France’s €15 billion package to ‘save’ aerospace sector

Issue: 5-6 / 2020

On June 9, 2020, France launched a €15-billion ($17 billion) support plan for its aerospace industry, accelerating research on a green jetliner and warning 1,00,000 French jobs could be lost due to the coronavirus crisis. The plans - which include €7 billion of aid already awarded to Air France and bring forward some defence spending - involve a joint effort by government and industry to keep French jobs and prepare the next generation of civil jets. The plans include a €1-billion investment fund with an initial capital of €500 million, partly financed by plane makers Airbus and Dassault Aviation, engine maker Safran and systems firm Thales. The move comes after Boeing called for tens of billions in loan guarantees to help US suppliers.