The Russian government plans to invest RUB20.4 billion ($350 million) in Ilyushin Il-114-300 aircraft and RUB17.2 billion in long-haul, widebody Il-96-400 aircraft in 2018-2019.

The investments were disclosed by Deputy Prime Minister Dmitry Rogozin at the first meeting of the newly created government aviation board March 6.

Last year, the government allocated RUB52 billion to develop the Russian aircraft industry. Of this sum, RUB31.9 billion went to research and advanced development.

Rogozin said Russian companies manufacture up to 30 aircraft per year, which is not enough to get a significant share of the Russian airline market.

Russian manufacturer United Aircraft Corp. (UAC) estimates domestic airlines will need 1,100 30-seat aircraft over the next 20 years. UAC predicts Russian carriers will need 710 120-seat aircraft, 200 60-120 seaters and 230 widebody aircraft. Russia’s airline traffic is expected to grow at an annual rate of 4.5%.

In 2015, UAC announced the relaunch of the Il-114 program. The Il-114 is a twin-engined turboprop designed by the Ilyushin design bureau in the late 1980s.

The Il-96-400 modernization plan was started in February. According to UAC, it will be an “intermediate” project, which will be followed by a new widebody aircraft developed with Commercial Aircraft Corp. of China (COMAC). COMAC noted the aircraft has a 350-seat extended version with an air range of 9,000-10,000 km, and a 250-seat shortened version with an air range of 13,000-14,000 km.