Quebec's provincial government will invest $1 billion and take a 49.5% stake in the Bombardier CSeries programme, officials disclosed today.
Bombardier's 50.5% share in the programme will transfer to a new limited partnership. Investissement Quebec will pay two $500 million instalments on 1 April and 30 June 2016.
"This move will also keep CSeries operations here in Quebec for at least another 20 years," says Jacques Daoust, minister of the economy, innovation and exports.
The government bailout comes after Airbus spurned an offer by Bombardier to buy a stake in the CSeries programme earlier this month.
Bombardier is scheduled to complete airworthiness certification of the CS100 by year-end. The investment introduces a new flow of cash to support the entry into service and production ramp-up beginning next year.
The Canadian manufacturer has won 243 firm orders for the CSeries family, which also includes the CS300.