France has pledged nearly $17 billion to support Airbus, Air France and its wider aviation industry, saying Europe cannot fall behind China and the United States in the global aerospace race as a result of the pandemic.
The package will secure 100,000 jobs over the next six months, French Economy Minister Bruno Le Maire said Tuesday. It will also help French companies keep pace with aircraft manufacturers such as America's Boeing and China's COMAC.
"We will not let the global aeronautical market be divided between China and the United States. France and Europe will be there too," said Le Maire.
The €15 billion ($16.9 billion) package includes €7 billion ($7.9 billion) in support for Air France that the government had previously announced. Le Maire said that aviation companies would be allowed to delay loan payments for up to a year, helping to save jobs at aircraft manufacturers Airbus (EADSF) and Dassault(DASTF) as well as aerospace component suppliers Safran (SAFRF) and Thalès.
Some €1.5 billion ($1.7 billion) will be allocated for research and development with the goal of producing a carbon neutral aircraft in 2035. "France can be the European country where the planes of tomorrow will be designed and produced," Le Maire added.
See all the news
Turkey to open doors to 31 countries for health tourism
Statement by Andrius Kubilius on the EU assistance for Georgia
Wine sales have increased 5 times in the UK - Georgian-British startup
S&P: Georgia Heads Toward Recession
Coronavirus: Boris Johnson moved to intensive care
First-Stage Land Usage Permit for APM Terminals Poti
How will Nenskra HPP Reduce the Electricity Import?
Carrefour: The product will be on the shelves with the prices same as before
Differences between tobacco and nicotine products
OECD cuts 2020 global growth forecast over virus
Georgia to export new armored vehicle Didgori Meomari
"Hotels are in shock, reservations are canceled" - Shalva Alaverdashvili
Georgian brand Entrée enters the UK market and opens its first facility in London
The first Swiss-Georgian VET college will soon be open in Dmanisi
Frontera claims that Georgian government has started harassing the company since 2013
Company HotelFriend offers convenient eComerce platform to Georgian Touroperators
Will the head of "Anaklia Deepwater Port Development Agency" be replaced?
TOP-10 Exporter Companies from Georgia to Russia
TBC Bank Group announces certain changes to the composition of the Management Board
Silknet signed Memorandum of Understanding with Global Communications Company One Web