French Finance Minister declares State of Emergency for aerospace industry

Sputnik news agency and radio 07:23 GMT 09.06.2020

Besides having a huge impact on people's lives and health, the coronavirus pandemic has dealt a heavy blow to the global economy. Last month, France decided to unlock an unprecedented 18 billion euros ($19 billion) in aid to rescue the country virus-hit tourism sector.

The French government on Tuesday unveiled its 15-billion-euro ($16.9 billion) support package for the country's aerospace industry, saying huge numbers of jobs were at stake amid a steep fall in air travel demand.

"In total, this plan will represent more than 15 billion euros of aid, investment, loans and guarantees," the statement reads.

The plan, presented by government members including Economy Minister Bruno Le Maire, includes an investment fund starting at 500 million euros, with an aim to reach 1 billion to boost the development of medium-sized suppliers, and 300 million euros in other aid to help aerospace sub-contractors modernise plants.

"We will do everything to support this French industry that is so critical for our sovereignty, our jobs and our economy,'' Le Maire said.

France additionally plans to invest 1.5 billion euros over three years to support research into environmentally friendly aviation technology with 300 million to be allocated this year.