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French President Nicolas Sarkozy has outlined a EUR 35 billion "grand loan" to fund a capital investment spending spree aimed at consolidating economic growth in France.
"Today, we must prepare France for the challenges of tomorrow so that our country can fully benefit from the recovery, so that it is stronger, more competitive, so that it creates more jobs," Sarkozy said in a press conference at the Elysee Palace on Monday.
Sarkozy outlined the education sector as the prime target for investment, pledging EUR 11 billion to build five to ten world-class campuses. A billion euros will be spent immediately to build a "gigantic campus" in the south-west Paris suburb of Saclay that would group colleges dispersed around the city, he revealed. Other areas targeted for state investment include training, research, industry and small business.
Of the total, EUR 22 billion will be raised via government borrowing, Sarkozy said, while the remaining EUR 13 billion will come from money repaid by French banks who borrowed from the government during the financial crisis.
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