Spain agrees 3.7 bln EUR aid to aeronautics sector

MADRID, Nov 6 (Reuters) - The Spanish government has approved 3.7 billion euros ($5.50 billion) of aid for the country's aeronautical industry over 2010-2014, the Industry Ministry said in a statement on Friday.

One of the highlights of the plan is over 500 million euros for the Spanish arm of European planemaker Airbus, a unit of EADS (EAD.PA), including 278 million euros in launch aid for Airbus' next passenger jet, the mid-sized A350, over 2009-2015.

Spain has been allocated 10 percent of work for the next-generation carbon-fibre A350 airplane designed to compete with Boeing's advanced (BA.N) 787 Dreamliner. (Reporting by Tracy Rucinski) ($1=.6722 Euro)