Russian government will invest Rouble 100 billion into MS-21

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Russian government will invest Rouble 100 billion into MS-21

The Russian government is going to invest Rouble 100 billion into research and development (R&D) of the MS-21 next generation narrow body jet.

United Aircraft Corporation (UAC) shared this information with the local media earlier this week. A new edition of the government program entitled “Development of Russian civil aircraft in 2011-2020 timeframe” is expected to be put in force in March 2011. This new edition allocates Rouble 100 billion for R&D on the MS-21. The lion’s share of the state funding would be provided in the next four years: 17 billion in 2011, 20.6 in 2012, 40 in 2013 and 37.5 in 2014. The MS-21 developer and manufacturer, Irkut Corporation is going to invest US$ 1 billion of the company’s own funds into the project. First flight is planned for 2014 and entry into service for 2016.

Itrkut has already signed preliminary agreements with a number of intended customers, including a $3.4 billion deal with Crecom Burj Limited of Malaysia for 50 airframes. VEB-Leasing, Ilyushin Finance Co. and the Russian Technologies state corporation have also signed for the MS-21.