World Economy

Russia to Fund Wide-Body Aircraft Project

Russia to Fund Wide-Body Aircraft ProjectRussia to Fund Wide-Body Aircraft Project

Russia’s United Aircraft Corporation (UAC) wants to continue budget funding for the Russian-Chinese wide-body aircraft project whereas the Russian Ministry of Industry and Trade earlier suggested ceasing the project’s budget funding for 2015, the head of UAC Yury Slyusar announced today at Aero India 2015.

“We are currently optimizing the project’s funding. We need less than we originally asked for, but nevertheless the question of funding will be raised,” he said.

Last week, the Ministry of Industry and Trade, 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 billion rubles ($24.09m) from the federal budget and 2.5b rubles ($40.45m) from non-budget funds was planned for the project earlier. The new version of the federal program suggests only 50m 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 $13b (as of September, 2014, when its business plan was approved). Its initial concept should be finished in July, 2015.

  Close Shave

One plane hit the wing of the other at the Aero India 2015, going on at the Air Force station in Yelahanka, Bengaluru, on Thursday afternoon. Two members of the four-member team of the acrobatic fliers, Flying Bulls, managed to escape unhurt.

The aerobatics team from Czech Republic was in the midst of one of its performances when the accident occurred. During one of the maneuvers, the wing of one of the planes hit the wing of the other. The plane that was hit, sustained damages almost up to the cockpit. However, both the planes managed to land safely.

The 10th edition of India’s biggest air show Aero India 2015, was inaugurated by Prime Minister Narendra Modi on Wednesday Feb. 18.