Spain's government has granted loan up to 359 million euros for subcontractors of the Airbus A350. The socialist government has approved loans for the companies that have established in Spain and are supplying parts for Airbus' A350 XWB aircraft project.

Spain’s industry ministry said that the companies under the loan scheme should be the subcontractors for top-level programmes of new A350 XWB Airbus and its Trent XWB engine, which has been developed by the Rolls Royce Group.

Airbus, global passenger aircraft manufacturer, is a division of European Aeronautic Defence & Space Co. (EADSY). The Airbus A350 XWB will compete against its rival Boeing's 787 Dreamliner.

According to the company, Airbus A350 XWB is an eco-friendly passenger aircraft having a carrying capacity of 270 to 350 passengers. The A350 XWB will consume less fuel as compared to the existing planes.

Spain is backed by Britain, France and Germany for the development of the Airbus A350 XWB. The new aircraft is expected to get launched by 2013.