France’s government has announced 15 billion euros ($16.9 billion) in aid for the virus-battered aerospace industry, including plane maker Airbus and national airline Air France.
Finance Minister Bruno Le Maire unveiled the rescue plan Tuesday for an industry that employs hundreds of thousands of people in France, whose livelihoods have been thrown into uncertainty by travel restrictions prompted by the virus.
The money includes direct government investment, subsidies, loans and loan guarantees.
The money will require the industry to invest more and faster in electric, hydrogen or other lower-emission aircraft.
It includes 7 billion euros in loans and loan guarantees that the state had already promised to Air France, whose planes are almost entirely grounded by the virus.
“We will do everything to support this French industry that is so critical for our sovereignty, our jobs and our economy,” Le Maire said.
Read more:
Coronavirus: France plans stimulus for aerospace industry, says finance minister
Coronavirus: Airbus to assess additional output cut measures, sources say
Coronavirus: Airbus warns employees it’s ‘bleeding cash,’ needs to quickly cut costs
Also Read
-
Coronavirus: Airbus to assess additional output cut measures, sources say
Top Airbus SE executives are planning to assess additional measures that may be necessary to address the impact of the coronavirus pandemic, according ... Coronavirus -
Coronavirus: Airbus warns employees it’s ‘bleeding cash,’ needs to quickly cut costs
Airbus SE chief Guillaume Faury warned employees that the planemaker is “bleeding cash” and needs to quickly cut costs to adapt to a radically ... Coronavirus -
Coronavirus: France plans stimulus for aerospace industry, says finance minister
France will announce a stimulus plan for the French aerospace industry in the next week to 10 days as the country’s economy deals with the fallout of ... Coronavirus
