The Russian government is supporting a National Reserve Bank (NRB) proposal to create a single national aviation corporation - but not in the timeframe the bank suggests.
NRB, which owns 45% of Ilyushin-Finance and has stakes in the Aviastar and VASO production factories, suggests a single company should be created in September this year by handing to the bank control of the government's stakes in the Tupolev and Ilyushin design houses.
NRB says the move would make Russia's civil aviation industry more attractive to investors and would enable production of 20 Tupolev Tu-204 and Ilyushin Il-96 airliners in 2004, for which the bank is prepared to invest an additional $500 million.
Moscow, however, is promising to make a final decision by the end of the year.
Russia's aviation industry increased production by 29% in 2002, mainly through military export sales, but production of airliners remained at low levels. Five airliners were produced in 2001 and seven in 2002.
Source: Flight International
