Germany and Italy – a move worth 1.5 billion euros.

Latest Posts

Latest Posts

Stay in touch

To be updated with all the latest news, offers and special announcements.


WTO Promotes Consensus

The final World Trade Organization General Council meeting before...

UK and Azerbaijan celebrate growing bilateral relations

UK PM Rishi Sunak congratulated President Ilham Aliyev on...

US Ambassador Meets with RAK Ruler

On November 21, 2023, H.H. Sheikh Saud bin Saqr...

French Consul General Visits Innovators at Gulfood

During the Gulfood Manufacturing 2023 exhibition, Mrs. Nathalie Kennedy,...

German Aviation Shines at Dubai Airshow 2023

In a testament to its aviation prowess, Germany, a...

Bahrain Sri Lanka ties discussed

In a significant diplomatic exchange on November 21 in...

Oil Minister Welcomes Sakha Officials in Meeting

Manama, Nov. 20 (BNA): Dr. Mohammed bin Mubarak Bin...

Investopia Inks 8 MoUs for 2024 Event

Investopia strengthens its position with eight key partnerships, signing...

UAE Minister Urges Global Support for Sustainability

During the Global Food Security Summit hosted by the...