Business News
Britain announces loan for Airbus A350
Aug 14, 2009, 11:57 GMT
London - The British government said Friday it would back the European Airbus A350 aircraft project with a loan of 340 million pounds (564 million dollars).
Business Secretary Peter Mandelson made the announcement on a visit to the Airbus plant at Filton, near the city of Bristol, where wings for the new long-haul plane will be made.
He said the money would partially be drawn from the government's strategic investment fund totalling 750 million pounds and help to create and sustain more than 5,000 jobs in Britain.
The French and German governments have already announced support for the A350 while Spain, the other Airbus partner country, is still in discussions with the company.
'This agreement is excellent news for the UK aerospace sector and for the thousands of British workers within Airbus and its UK-based supply chain,' Mandelson said.
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