United Aircraft Corporation intends to continue government funding for Russian-Chinese aircraft project - UAC head Yury Slyusar

BENGALURU, February 20. /TASS/. United Aircraft Corporation (UAC) wants to continue budget funding for the Russian-Chinese wide-body aircraft project, despite that earlier the Russian Ministry of Industry and Trade (Minpromtorg) suggested to cease the project budget funding for 2015, the head of UAC Yury Slyusar announced today at Aero India 2015. "We are currently optimizing the project financing. We need less than we originally asked for, but nevertheless the question of funding will be raised," he said. Last week, the Minpromtorg, commenting on the changes in the civil aircraft federal program, told TASS, that in 2015 the Russian-Chinese aircraft project "will be funded by non-budget funds." 1.489 bln rubles ($24.09 mln) from the federal budget and 2.5 bln rubles ($40.45 mln) from non-budget funds was planned for the project earlier. The new version of the federal program suggests only 50 mln rubles ($809,060) from non-budget funds. He added that "while the program lasts it will be funded by corporate funds." According to him, there is enough corporate funding for the Q1 of this year; the larger part will be needed later. The wide-body aircraft will supposedly be available in 2021, certified in 2023-2024, and massively produced in 2025. The aircraft cost amounts to $13 bln (as of September, 2014, when its business plan was approved). Its initial concept should be finished in July, 2015. Read more