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European Investment Bank supports SMEs in France

In order to strengthen the capital base of innovative small and medium-sized firms in France, the European Investment Bank (EIB) is setting up a new fund with venture capital of 300 million francs (45 million ecus).

Management of the fund will be entrusted to an existing fund...
In order to strengthen the capital base of innovative small and medium-sized firms in France, the European Investment Bank (EIB) is setting up a new fund with venture capital of 300 million francs (45 million ecus).

Management of the fund will be entrusted to an existing fund manager, Caisse des Dépôts et Consignations, according to an agreement signed in Paris on 4 December 1998.

The EIB funding will complement the Fonds Public pour le Capital-Risque, recently set up by the French government. Its aim will be to provide private investors in the venture capital market with additional leverage by boosting their financing capacity.

The EIB's move will bring together public and private-sector capital in venture capital funds with a majority of private interests. These funds will be managed by experienced professionals and invested in accordance with the standards and customary profitability requirements of corporate investors.

The joint initiative is expected to help increase the stock of venture capital available in France by contributing to the taking of equity stakes in innovative or high-tech SMEs

This operation by the EIB comes under the bank's Amsterdam Special Action Programme, designed to bolster growth and employment in Europe.

Related information

Countries

  • France

Subjects

Economic Aspects
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