France announces $17 billion aid package for its aerospace industry

June 10, 2020
Approximately 300,000 French jobs are tied to the aerospace sector.

PARIS - The French government announced it would be providing around 15 billion euros - approximately $17 million USD - to support the country's aerospace industry.

Economic minister Bruno Le Maire said the plan would provide aid via investments, loans, and guarentees in the wake of the gobal COVID-19 pandemic.

Approximately 300,000 French jobs are tied to the aerospace sector. French flagship carrier Air France will get approximately $8 billion in loans.

Toulouse, France-based Airbus issued a statement on Tuesday after the aid package was announced.

"Facing an unprecedented crisis, we at Airbus are doing all we can to ensure the future of our company and the aerospace ecosystem," Airbus CEO Guillaume Faury said in a release. "We thank our governmental partners who have supported the aerospace sector since the beginning of the crisis either through direct support to airlines and suppliers, or through partial unemployment schemes. "We welcome the strong plan announced today by the French government. It represents an important milestone for both our commercial aircraft business, which is facing a significant reduction in production of around 40%, as well as for our defense businesses which protect national sovereignty."

Faury continued, "In the face of a significant reduction in commercial aircraft production we need to continue to act quickly and this plan will help us to mitigate the short-term impacts, while allowing for the protection of key technologies and critical skills to ensure we can rebound when the time is right. The research and technology component of this plan will serve as a strong and much needed accelerator in the transition towards the decarbonisation of air transport. Airbus will continue its leading role in the mission to present the first "zero emission" commercial aircraft by 2035."

About the Author

Jamie Whitney

Jamie Whitney joined the staff of Military & Aerospace Electronics and Intelligent Aerospace. He brings seven years of print newspaper experience to the aerospace and defense electronics industry.

Whitney oversees editorial content for the Intelligent Aerospace Website, as well as produce news and features for Military & Aerospace Electronics, attend industry events, produce Webcasts, oversee print production of Military & Aerospace Electronics, and expand the Intelligent Aerospace and Military & Aerospace Electronics franchises with new and innovative content.

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