Minister says Bombardier aid request is being studied
The federal economic development minister says he is continuing to examine the request for financial aid from struggling aerospace giant Bombardier Inc.
“It’s really about making sure we go through the process and evaluate all the key factors,” Navdeep Bains said Thursday following an unrelated announcement.
“We understand the significance of the aerospace sector. We’ll keep that in mind and take a holistic approach. But we’re really going to look at it at the business case level.”
There is no set timetable, he added. Bombardier (TSX:BBD.B) CEO Alain Bellemare asked Ottawa for money late last year.
The request came as the Quebec government pledged $1.3 billion in October to help Bombardier complete the CSeries aircraft line in an effort to reassure potential customers.
At the time, Quebec Economy Minister Jacques Daoust said he expected Ottawa to also help Bombardier and match the Quebec government’s US$1-billion financial investment in the commercial aircraft that was certified by authorities ahead of entering into service in the coming months.
The Quebec government will own 49.5 per cent of a new joint company with Bombardier that would be solely responsible for the CSeries aircraft and give the province a say in the development of the aircraft.