Brussels, 18/06/2009 (Agence Europe) - At the 2009 Paris Air Show, on Thursday 18 June, European Investment Bank Vice-President Philippe de Fontaine Vive and SAFRAN Chief Executive Officer Jean-Paul Herteman signed a contract to provide €300 million in financing to the SAFRAN group for the development of a new generation of cleaner aircraft engines.
The EIB loan will be used to finance research and development on aircraft engines that use less fuel and are friendlier to the environment. SAFRAN group company Snecma is aiming to develop a successor to the CFM56 engine (jointly produced with General Electric), designed for single-aisle commercial jets with 110 to 210 seats, that will offer a 16% reduction in fuel consumption, 15 to 20 decibel decrease in noise, and 60% reduction in oxides of nitrogen (NOx). At the same time Snecma is also working on a new technology, the open rotor configuration, which would eventually reduce both fuel consumption and CO2 emissions by more than 25%. The total cost of the R&D project is estimated at €600 million.
This is the first loan granted to the aerospace industry that is in line with the European Clean Transport Facility (ECTF), a financing programme launched by the EIB last December to support Europe's economic recovery plan and the long-term fight against climate change. ECTF loans have already been approved for manufacturers of cars and trucks and their suppliers.
“Europe needs to pursue high value-added research activities despite the recession if we want to remain competitive. Making aviation more environmentally friendly will benefit everybody”, said Philippe de Fontaine Vive, who is in charge of EIB financing programmes in France. SAFRAN CEO
Jean-Paul Herteman said: “I am very pleased with this latest mark of confidence by the EIB” towards
his group. (O.L./transl.jl)