Diamond stymied by Canadian government

March 18, 2011

Diamond Aircraft officials had expected a loan from the Canadian government two weeks ago that will fully fund the completion and certification of the D-Jet. Then, the waiting began for the federal government to make a decision. Diamond is still waiting, said Diamond Aircraft President Peter Maurer.

“The federal government assistance is critical, because it is a condition for similar funding assistance already committed to by the Ontario provincial government and private funding sources that would complete the funding package,” Maurer said. Maurer said it is understandable that any investor would want to have assurance that the program will indeed be funded to completion and as such the federal government loan, the very last piece of the puzzle, is especially important.

Now, Maurer said, he is contacting political figures at all levels to assist in finding out whether the loan is approved. There are programs established to aid aerospace companies with development programs such as the D-Jet. It doesn’t require new legislative action. As is the case in many countries, there is currently controversy centering on the new federal budget that could spill over into the decision on the Diamond loan. Maurer said he hopes to keep the Diamond loan separate from the budget debate and get an immediate decision.