Save the wings of France -

Save the wings of France

In Paris, announced a plan to support the aerospace industry.

Save the wings of France

French authorities intend to finance the national aircraft industry. It so happened that the most stable sector of the French economy until now has been aerospace. A whole bunch of successfully developing companies, employing more than 300 thousand highly qualified engineers, technicians, and workers. Only through sales on foreign markets did they annually generate revenues of several tens of billions of euros. And of course, the subject of national pride is the direct competitor of the American Boeing corporation, the Airbus concern, in the factories of which almost half of all medium and long-haul passenger liners of the world air fleet are assembled.
But that was before the coronavirus pandemic. Chained to the ground planes, empty airports, reduced orders. According to French Minister of Economics and Finance Bruno Le Mer, "the crisis has sharply stopped the successful development of the aircraft industry, which lasted 30 years," as, indeed, of many other sectors of industry. Calling the situation extremely dangerous, the Minister presented a state plan to save the industry, providing for financial assistance of 15 billion euros.
"We are introducing an emergency regime to save the aircraft industry. If we do not, then in the next six months, a third of the industry’s personnel are at risk of being unemployed," the minister emphasized.

Where exactly will the massive state support be directed? Seven billion is received by one of the main customers of aircraft manufacturers - the national airline Air France, which, in particular, will allow it to purchase, as previously planned, 98 airliners Airbus A220 and A350.

A special fund of one billion euros is being created, which will keep afloat hundreds of specialized small and medium enterprises engaged in the aviation field. More than three billion euros will be invested in research funding. Moreover, half of this amount, as Bruno Le Mer has specified, is intended for the development of a new “environmentally friendly” hydrogen fuel cell aircraft. It is expected that he will appear in 2035.
Moreover, the industry, as at the beginning of the pandemic, will have the opportunity to receive government loans on favorable terms and government guarantees in foreign trade transactions. This is not to mention the fact that for the personnel employed in the industry the paid treasury regime of temporary unemployment is maintained.

It was also announced that the Ministry of Defense will provide feasible assistance to the aircraft industry. It postponed this year the purchase of aircraft for 600 million euros, which was planned for a later date.
The aircraft industry is far from the only industry to the rescue of which the French government now comes. Earlier, an even more amount - 18 billion - was allocated to the country's tourism business, another eight billion were received by automakers, who were seriously affected by sales decline over the past few quarantine months.

In the very near future, the government should announce a global anti-crisis budget, which is expected to exceed 400 billion euros, which is understandable. Indeed, the shock from the crisis was so furious that, according to the Ministry of Economy, the country's GDP this year will be reduced by an unprecedented 11 percent. As for the Bank of France, according to the forecast of its experts, the national economy will be able to return to the pre-crisis level no earlier than mid-2022.

Source: Russian newspaper

11.06.2020 11:31:41
(Automatic translation)

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