Friday October 16, 05:25 PM
Spain to grant 359 mln euros to A350 subcontractors
MADRID (AFP) - Spain's socialist government Friday approved up to 359 million euros (521 million dollars) in loans for subcontractors of the Airbus A350 long-haul passenger aircraft.
The companies must be "subcontractors for top-level programmes of its new A350 XWB Airbus and its Trent XWB engine, developed by the Rolls Royce (LSE: RR.L - news) company," the industry ministry said in a statement.
The proposed loans are not part of financial support that Spain must decide to grant to the A350 programme as a whole, a ministry spokesman said.
Airbus (Paris: NL0000235190 - news) , a division of the European aerospace giant EADS, intends to launch the A350 as a rival to Boeing (NYSE: BA - news) 's 787 Dreamliner.
The Airbus A350 XWB is described by the company as an eco-friendly passenger aircraft that can seat between 270 and 350 passengers.
Able (Berlin: AB9.BE - news) to run on less fuel than current planes, its development is supported by four partner nations -- Britain France, Germany and Spain.
France has announced support of 1.4 billion euros for the 12-billion-euro programme, Germany 1.1 billion euros and Britain around 400 million.
The Spanish government remains in discussions with Airbus over its funding offer but reports say it could be around 300 million euros.
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