France to build new aircraft carrier - Macron

French President Emmanuel Macron confirmed on Sunday plans to build a new, larger and more modern aircraft carrier to replace the ageing Charles de Gaulle carrier and strengthen France's maritime power, Reuters reported. 

The program, known as "Porte-Avions Nouvelle Génération" (PANG), is predicted to cost around 10.25 billion euros ($12 billion), according to Reuters. 

Reuters quoted the French government as saying that the new vessel would be operational by 2038, when the Charles de Gaulle aircraft carrier is expected to retire. Work on nuclear propulsion components began last year, and the final order must be placed under the 2025 budget.

The PANG would be the largest warship ever built in Europe, according to Reuters. 

Macron made the announcement when speaking to troops based at a French military base in Abu Dhabi located near the Strait of Hormuz, a crucial chokepoint for global oil flows.

"The decision to launch this vast programme was taken this week," Macron said, adding that the project would boost France's industrial base, in particular small and medium-sized businesses, according to Reuters. 

Some French lawmakers from the centre and the moderate left have recently suggested that the project to build a new aircraft carrier be postponed due to France's strained state finances.