Federal government announces $372.5 million in loans to Bombardier
MONTREAL — The federal government says it will provide $372.5 million in interest-free loans to Bombardier, a move that elicited criticism even though it is far less than the transportation giant originally sought more than a year ago.
The money will be handed out in instalments over four years to support the Global 7000 and CSeries aircraft projects, the government said.
Most of the loans would go to the Global 7000 business aircraft program, which is scheduled to go into commercial service next year. The remaining third would go to the CSeries passenger jet, which was mired in delays and cost overruns prior to entering commercial service last year.
Several federal cabinet ministers made the announcement Tuesday evening at a Bombardier facility in Montreal.