SAFRAN receives 300 millions euros loan from European Investment Bank

European Investment Bank Vice President Philippe de Fontaine Vive and SAFRAN Chief Executive Officer Jean-Paul Herteman signed a contract to provide 300 million euros in financing to the SAFRAN group for the development of a new generation of cleaner aircraft engines. The EIB loan will be used to finance Research & Development on aircraft engines that use less fuel and are friendlier to the environment. SAFRAN group company Snecma is aiming to develop a successor to the CFM56 engine (jointly produced with General Electric), designed for single-aisle commercial jets with 110 to 210 seats, that will offer a 16% reduction in fuel consumption, 15 to 20 decibel decrease in noise, and 60% reduction in oxides of nitrogen (NOx). At the same time, Snecma is also working on a disruptive technology, the open rotor configuration, that would eventually reduce both fuel consumption and CO2 emissions by more than 25%. The total cost of the R&D project is estimated at 600 million euros.