France has launched the sum of 15 billion euro (13.34 billion pounds, 16.88 billion dollars) rescue plan for its aerospace industry on Tuesday, saying about 100,000 jobs were directly at stake due to the corona virus crisis travel slump.
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 that Europe would not sacrifice its place on the world market, symbolised by France-based planemaker Airbus to U.S giant Boeing or China’s upcoming plane making 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.
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