Civil Aviation Industry Development Fund

History

2023: Foundation Creation

On October 17, 2023, the Russian Direct Investment Fund (RDIF) announced the creation of a joint Fund for the Development of the Civil Aviation Industry with Chinese partners with a volume of 100 billion rubles for investments in aviation enterprises of the Russian Federation and the PRC. The statement came amid a visit by Russian President Vladimir Putin to Beijing.

According to TASS, citing the press service of the RDIF, the fund will invest in national currencies and in equal volumes. In addition to investing in aviation enterprises, it is planned to invest in projects in the aerospace industry, digital and energy-efficient technologies and "big data."

RDIF announced the creation of the Civil Aviation Industry Development Fund

Russia and China have great potential to achieve a significant synergistic effect in the production of civilian aviation products. Our countries have one of the best scientific schools in the world, and also develop key technologies in aviation and production bases of suppliers of materials and components. Thanks to the fund, Russian and Chinese companies will be able to attract the necessary investments to expand existing production facilities and design new models of aviation transport, develop breakthrough technologies, "said RDIF head Kirill Dmitriyev, adding that the fund's investments will increase the supply of Russian civil aviation products to the Chinese market.

The flagship project of cooperation between the Russian Federation and China in the aviation industry was to be a joint passenger wide-body aircraft, the development of which for several years was carried out by the United Aircraft Corporation (UAC) and the Chinese aircraft holding COMAC. However, the introduction of tough anti-Russian sanctions in 2022 led to a significant reconfiguration of the project: by October 2023, the participation of the UAC is assumed only in the status of a general contractor.^[1]

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