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Agreement in principle reached on A400M-source
Saudi Press Agency Published in Saudi Press Agency on 05 - 03 - 2010

An agreement in principle has been reached on financing for the cost overruns for the A400M military transport plane, Reuters quoted a source familiar with the negotiations as telling it today.
Delays and problems in developing the West's largest turbo-prop engines have pushed Europe's largest defence project billions of euros over budget, forcing seven European NATO nations to step in with a mixture of direct aid and guarantees.
Procurement officials from buyer nations met EADS chief executive Louis Gallois at the German defence ministry.
The A400M was ordered in 2003 to meet a looming shortfall in military and humanitarian airlift capacity among seven nations -- Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey.

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