Romanian Aircraft Mkr To Receive Over EUR10M To Continue Production- Fin Min

Romanian aircraft maker Avioane Craiova will receive over EUR10 million from the development fund, to be set up by the end of April, to produce two or three IAR-99 SOIM aircrafts, Romania’s economy and finance minister Varujan Vosganian said Saturday.

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Romanian Aircraft Mkr To Receive Over EUR10M To Continue Production

"We shall continue to fund the manufacturing of IAR-99 SOIM aircrafts. Employees will now have a lot of work to do and there will be no layoffs," Vosganian told a press conference Saturday in Romania’s southern city of Craiova.

Vosganian said the development fund would finance major projects, among which, Transylvania highway linking central Brasov to western Bors, and airport upgrade works.

The country’s privatization agency AVAS, majority shareholder of Avioane Craiova, plans to sell the company and postponed the deadline for the submission of bids from April 17 to May 9, 2008.

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